Prior to beginning work on this discussion,
- Read Chapter 3 in Applied Psychology in Talent Management.
- View the Minimizing the Cost of Employee Turnover Links to an external site.video.
- This video cites U.S. Bureau of Labor Statistics on the cost of turnover—both hard dollar calculations and soft costs—and provides a real-life example of Nestlé optimizing staffing outcomes by being proactive and culturally changing from recruitment to a proactive strategy of talent acquisition.
Keeping in mind the utility theory and optimizing staffing outcome strategies discussed in Chapter 3 in Applied Psychology in Talent Management, discuss the pros and cons of using existing applicant pools (“making”) or investing in recruitment efforts (“buying”) to expand applicant pools. Consider the following:
- Which strategies are most costly?
- Which might maximize staffing outcomes and why?
Finally, apply these concepts to the real world. Browse various recruiting websites (e.g., Monster.com, LinkedIn) and describe the ways organizations attempt to entice. What are the similarities? What ways do they try to differentiate themselves?
Your initial response should be a minimum of 200 words.