Dwain Celistan
Managing Partner, Diversity Practice Leader; North American Marketing Committee Member
Should you build your internal talent pipeline or hire from the outside? Discover five powerful lessons that will transform your approach to building and buying talent, succession planning, and embracing AI in today’s rapidly evolving business landscape.
On April 24, DHR Global hosted a webinar on Strategic Talent Investment: Navigating the Buy vs Build Dilemma, in partnership with Hunt Scanlon Media. The discussion, led by Christine Greybe and Dwain Celistan, covered various aspects of building versus buying talent, succession planning, indicators for acquiring external expertise, challenges of integrating new hires, and adapting to AI and digital transformation. Here are five key lessons that can be taken away from the conversation.
Lesson 1: Build vs. Buy Strategy
Tailor Your Talent Approach
The decision to build or buy talent depends on various factors, including the organization’s time horizon and specific needs. Building talent involves developing existing employees to reach their full potential, while buying talent means acquiring new expertise externally. Both strategies can coexist within an organization and should be evaluated based on the company’s circumstances, team, and leadership.
Lesson 2: Succession Planning
Prepare for Leadership Transitions
Succession planning is crucial for ensuring smooth operations and continuity during leadership transitions. It involves preparing for disruptions, turnover, and talent needs by developing high-potential employees and creating a cohesive culture. Effective succession planning requires a collective effort from all leaders, not just HR or the CEO.
Lesson 3: Indicators for Buying Talent
Know When to Acquire External Expertise
Organizations should consider buying talent when there is a lack of internal bench strength, especially during periods of rapid growth or transformation. Key indicators include vacancies due to new roles or retirements, the need for specific skills that are not present internally, and strategic business shifts that require external expertise.
Lesson 4: Challenges of Integrating External Talent
Smooth Integration of New Hires
Integrating externally hired talent into existing teams can be challenging due to cultural misalignment, resistance to change, and unrealistic expectations. Effective onboarding, executive sponsorship, and early 360-degree feedback are essential to support new hires and ensure their success. Organizations should focus on hiring individuals who are a culture add, not just a culture fit.
Lesson 5: Adapting to AI and Digital Transformation
Embrace AI for Future Success
Embracing AI and digital technologies is essential for future success. Organizations should develop a comprehensive AI strategy, led by senior executives, and invest in upskilling employees. Building a strong base where employees feel comfortable with AI and appointing AI champions to influence culture and adoption are crucial steps. Rapid implementation of strong AI use cases can significantly advance the organization’s approach to AI.
By understanding and applying these lessons, organizations can better navigate the complexities of talent acquisition and development, ensuring they remain competitive and resilient in a rapidly changing business environment. To learn more about how DHR can help you position your organization for success and future growth, contact us.
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