Grow your own, or buy what you need?

One of the top concerns of owners of many businesses right now, but in particular rapidly growing businesses, is the need for talent. When your company is in growth mode, some functions need more hands, and new roles are needed to meet the demands of increasing complexity and scale. If you have holes in your org chart (whether new slots or replacements), you have a decision to make: do you want to choose to grow your own, or buy what you need right now to fill those positions?

Buying what you need

If you're already under the gun to meet customer needs, you don't have the luxury of time for a long orientation and training on-ramp. You might also need this new person because he or she brings skills, connections, etc. that are not in existence in your company right now. You need a plug and play situation.

Adding new blood to your business can reinvigorate it with new sets of eyes and different perspectives on how to get the work done. A high caliber team member (especially on your senior team) will also push you to develop yourself. That in itself is important - you have invested money, time, blood and sweat into the company, and fuller engagement for yourself is a big psychic reward.

Will this new hotshot team member cost you extra money? Maybe. But if he or she can bring a step-wise improvement rather than a slow grade, the investment might bring a step-wise payoff.

Caution: No matter how talented, this hire needs to fit your culture and share your values. Ignore this principle at your own risk.

Growing your own

You might be a CEO who enjoys developing people. Or your company might have a very specific ABC Company methodology that flows through every function. Anyone and everyone coming on board needs to learn it, so you hire knowing that there will be a substantial - and non-negotiable - learning curve. You might also opt to grow your own if your business is innovating, and nobody knows what it will look like tomorrow. You look for candidates with a track record of learning, of progression, and values, but you assume you're in charge of training the skill set.

As is the case with the "buy what you need" approach above, this person needs to mesh with your company values and blend with your culture. This does not mean they need to be a clone - you need diversity of skills and thought to make a more well-rounded team. But values, if they are truly core to your company, are non-negotiable.

One potential downside of growing your own is that investment in the person's training. They won't be ready to roll the second they join your team. They won't necessarily solve your capacity problem right away. But if you hire them early and/or ready for a change you can help them become a solid contributor.

A challenge here is whether you can truly identify potential for growth. Knowledge isn't power until it is applied, and potential isn't performance until action is taken and desired results achieved. That said,  indications of initiative, commitment, tenacity, etc. can be seen in a resume or unearthed during interview questions, even for a candidate early in his or her career.