Friendly Financial Case Study

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Assessment #3:
Recruiting, Selection, and Retention

Part 1:
1) Develop a recruiting strategy for this job position.  The recruiting strategy that I would use for Friendly Financial Works would be utilizing Private Employment Agencies. There are several reasons that utilizing this strategy would be the most beneficial for this company. Friendly Financial has an extremely high turnover rate, so it is obvious that they spend a lot of time recruiting and hiring new employees. By allowing an agency to take the lead in this process, Friendly Financial can focus more on their business and on employee retention practices. Many successful companies use private employment agencies for this reason. Recruiting is the agencies core business and the thing they do best. And because it’s their core business, they can afford to invest the time, resources and intellectual property to continually improve both the process and results. This caliber of investment is rarely undertaken by an employer. Also, when measuring the time involved with in-house recruitment and the costs associated with each recruitment step, it is usually determined that outsourcing the recruitment process is in fact more efficient — both in terms of time and cost. Another great benefit of this strategy would be the fact that private employment agencies typically have access to a hidden candidate market. Most people that employers wish to attract to their organization are already employed, and the reality is that these people will generally not contact an organization direct if they are looking for a new role, particularly if the organization is a competitor of their current employer. But, employees may feel more comfortable with talking to a recruiter from a private agency when they are ready for their next career step. As a result, the recruiter has access to a larger pool of qualified candidates, including these ‘hidden candidates’, where an employer would not have this opportunity as an in- house recruiter. 2) Explain how you would attract applications to the company.   The main way to attract applications to the company would be through the private employment agency mentioned above. In addition to working with the agency, I would first establish a goal or mission which all employees should strive for. Once this is accomplished, prospective employees have to be convinced that Friendly Financial Works is a great place to work in. Sales personnel will also be given generous compensation for their efforts and a comprehensive benefits package. In the business of sales, I think that most people are motivated by compensation. I would create and advertise an effective compensation plan that has three components: a guaranteed component (salary and/or draw against commissions) large enough to cover basic needs; an earned component (commissions) that ties compensation to performance; and an incentive component (bonus opportunities) to reward very specific behavior or accomplishment. 3) Explain how you would use at least 3 different recruiting sources. Three recruiting sources that I would use would be job postings, print advertising, and web site advertisements. I would use the job postings to let current employees know what positions are available. This would allow us to recruit internally. Current employees would be able to apply for positions they think they are a good fit for, and could possibly pass the posting onto acquaintances that they think are good fits and refer them to the company. Print advertising would be used to recruit salespeople in the local papers and financial magazines that may be available. I would also run print advertisements in newsletters of our clients and potential clients. The third recruiting source would be via websites. Of course I would use the company website to advertise the position, but I would also purchase web banners, and use online job websites. Part 2:

1) Develop a selection process to evaluate...
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