In-House Expertise No Longer Worth It, Executives Say

A new study from Canadian business advisory firm Richter reveals that the majority of business executives don't believe hiring in-house expertise is worth it, particularly within niche areas. 

In the document, called "The Canadian BizHealth Report," Richter surveyed 500 senior executives. Besides not recommending in-house expertise, 52% of participants believed outsourcing for specialized expertise would become a growing trend in 2013.

Of the surveyed businesses, 71% said one of their biggest challenges was recruiting superior talent, while 77% said another challenge was finding a support team that could keep up with an entrepreneurial pace.

Mitch Silverstein, a partner at Richter, said the company is seeing "an entrepreneurial psychology taking over both the youngest and oldest generations in today's workforce: They are embracing the mind-set of 'Why should I work as hard as I can so other people can make money?' They want to be their own boss, and they are OK with the risks that come with that move."

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