This video explains the key issues to consider when deciding whether to build or buy talent. When leaders look at the work to be done by their organizations, they can build capabilities in house, or they can “buy” those capabilities in the external market, for example, by outsourcing, crowdsourcing, or contracting.
- When deciding what capabilities your organization needs…to get the work done.…Should you build it or should you buy it?…Also, when should you use each alternative?…Leaders who choose to build hire full-time employees…and then offer them lots of opportunities for development.…Formal as well as informal on the job to develop the kinds…of knowledge, skills, and abilities,…and other characteristics that their organizations need…to get work done.…Their time horizon is fairly long and it assumes that…these employees will remain with the organization…typically for three to five years.…
Other ways to get work done especially when it needs…to be done in say under a year include borrowing workers,…seeking volunteers, or hiring contract workers who already…have the kinds of capabilities your organization needs.…There are two fundamental considerations that determine…whether to build or buy talent.…One of these is what…economists refer to as asset specificity.…How critical is it that you are able to be able to perform…
Wayne first outlines the characteristics of freelancers, contractors, and elancers, and what they look for in an employer. He then reviews the management challenges involved in leading an on-demand team, and the implications for HR professionals responsible for developing a global supply chain of talent. He also considers critical legal issues: how to protect proprietary information, how to avoid violations of compensation and benefits laws, and how to distinguish nonemployees from employees of an organization. By the end of this course, you'll have a better understanding of the issues facing employers and employees in the on-demand economy.
- Who are on-demand workers?
- Developing a management strategy
- Incentivizing on-demand workers
- Hiring and developing
- Managing risk with outside workers
- Understanding the legal issues