1. The Supply and Demand for Employees and Implication for businesses
Multinationals attract and select the right talent to ensure continual success (Fowler, 2005). This is because the multinational companies rely on the expertise and abilities of employees in innovating and translating the reducing costs and increasing the profit margins. Some of the multinationals such as IBM attracts qualified people with technical skills and knowledge. For example, IBM engages in a televised match with one of its brand during a symposium where students interact with the brand. The large corporations lure college students to consider a budding career at the firm. IBM uses Watson computer to challenge college students, while Hewlett-Packard uses pizza party technical talk approach before another technical company employs another strategy to snatch the market share. Microsoft uses start-ups and sends alumni back to school to promote the company using game nights and parties after the end of the exams. Google and Facebook face an increasing demand and limited supply of potential employees. These companies have stopped concentrating on resumes, GPA, and SAT scores. Instead, these companies seek to find unique attributes among the employees to spot talent quickly. Face book uses online puzzles and programming challenges to attract and spot talent.
2. The Search for the Purple Squirrel
A purple squirrel is rare to find just as if it is hard to find a perfect candidate. It is hard for firms to collect a candidate with the right education and skills to fit the requirement of the job well. A purple squirrel can handle the responsibilities with minimal training and can allow a business to function with few workers.
3. Suggestions for Spotting Talent
Companies can employ unique approaches to harness and spot talent in the market. In many technical companies, there is no entrenched bureaucracy and cultural restrictions. Employees can work in their own attire and set their own hours to handle their assignment (Fowler, 2005). Organization can develop own talent internally to reduce risks and cost in the external market.
Fowler, G. (2005). Talent spotting. Education + Training, 15(10), 340-341.