But there is one thing that is even better than hiring top talent – DEVELOPING top talent. When you help existing employees to grow in a way which gives them top-notch leadership skills, you end up with the best of both worlds. You end up with top talent who also possess a wealth of inside knowledge and experience. This extra knowledge can help the internally-grown leader be more effective. Internal talent is also likely to enjoy a higher level of credibility from existing members of the team. And by promoting from the ranks you create a positive atmosphere of opportunity for others who aspire to grow with the company.

Developing top talent does require a bigger investment. It takes more time and energy. It means more tough conversations and more side-by-side coaching. It means sometimes letting people make mistakes that they will learn from, and also being there to help them fix the mistakes once they are made. Developing top talent is not easy, but it’s worth the effort.