Economics for Global Decision Makers

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GB540:01 Economics for Global Decision Makers
Week 3-Unit 3
Dr. Barbara-Leigh Tonelli
May 15 2012

I. Introduction

II. Competition for talent

A. Recruiting

III. Utilizing talent

A. Cost

B. Fit or fire

IV. Ability to find talent

A. Steps

B. Actions

V. Ability to attract talent

A. Benefits

B. Reputation

VI. Ability to retain talent

A. Communication

B. Opportunities

VII. Ability to develop talent

A. Training

B. Promotion

VIII. Conclusion

Introduction

Effective hiring and personnel retention are keys to successful business. It can be easily argued that business success depends on human assets not material assets. Materialistic business components can be bought and replaced with an order, but the talent people can bring to an organization is not attained with the touch of a button. Hiring the right people is only a part of the successful business formula. Retaining quality people is also important to business success. What do firms need to do to attract and retain the most talented people as well as utilization of their skills for company success?

Competition for talent

The advancements in travel and internet have made recruitment a global competition. It is not a secret that a successful business often has the most talented employees. Companies scramble to find the next and brightest in the workforce. Business managers know good hiring practices can be a strong foundation for any business. Bad hires can lead to business failure. They have to be creative in the ways they attract the most talented workers. Some companies have turned to recruiters and headhunters to attract the best candidates. Firms such as FESA Global Recruiters and CTPartners are often hired by companies to help attract the type of employee they feel meets its company needs. These companies will often seek out individuals they feel meet the criteria set by the hiring company. These companies specialize in placing the best candidates with the best companies. A company can avoid direct competition by outsourcing its recruiting needs. Recruiting companies have a network of people and resources it uses to match companies and people. (McCool (2008))

Utilizing talent

If a company does not have the right people in the right job then it will find it harder to achieve and maintain long term business success. Bradford Smith conducted a survey and from his findings he discovered that miss-hires cost a company as much as twenty-four times the individuals base compensation. It takes more than talent to ensure success. A Manager has to hire the correct skills for the job. An employee may be the best wood cutter in the world but it does little good for a company that cuts diamonds. A company must hire people with the talents and skills it needs for its success. If a person does not have the skills needed then the company must be prepared to separate and hire someone with the needed skills to meet company needs. (Harvard Business Review Press (2002))

Ability to find talent

How does a company find the talent it needs to ensure business success? There are a few steps the hiring manager can do to ensure the correct person is found. Some steps include:

1. Defining job requirements

2. Recruit for needs

3. Interview

4. Evaluate

5. Hire correct candidate

When defining the job requirements the hiring manager needs to ensure the job responsibilities and requirements are outline so all potential applicants fully understand what the job entails. A hiring manager should only recruit for needs. If the applicant does not meet the company’s needs then the applicant does not need to be hired regardless of talent level on non-needed skills. The candidates must be interviewed and evaluated to ensure they have the skills and talents the company needs to...
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