Trusting Your Gut When Making Hiring Decisions May Backfire
February 2, 20245 Fatal Hiring Mistakes
March 15, 2024To expand a sales team, companies have two key strategies . . . Buy or Build. The strategy a company chooses depends on many factors. Let’s first review the two strategies.
Buy Talent: Buying sales talent is a plug and play approach where a company acquires sales talent from outside the organization. It generally entails recruiting a highly experienced individual who can step in immediately and deliver results. Prior demonstrated sales experience, industry experience and/or product knowledge are key criteria in buying talent. Yet, buying talent comes with a price tag that many smaller companies cannot afford.
Build Talent: Building sales talent is a common approach that entails training and developing current sales team members or hiring junior candidates who can grow into the job. This strategy is generally used when there is ample time to train and/or when compensation budgets are limited. Building talent is most effective when a company has a defined sales career track and a sales infrastructure that supports career growth.
Both strategies, Buy and Build, are an investment in people. Buying talent may provide a quicker return on the investment while building talent is a long-term investment. The sales role, industry, compensation, timing, and other factors may influence which strategy is best. A combination of both strategies may be the winning ticket to an effective sales team expansion.
If expanding your sales team is a key initiative in 2024, feel free to schedule a call here to discuss recruiting strategies that work in today’s talent market.
