2 discussion replies When it comes to an organization deciding to buy, business and finance homework help
Discussion replies 4 to 5 sentencesanswer to two different discussions below.In your response posts, explain whether you agree or disagree with the implementation of each approach as described by your peers. 1. When it comes to an organization deciding to buy, build or borrow talent for their corporation, there are both advantages and disadvantages to consider. A focus on buying talent in an organization is the strategy most used in an organization when their need for employees is pressing, which can stand to be an advantage to this method, as it allows an organization to fill roles quickly (Brenner, 2017). However, a possible disadvantage to this decision can be that this method has a tendency to be expensive for the organization just with salary and benefits alone and possibly more if you end up having to pay for relocation of a new employee (Lauby, 2015). This is the best choice for an organization that needs to fill vacant positions quickly and simply doesn’t have the time to tackle this problem any other way. To build talent means that an organization has decided to turn inward to find the hidden talent already inside their organization while focusing on developing the skills of those who are already employed (Ulrich & Brockbank, 2005). The development in this case is an advantage to those employees who are receiving the professional development opportunities that can include new projects, possible coaching from higher ups in the company and different assignments meant to challenge employees (Ulrich & Brockbank, 2005). A possible disadvantage to building talent in an organization is that this is really only meant for companies with a history of success when it comes to building talent within their organization (Brenner, 2017). The talent development process should already be in place and producing results for the building talent method to realistically work for an organization (Brenner, 2017). This would be the best situation for a company that is experiencing consistent growth and has a strong training and development system in place that employees enjoy and are able to learn from. To borrow talent means that an organization can utilize more talent when it is needed through the use of a consultant or even a contractor (Lauby, 2015). This method has an advantage of being a money saving way of getting special projects completed by a deadline, or meeting staffing needs during a holiday rush (Lauby, 2015). The disadvantage here though is that if an organization has a pool of on-call employees, the company might struggle to keep these individuals motivated and on par with company goals (Lauby, 2015). All in all, this is the best solution for a temporary fix of a needed increase in manpower. All three of these decisions are made depending on the organization’s strategy. For example, if an organization doesn’t have time to train and develop their workforce, they may skip the building talent method and simply buy their talent (Lauby, 2015). Similarly, an organization tight on money may not have the luxury to buy their talent and may be forced to build or borrow (Lauby, 2015). In order for an organization to have some options in the way that they obtain talent, there should be some serious considerations as to what possible skills that may be needed and then plan that into the company’s goals (Lauby, 2015). Things like implementing a successful training process and succession planning will help a company in their long term staffing needs (Lauby, 2015). When it comes to an employee retention plan, it’s important for an organization to implement one that is successful. Experts have noted that a shockingly low 19% of companies actually have taken the time to utilize an employee retention program (Pratt, 2015). Some key elements to a successful employee retention program include surveying employees, offering mentoring from management to their employees, keep communication as open as possible, make sure benefits are in line with employee needs, and to keep your employees invested in their company (Pratt, 2015). All of these things strive to retain employees and show those employees that they are in fact respected and a necessary part of the success of their company.
References:Brenner, L. (March 10, 2017). Build, Buy or Borrow? Determining Your Talent Strategy Game Plan. Retrieved from http://talentgrowthadvisors.com/resources/blog/build-buy-or-borrow-determining-your-talent-strategy-game-plan
Lauby, S. (March 3, 2015). Decision Time: Should Your Company Hire or Outsource. Retrieved from https://www.hrbartender.com/2015/recruiting/decision-time-should-your-company-hire-or-outsource/
Pratt, S. (July 8, 2015). The 7 Key Elements of a Winning Employee Retention Strategy. Retrieved from https://www.socialtalent.co/blog/the-7-key-element…2. – Advantages:“Build: By building the talent they need, companies can invest in these roles and ensure incumbents are dedicated, knowledgeable employees. Internals’ employee knowledge about the culture, service standards and product will be invaluable for the company (Talent, 2017)Buy: The “buy” strategy is a key lever for organizations that have internal candidate pipelines but need to supplement them. A new employee brings fresh eyes, skills (ideally) and ideas to the organization (HRB, 2015)Borrow: For certain roles, the option of borrowing rather than employing talent can add flexibility worth the extra initial expense. Less critical roles, coupled with cyclical or unpredictable business demands, creates the scenario in which contingent labor is less expensive than the cost of benefits and incentives” (Talent, 2017)- Disadvantages:“Build: Building is only a viable primary choice for an organization if the expertise and infrastructure to develop talent already exist, requires time, discipline and investment and that has to be factored into the timeline and budget equation (Talent, 2017) Buy: In order to win top talent – particularly for scarce talent in critical roles – the talent acquisition approach requires discipline, alignment, differentiation and investment. Depending upon the position, it can be expensive not only to find the candidates but in terms of salary, relocation, perks and bonuses (HRB,2015)Borrow: Reduction in quality, Becoming too dependence on partners. Is not for critical roles, and can’t be used for long term to boost capacity. It’s important to keep even “on-call” talent engaged. Otherwise they won’t be there for you when you need them (HRB,2015)-How might an organization’s strategy affect which approach it selects?“The decision to build, borrow or buy comes down to two factors: time and resources. Organizations with limited time might not be in a position to build talent. Companies with limited budgets might not be able to buy the talent they need” (HRB, 2015)“Choosing to build talent internally, hire from the outside or borrow talent on a temporary basis depends on the facts and circumstances for any given situation and is a critical strategic decision. Each choice has pluses and minuses from a talent perspective. Companies should undertake an analysis of the business plan for growth, as well as the talent implications created by that plan, in order to determine which hiring choice – or combination of choices – would be most appropriate for a given situation. With respect to each of these options, it’s essential for an organization to weigh its administrative and programmatic capabilities first in order to assess the likelihood for success. Build, Buy and Borrow each requires specific (and distinct) internal capabilities to execute well. A carefully considered talent strategy allows an organization to plan for and operationalize these choices in order to satisfy talent needs as they arise. Without such a plan, the build, buy and borrow options become simply reactionary tactics” (Talent, 2017)“First, the organization identifies which roles are critical to execute the business strategy. HR then assesses the current and future supply of internal talent to fill those roles. If no one is ready to fill an immediate or imminent vacancy, HR recommends either “buying” the talent (i.e. recruiting externally) or “borrowing” it internally (e.g. giving the role temporarily to someone from another business unit). For longer term talent needs however, is better to “build” the talent they need internally for critical roles. This commitment to the internal mobility of employees means giving them opportunities to grow through short term assignments and mentoring programs” (HCI, 2017)- Each Approach Would be Appropriate as Follow:“Build: An organization can “build” talent, which involves training employees to assume those responsibilities. This approach is best suited for companies that have a history of developing talent from within the organization as well as have pools of talent that lend themselves to upward mobility. For instance, a retailer with a structure that includes shift supervisors, assistant managers, store and district managers should consider a structured, replicable and measurable approach to promoting from within.Buy: An organization can “buy” talent, meaning hire someone as an employee. Happens when talent is need it urgently in an organization, such as a technology firm expanding their mobile app development workforce, a pharmaceutical company replacing retiring scientists, a healthcare organization seeking experienced RNs to staff a new hospital. When an organization’s talent need is urgent and ongoing due to “high rate of attrition, promotion and churn in these positions”, the most appropriate strategy is typically to acquire or “buy” talent from the outside. In a retail environment for example, the company might not have enough “ready now” store or district managers, so they will need to “buy” them from the competition (Talent, 2017).Borrow: An organization can “borrow” talent – suggesting that they would find a freelancer or consultant, or contractor to do the work. In some areas, critical skills may be more available via contingent relationships instead of full-time, regular employment. Individuals with specialized IT skills may consider free agent contracts over traditional employment arrangements. In such cases, companies need to adapt their talent tactics to the available labor supply” (Talent, 2017)- Key Elements of an Effective Employee Retention Program“A retention strategy should focus on and tactically address four key elements: performance, communication, loyalty and competitive advantage.1) Performance. The benefit of having measurable objectives for employees is fairly obvious to most business owners and managers, but this perception usually stops short of relating performance metrics to employee retention. When people sense their actions are fulfilling this desire, they begin to develop a sense of belonging and a feeling that your company is their company.2) Communication. The second essential element in a retention strategy is communication, specifically a communications process that’s structured to inform, emphasize and reaffirm to employees that their workplace contributions are having an impact. An effective and sensitive communications plan can provide you with insight on exactly what’s driving employee morale and how your staff members feel about your company.3) Loyalty. The third element in a successful employee retention strategy is employee loyalty. True loyalty is not an enforced requirement but an earned response to the trust, respect and commitment shown to the individuals in your company. When you demonstrate loyalty to your employees, they’ll reciprocate with commitment and loyalty to your business. Remember that people don’t begin their employment with you as loyal employees, but will develop loyalty over time as they’re trusted, respected and appreciated by you.4) Competitive advantage. The fourth and final element in your strategy to retain employees has to do with your competitive advantage. While that may seem odd at first, think about it: People want to work for a winner. Take the time to identify and inform your clients and your employees about your unique competitive advantage. If your product is similar to others in the marketplace, your service can be what distinguishes you (and probably should in any case). People want to be with a winner…and that includes employees.Together, these four elements can provide you with a retention strategy capable of producing amazing results. You may even have some of them already in place, such as performance metrics and a communications process. The key is to make sure you’ve integrated all four elements into a strategy for retaining employees that’s grounded in a genuine commitment to serving your customers and employees well over the long haul” (Entrepreneur, 2017).ReferencesNoe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M. (2016). Strategic Human Resource Management. McGraw-Hill Education.http://search.proquest.com.ezproxy.snhu.edu/docvie…https://www.entrepreneur.com/article/76456http://talentgrowthadvisors.com/resources/blog/bui…http://www.hci.org/lib/buy-borrow-and-grow-strateg…http://www.themanufacturinginstitute.org/~/media/F…https://www.hrbartender.com/2015/recruiting/decisi…http://theundercoverrecruiter.com/elements-employe…
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