In the grim aftermath of the Covid-19 pandemic, all kinds of businesses urgently need to remodel their stratagems to fulfill their decided goals. Growth necessitates agility. In order to actualize their goals and visions in the New Normal, this acumen must be reflected in how they source talent and build a strong team.
A talent management strategy (TMS) is the key to effectively managing an organization's existing and future employees. Talent management is a critical business aim for any company, and a talent management strategy can provide a company with a competitive advantage. Having a comprehensive people management program in place allows businesses to attract the best and brightest personnel. It helps to build an employer brand that can attract new employees, which helps to improve the organization's business performance and results.
In their 2012 book “Build, Borrow, or Buy: Solving the Growth Dilemma”, Laurence Capron and Will Mitchell have found that the ability of a company to choose the optimum resource pathways for expansion has a significant impact on its performance. Click here to learn more. The paradigm for resource paths is based on three key questions:
For example, if you're trying to incorporate machine learning into your product but have never had any software development done in your company, you're unlikely to be able to hire qualified engineers without a fundamental understanding of the situation. It may be particularly tough for you to develop the requisite competence in-house due to your lack of experience in relevant fields.
When 'building' through internal development is considered impossible, 'borrowing' through collaborations with others becomes a viable option.
Borrowing rather than hiring talent for specific tasks can provide flexibility that is worth the extra cost upfront. Flexible Talent is more optimized based on your business needs. For example, borrowing talent can help reduce costs or fill roles that are cyclical or based on unpredictable business demands.
When a company's personnel requirements are ongoing, the best method is to acquire – or "buy" – talent from the outside.
For example- if you need specialized skills for a long-term business strategy, you might want to hire a strategist to fulfill your business needs. Similarly, a business needs to innovate incessantly to sustain and learn from the outside trends, in this case, the most prudent option for a business would be to hire an innovator to build a pipeline of talent that helps the business to innovate.
That's the definite crux of the most effective business strategy in years. If you’re planning to incorporate the borrowing strategy into the growth plans for your business this year, reach out to the best out there – us! At Flexing It®, we have supported several businesses to reduce their dependence on market talent and provide on-demand talent solutions.