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Hope you had a great Thanksgiving weekend! | |
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The unemployment rate has marginally dropped in November and we can expect to pre pandemic level by mid of 2021. When organizations need to hire new talent, there are 4 B methods – Buy, Borrow, Build, and Bridge – that can be used to solve the talent shortcomings. We shall discuss this model as we go along.
Buy, Build, Borrow and Bridge. You can "buy" talent—this means hire someone as an employee for your firm. You can "build" talent—which focuses on training employees to assume new responsibilities. Or You can "borrow" talent— this means that they would find a freelance to do the work. You can “bridge” talent - Move people up or laterally to new roles inside or outside the organization.
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4B's Strategies of Hiring | |
Several developmental programs such as student mentoring, a faculty engagement, intern hiring, remote internships, will enable great partnerships with different colleges and teams. As an added bonus, this will bridge the skill gap between universities and companies. We need to look precisely on the overall development of the Early talent. Most importantly, this approach can also be very positive for the employee, encouraging them to stay with the organization longer as they develop and progress in their career.
| | With the help of AI, ML and market driven- intelligence, we need to quickly assess the various hiring avenues and competitive intelligence and enable our talent strategy. We need to look at a Buy strategy for these kinds of positions while keeping our L&D teams abreast of these requirements so that they can build a plan for future demands. Employers need to understand that candidates are consumers too; in order to attract the best talent, HR needs to be a master marketer.
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In order to fully benefit from your Borrow strategy, it’s important to cultivate communities of talent outside the organization, including part-time and consulting workers to complement existing skills. This strategy can also be useful in a Buy strategy when you have less time to initiate a large project. Without adequate capital, it’s difficult for SMB to grow. | | The systems should be interactive which enables individuals to learn. They can also choose to do minor projects to harness the academic learning that they get and eventually move to new roles that require new competencies. Firms improve on the track record by paying far greater attention to the capabilities they need to successfully implement their strategy. | | | |
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Pragna team had a good november. As the holidays approached, We were able to meet some of the critical targets. - Onboarded new customer to our business talent team.
- Successfully completed our town hall event for the year 2020.
- Onboarded new sales director who will be managing all of Americas.
- Logo and website launch schedule for December.
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If you are hiring smart people, you are paying them for their innovation. Smart people are not to be taught how to do their work. Instead, you can have their out-of-the box ideas to grow your business. | | | |
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After the drastic dip in 2020, the recruitment industry has the opportunity to make a difference in 2021 with the correct recruitment strategies in their pocket. | | | |
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