Businesses will often undergo multiple growth phases, from start-ups to small businesses, leading to expansion. Your company will likely need to hire different skill sets based on your business structure, requiring you to decide between internal and external talent. Determining between these options may not be easy, with the following guide listing factors to consider.

Define Your Company’s Short-Term and Long-Term Needs

The first thing to consider is if your company needs short-term or long-term talent. Short-term labor will often work well with short-term tasks, allowing you to eliminate additional hiring expenses. Such a scenario will only require internal talent, reducing time spent on training. If, however, you need help with long-term tasks, external sourcing will be ideal as this allows you to focus on long-term growth.

Determine Your Need for Specialized Talent

The second determinant for hiring internal vs. external talent is whether you need a specialized skill set. External talents have proven beneficial for companies needing technical talent, allowing businesses to increase their success rates. This will especially come in handy for companies in niche markets, where getting top talent can often get tedious. Based on the duration of the task at hand, you may decide to hire your external talent permanently, allowing you to benefit from professional help.

Benefits of External and Internal Talent

One of the benefits of settling for internal talent will be cost savings. Start-ups will always not have enough funds to secure external talent, making this option an excellent alternative to outsourcing labor. Additionally, utilizing internal talent means companies can focus on core competencies and developing skills among existing employees.

If you settle for external talent, this option will allow you to bring in a skilled workforce, helping you gain from experts in your industry. This makes it possible for your current workforce to focus on innovation, providing added flexibility for long-term success.

Even with the above differences, internal vs. external talent can still co-exist. By utilizing both approaches, companies benefit from top talent while still making the most of an agile internal workforce.

Quick Capital Funds are here to help with your financing needs based on whichever decision you settle for. Securing professional talent will often come with its share of investment, an area that we can help with. To get the most out of your hiring needs, make it a point to give us a call today.