Introduction
Successful applicants at Kiewit need excellent physical stamina and practical mechanical stamina. Individuals should have teamwork skills, numeracy, and thorough knowledge of safety and health regulations. Another characteristic of successful working at Kiewit Company is the ability to follow written and spoken instructions in mining and construction sites.
Individuals are determined whether they possess the required human capital through the evaluation of skills, education, and qualifications. Workplace experience, communication and social skills, and personality and habit traits also aid in determining human capital (Sima et al., 2020). The metrics used to make these determinations include revenue per employee, turnover rate, training cost per employee, and offer acceptance rate.
Developing Your Talent Pool
Make vs. buy decision is strategically significant to Kiewit Company because it helps the company to reinstate its competitive advantage. Kiewit should consider buying the most critical talents and skills for internal development (Osiobe, 2019). This approach will serve to avoid waste of time and resources in executing strategies.
I will use a combination of make and buy when developing a talent pool because human resource stakeholders are supposed to make investments in both approaches. The two approaches promote a balanced strategy between high-performing employees and trainees (Serrano et al., 2018). This strategy contributes to the economic productivity and profitability of the organization.
Potential risks for the buy vs. make strategy include lack of in-house expertise, quality, predictability of outsourced services, and reliability. In addition, there is a risk arising from the process of selecting and labeling appropriate suppliers and organizing a workable ongoing relationship (Park, 2018). These risks can be mitigated through employee and stakeholder training to enhance efficiency in the operation of machines in different sites and places of work.
Identifying Future Human Capital Requirements
Kiewit’s role in infrastructure construction and mining management will remain the same for the next five years. Kiewit Company enjoys a competitive advantage in construction and mining in North America (Serrano et al., 2018). The favorable market environment will, therefore, sustain its service provision to the people in North America.
Conclusion
Human capital needed for Kiewit to maintain its success in 3-5 years includes technical skills, problem-solving skills, experience, and creativity. Technical skills should match the growing technological advancement (Litvinenko, 2020). The company should not only begin to identify individuals who have the potential to develop the above human capital. It should train existing employees to achieve set goals in the construction and mining industry.
References
Litvinenko, V. S. (2020). Digital economy as a factor in the technological development of the mineral sector. Natural Resources Research, 29(3), 1521-1541. Web.
Osiobe, E. U. (2019). A literature review of human capital and economic growth. Business and Economic Research, 9(4), 179-196. Web.
Park, W. Y. (2018). Managing hazards of the make-buy decision in the face of radical technological change. Industrial Management & Data Systems. 118(7), 1345-1364. Web.
Serrano, R. M., RamÃrez, M. R. G., & Gascó, J. L. G. (2018). Should we make or buy? An update and review. European Research on Management and Business Economics, 24(3), 137-148. Web.
Sima, V., Gheorghe, I. G., Subić, J., & Nancu, D. (2020). Influences of the industry 4.0 revolution on the human capital development and consumer behavior: A systematic review. Sustainability, 12(10), 1-28. Web.