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BUHRM5912 HRM | Build Talent and to Buy Talent

Answer:


“Build talent and to Buy talent”

Staffing plan is a continuous process that helps to ensure that the company has a right number of individuals with the right skills so that the need of the company can be satisfied. It has been analyzed that there are two staffing strategies. One is related with to build talent and other is related to buy talent. To build talent is to give training to the employees so that the activities of the individual can be improved and also it can be showcased in front of other people. It is related to the level of commitment and also develops the skills of the employees so that empty positions can be fulfilled.  

If the focus is given to buying talent it has been seen that it focus on considering the independent contractors so that talented candidate can easily fill the vacant position in the workplace. It has been seen that the position is filled by those employees who already have the knowledge of the activities and also they conduct the activities of the company in an effective manner (Davis, Cutt, Flynn & Mowl, 2016).

If the focus is given to the strategy related to building talent, then it has been seen that the strength related to this strategy is that the employees can be trained according to the policies of the company. Training is offered by the company to enhance the talent so in this context the company can easily make them learn the way of working (Sparrow & Makram, 2015).

The weakness which is possessed is related to consumption of more time. When the talent builds it has been seen that time consumption is more. The management has to face the challenge related to more time-consuming. For example: When the employees are given training it takes approximately 1 month is required to enhance their skill, so the cost and time incurred is high. This strategy can work well in the large companies where other employees can easily manage the work. This strategy cannot work in the small companies as there are few talented employees to manage the work. The management will face the challenge at the time of managing the work.

If the emphasis is given to the strategy related to buying talent it has been seen that employees are already trained and possesses sufficient skills to conduct the activities. The strength related to it is that better productivity can be maintained in the workplace and also the employees will be dedicated towards the work. The weakness related to it is that the company has to give high salary according to the experience (Sparrow, Hird & Cooper, 2015).

 For example, the fresher who is doing the same job is employed on 12,000 per month and the experienced conducting the same activity will be given 22000 per month. This strategy can work well in the large companies where the activities can be completed in a proper manner and company can maintain their market share. The management will face the challenge at the time of motivating the employees. The employees who are experienced can also give training to the new employees or fresher and they can also enhance their motivation level. This strategy cannot work in the small companies as the challenge that will be faced is related to the high pay according to their overall experience (Tafti, Mahmoudsalehi & Amiri, 2017).

References

Davis, T., Cutt, M., Flynn, N., & Mowl, P. (2016). Talent assessment: A new strategy for talent management. Routledge.

Sparrow, P. R., & Makram, H. (2015). What is the value of talent management? Building value-driven processes within a talent management architecture. Human resource management review, 25(3), 249-263.

Sparrow, P., Hird, M., & Cooper, C. L. (2015). Strategic Talent Management. In Do We Need HR? (pp. 177-212). Palgrave Macmillan, London.

Tafti, M. M., Mahmoudsalehi, M., & Amiri, M. (2017). Critical success factors, challenges and obstacles in talent management. Industrial and Commercial Training, 49(1), 15-21.


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