With the US economy picking up (the US gained 295,000 jobs in February) and the recruiting market still remaining a challenge, companies that are seeing a need for more talent are asking the question: to outsource or hire.
1. Time
Usually when business picks up or shifts, companies have three options: buy, build or borrow. Buying talent implies hiring in new employees; building talent implies training current employees to do the work; and borrowing talent implies finding a consultant or contractor to bring on temporarily.
There are certain advantages and disadvantages to each of these choices. For example, buying talent can be quite costly due to salary and other incentives, however the new talent brings a fresh set of eyes and skills to the company. Investing in employees by borrowing could boost corporate culture, but it takes time. And bringing in outside help can be cost effective but it's only temporary and not on-call or for the long run.
If you're a company trying to decide whether to hire or outsource your talent (or to build the talent from within), there are two large considerations:
2. Resources
If you don't have the time to put into a job search for the right candidate and aren't willing to spend the money, then you probably won't be buying or hiring a new employee. Instead, you'll probably look to within or outsourcing. Maybe you just don't have the time to train, i.e. there's an immediate need for an employee. Then you'll probably need to look to bring someone on, whether it be a temporary hire or new full-time permanent employee.
If you want to have options when it comes to talent and don't want to be left scrambling to fill roles within your company at short notice, then start constructing a talent plan that looks into the future of your organization and plans for growth. Building talent pipelines, beginning training programs for current employees and planning for replacements should all be a part of your plan. Check out this article for more on building a talent pipeline.
To stay competitive in the talent war, which will only grow more and more gruesome as more and more jobs are added to the market, be prepared. If you need help finding talent, RGBSI can help. Check out our workforce management services or contact us for more information. We can find the right candidate for any job!
