'em"? The answer to this question depends upon the industry you are in, and the specific role for which you are hiring. It depends on the speed with which you need to ramp up. But it's also a cultural question. The two approaches require your business to be effective at different processes.
The Buy Decision
The goal of the Buy decision is for the individual to be able to walk in the door and be productive from day one - or as soon as basic orientation is complete. You're likely paying a higher wage for these folks because someone else has already done the up front work for you.
There are certain roles for which credentialing at time of hire is crucial - when you're hiring a surgeon you want to know that he or she has completed study at a quality med school and has already clocked hours of clinical experience. The credentialing is the price of entry. Same goes for teachers in public schools, and lawyers, etc. It's an assumed level of quality, competence, and fit for the role.
Competence in the Buy decision isn't the only consideration, however, and this is where your business can trip up. You can't train for attitude, for alignment with your company's core values. A toxic genius, a diva, or a curmudgeon can leak poison into your business. Look at the candidate's values alignment and team compatibility even when the resume looks fabulous.
Things get a bit more complicated when there is no formal credentialing that goes along with a role. That's when it's crucial that you have a well-defined position description against which to measure the candidates for the job.
One other consideration to bring up in this: your knowledge of your industry, your business community, and your company's reputation within both, will impact your ability to attract top talent. Use those networking functions and conferences to meet people, and to create a virtual bench of candidates for future hire. You'll know what you're getting much more quickly than you will when you pull a resume off an online job board.
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