One of the key components of a staffing plan and related talent management programs is to decide whether to build or buy talent. Building talent involves a commitment to train and develop employees to fill positions, such that the employees have the right skills at the time they are needed. Buying talent refers to the use of independent contractors, vendors, and/or contingent employees to fill the talent demand.
For this assignment you will first need to research both options - to build or buy. Then, write a short paper that addresses the following:
- A discussion of both staffing strategies, to build talent and to buy talent.
- Discuss the strengths and weaknesses of each approach, including challenges for management and human resources.
- Provide an example where each strategy works well, and provide an example where each strategy is not likely to work well.