Designing and Managing Value Networks and Marketing Channels
A normal way of functioning for a company is to procure raw materials, use its expertise in creating the product and then distribute to the customer. Companies have to convert this supply chain into a value network as to develop and maintain partnership with different stakeholders. Value Network and Marketing Channel A network which creates […]
How Not to Put All Eggs in One Basket – De-Risking Strategies for Outsourcers
What is De-Risking ? Outsourcing is a process that involves selection of vendors who would then do the necessary work for their clients regarding handling such work that the clients deem can be done by Third Party Vendors. What this means is that the clients first narrow down the list of outsourcers that can be […]
Benefits of Employee Engagement
History records how Alexander was able to march on and conquer hitherto unknown lands due his valour and his motivated troops. However, the same history also records, how dissent amongst his troops towards the latter part of his career, cut short his ambitions of supremacy in Asia. Alexander started hiring more outsiders, laying off his […]
Pros and Cons of Neo Banks
In the previous article, we have already discussed what neo banks are. We now know the business model of neo banks. We are also aware of the various characteristic features of neo banks. It is important to note that a significant number of business organizations in Europe have already started migrating their banking needs to […]
Reinsurance and Man-Made Catastrophes
The purpose of reinsurance is to financially help the ceding insurer when they face very high losses which are linked to a catastrophe. However, it is important to note that reinsurance companies do not consider all catastrophes to be the same. There is a very clear and marked distinction between natural calamities called “nat-cats” and […]
Human Capital Management is defined as a process that ensures the right candidate is hired for the right job, trained form time to time, managed well and also retained in the organization.
Human Capital management makes the best possible use of skills and experiences of employees and motivates them to deliver their level best. Human Capital management helps in extracting the best out of individuals, eventually benefitting the organization and yielding higher profits.
Human Capital Management helps human resource professionals to hire the best available talent.
Common resource pool constitutes group of individuals ready to take up new opportunities. Common resource pool includes a pool of talent from diverse backgrounds, multi skills and varied experiences.
In simpler words, Common resource Pool is a group of people from which human resource professionals hire employees for an organization. It is the responsibility of human resource professionals to recruit employees as per the requirement in the organization from the common resource pool often abbreviated as CRP. Common resource pool helps in the staffing of teams.
According to common resource pool model, human resource representatives are assigned the responsibility of hiring the right talent from common resource pool. You need to find out who would be the best fit among the available resources for your organization. Job responsibilities should be clearly defined. Analyze the background, past experience, educational qualification, interests, before hiring an individual. Do not forget to check his/her credibility in the past organizations.
Human resource professionals must discuss with the senior management to understand as to what they expect from their team members. Try to read their minds. Do not hire just for the sake of it. It will land you in trouble later on. You are the one who would be held responsible.
Resource Pool accumulates human capital experiences, skills, as well as their roles in line with the needs of organization. Resource pool refers to an exhaustive database of human capital with their educational qualifications, past experiences, specializations, expertise for human resource professionals to do hiring for the organization.
Common resource pool minimizes the chances of duplication thus making the work of individuals representing human resource vertical much easier. Resource pools also help human resource professionals in identifying resources or skills that are in less numbers and for which supply must increase.
Common resource pools not only include full time employees but also employees who are on contracts, part timers, freelancers and so on. Whether a full time employee or a freelancer should be hired, depends on the project and the size of organization.
Full Time Employees - Full time employees are individuals who work for a minimum number of hours as defined by the policies of the organization.
A full time employee enjoys the following benefits:
Part timers - Part timers are individuals who work for only few hours less than the standard time.
Freelancers - A freelancer is an individual who has the liberty to choose his working hours as per his/her own convenience. He is not committed to a particular organization.
Common resource pool model makes, managers more efficient as compared to team members. Common resource pool model highlights the importance of skills, knowledge and background of human capital who are the key drivers of projects.
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Current Employment Trends and Their Implications for Business, Society, and Individuals
February 12, 2025
