Friendly Financial Case Study
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
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