Buy, borrow, build – the new approach to talent
As a major supplier of talent services, we’re seeing businesses becoming more interested in understanding and utilising individuals’ specific skills, mindsets, and behaviours rather than traditional qualifications.
There’s a shift to an increasingly agile approach to talent attraction and deployment – one that places emphasis on the ability to access skills at the point of need.
And as artificial intelligence, process automation, and machine learning become part of everyday life, freeing people to focus on higher value activities which require creativity, curiosity and empathy, businesses who attract those with unique kills and attributes will increasingly have the competitive advantage.
By 2025, algorithms and intelligent machines are expected to create 133 million new roles globally, while displacing around 75 million - a net gain of 58 million jobs.
With our blend of buy, borrow and build solutions for talent management, we help ensure you have the right people and relevant skills for today with the agility to respond quickly to the evolving needs of tomorrow.
of business leaders believe that upskilling employees in new and emerging areas is essential
of employees think mindset will become more important than qualifications in getting a job in the future
of employees believe that AI makes the ability to rapidly learn new skills a pressing priority
Employer access to skills: buy, borrow or build? Catering for such diverse workforce demands challenges the notion of the traditional employer-employee contract and asks us to rethink traditional ‘job’ categories in favour of a more fluid approach to skills. Gone are the days of a linear approach to talent management; instead, business leaders now have a choice of options to ‘buy’, ‘borrow’ or ‘build’.
Buying skills: the traditional approach Buying skills is the traditional talent approach and is still relevant as organisations continue to need to develop pools of talent from which they can draw both their core and their peripheral workforces. They’ll need to ensure that at the same time they’re enabling their employees to do their best work and providing them with a best-in-class employee experience across the moments that matter.
Borrowing skills: flexible and cost-effective Borrowing is an agile, cost-effective approach to accessing the right skills at the right time. We are already helping our clients to do that through our Novus Programme, for example, in which we recruit computing graduates, train them in a range of specialist IT skills and then place them with clients on a variety of projects, for flexible amounts of time. When they’re no longer needed, they come back to us. We see this service becoming more and more prevalent.
Building skills: upskilling employees The hybrid workplace is where there’s an emphasis on building skills. Organisations know they have to respond, with 88% of business leaders believing that upskilling employees in new and emerging areas is essential. Equally, employees expect a strong focus on learning, with 60% believing that artificial intelligence (AI) makes learning new skills a priority. Learning and development, therefore, has a critical role to play: people will need to constantly update their skills to make sure they stay relevant and employable, whilst those new skills will in turn support organisations to keep up with fast-changing trends and technology.
We offer a blended approach to the skills strategy
The most successful organisations will blend three approaches to access skills – buy, borrow and build.
At Capita, we ensure organisations realise the true value of their people.To tackle this, we champion the development of transferable skillsets for the future, accelerating support for re-skilling and building a shared base-level of digital understanding across the workforce.
Skills are undoubtedly the enabler of future success.
If you wish not only to survive, but to thrive in the future, we can help you put the skills agenda front and centre of your HR strategy.