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FINANCIAL CRISIS SPOTLIGHT
The Definitive Guide to Recruiting in Good Times and Bad by Claudio Fernández-Aráoz, Boris Groysberg, and Nitin Nohria
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Included with this full-text Harvard Business Review article: 1 Article Summary The Idea in Brief—the core idea The Idea in Practice—putting the idea to work 2 The Definitive Guide to Recruiting in Good Times and Bad 12 Further Reading A list of related materials, with annotations to guide further exploration of the article’s ideas and applications
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FINANCIAL CRISIS SPOTLIGHT
The Definitive Guide to Recruiting in Good Times and Bad
The Idea in Brief
Recessions present an unexpected opportunity for companies to snap up the toplevel talent needed
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Even now, before the recession lifts, our research suggests that most global companies are running into staffing problems in emerging markets, and they are also having a difficult time finding talented younger managers to replace baby boom retirees. These problems will be made all the worse because, we’ve found, current hiring practices are haphazard at best and ineffective at worst. And even when companies find the right people, they have difficulty retaining them. This article offers our best thinking about the most effective way to hire top-level managers, based on a combination of our own and established research about the relationship between recruiting and long-term corporate performance (see the research sidebar). The following is, to our knowledge, the first time that an end-to-end set of best practices has been put forward in one place. Our compendium comprises seven steps, which cover the full recruitment spectrum: anticipating the need for new hires, specifying the job,
harvard business review • may 2009
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The Definitive Guide to Recruiting in Good Times and Bad •• •F INANCIAL C RISIS S POTLIGHT
developing a pool of candidates, assessing the candidates, closing the deal, integrating the newcomer, and reviewing the effectiveness of the hiring process. The focus of our research was on recruiting at the top three levels of organizations— C-level executives, their direct reports, and the layer below that. We call this the “top-x group,” where x is the
Recruitment: It is the process of identifying and attempting to attract candidate who are capable of filling job vacancies appropriately (Kathryn M. Bartol and David C. Martin, 1988)
The objective is to address the needs and the concerns of the organization to develop an effective method to recruiting. This method must be beneficial economically, as well as, productive in recruiting the best possible talent needed. A strategy must be developed along with a guide that will be shared by all locations and at all levels. In creating this method, different forms of recruiting will be employed to ensure that the target audience is reached effectively.
The issue with many companies today is that their organizations put tremendous effort into attracting employees to their company. The process of attracting and retaining profitable employees, as it is increasingly more competitive between firms and of strategic importance, has come to be known as the war for talent.
Section 1: Introduction The theme for this paper is to select an organization that I 'm familiar with, which is recruiting and retention for the state of Georgia. I will identify an existing performance gap that can be closed by developing a training program. I will also describe how I would develop an effective training program. The references for this paper will come from Chapters 8-10 of the textbook and other resource materials.
In our days, employment became a hard process in which many managers are complaining about it. In addition, hiring good employees is essential to run a good business on a daily basis and for a long run. Thus, employees would be the heart and the soul of a business. On the other hand, Interviewing is an important process in the preselection of good employees and so opening a gate to have the right person in the right position.
It is vitally important for any organization to hire the best candidates for their company. “The hiring approach or strategy is imperative to any organization seeking to dominate or sustain themselves with-in their market-place.” (Sullivan, Dr. John, July, 25, 2011).
Dr. Sharon Fletcher Recruitment and Selection StrategiesFormulating a thorough recruitment process is essential to ensure the right individuals are hired, efficiency and effectiveness are achieved, and subsequently organization goals are met. Considerations in the recruitment and selection plan include: organizational strategies; understanding the workforce, comprising projected needs, diversity objectives and demographic changes; company branding; recruiting
According to Wright et al (2011) recruitment and selection are part of the human resource practices common within organizations in an effort to develop human capital, which is necessary for better production. Numerous scholars have discussed the issue in different contexts. Pramila (2010) discussed the issue of recruitment and selection in an Indian- based company. The article presents effective recruitment practices, which are valuable for organizations. Among the identified practices include internal recruitment, interviews, personality tests, employer references, succession planning, and newspaper recruitment. According to Najafi (2011) the most important aim is to achieve an improvement in their recruitment and selection. With information provided in this article, the researcher is able to advance a thorough understanding of the different issues on improving recruitment and selection processes within organizations.
Tanglewood’s recruiting methods are different and diverse in each of their regions, and by assessing these methods there are chances of improving and additionally uniting the operations of this company. Some improvements come from creating ztarget demographics, some come from looking into the methods of recruitment, and some come by addressing issues brought forth by those already with the company. By evaluating Tanglewood’s recruiting methods and creating a guide for it to adhere by, this company can develop a recruiting service that matches their unique company culture.
Even though employee retention starts with attracting potential employees, today’s society has placed a new and greater demand for skilled and educated employees as new hires for their companies. These employees, however, are starting to become harder and harder to find. So
The topic I chose to research and discuss is the topic of recruiting and retaining the best employees. I chose this subject because I felt it was important for an employer trying to compete in this very competitive business environment, no matter what the business is, to be able not only hire the best and most qualified employees but retain them and keep them motivated. The ability to distinguish the difference between high performing employees and lower performing employees can be detrimental to a company’s success or failure. In retrospect, this goes back to recruiting and retaining the best employees while avoiding and being able to let go of those of a weaker caliber. Before an organization can thrive in recruitment and retention,
Selecting the correct methodology for recruiting your next chief executive officer is undoubtedly one of the most difficult decisions that a board of directors will ever have to make. Horse races, promotion contests, and the extensive use of executive search firms have proven to be the most common forms of selecting company’s top executives. The fight to hold to the title of CEO between internal and external candidates is cut-throat and in most cases, a popularity contest based on reputation alone. Selecting the proper method of recruitment helps companies to eliminate these battles and pick the top candidate based on their qualifications such as their credentials, experience,
One of the most crucial elements of a successful or productive organization is an effective employee selection process. The significance of this process emanates from the fact that how workers carry out their jobs plays a crucial role in determining the level and extent of success of an organization. Due to the significance of an employee selection process, organizations draw candidates for open positions from the labor market. Actually, top-performing or successful organizations draw candidates from approximately 60 percent of the labor market. This trend includes sourcing for passive candidates who would prefer to remain contented with their present job. Moreover, organizations will relatively low or poor performance draws candidates from nearly 40 percent of the labor market and active workforce. An example of a top-performing organization that draws candidates from the labor market is Wal-Mart. The labor market plays a crucial role in employee selection with regards to having a population with the necessary qualifications for working in various organizations.
The recruitment literature according to Breaugh and Starke (JoM, 2000) had been bombarded by criticisms for the lack of substantiated research materials and unanswered questions. The Handbook of Industrial and Organizational Psychology by Guion 1976, devoted one chapter only about recruitment process despite the numerous studies published during 1976. There were questions circulating in the recruitment literature which failed to address the key factors
Recruiting highly capable employees has become more than an art, it has now become a strategy. And taking a strategic approach means utilizing a strong recruitment and selection process to attract the right candidates to my organization. The strategy has grown, there are several effective recruitment and selection strategies that are far more advanced than simply asking the right questions.