HRMpractices play a significant role in finding the best employees towork for the organization or company. Different organizations havedifferent methods of obtaining or recruiting employees to work forthem. Some steps or procedures need to be followed for human resourcemanagers to select the best-qualified employee. Such measures includerecruitment, selection, onboard training and performance management.The phases used will be expounded more into detail so as get a clearpicture how the HR practices are implemented. The job that needsrecruitment is that of a financial analyst. The following are stepsusually used by HR departments to get the best employee for the job.
Thefirst method for getting employees is through recruitments, and thereare many ways of recruiting employees. Recruitment usually involvespeople who have met the qualifications necessary to be a financialanalyst. In our case, the minimum requirement would be one to have abachelor’s degree from a recognized academic institution. It isimportant to have different recruitment methods because it willenable us to have a large recruitment number which will mean we’llget the best out of the hiring process (Chapter 5 part 1). Therecruitment methods that I will use will be Internships, directapplicants, Employment raiding and educational institutions.
Aninternship involves giving someone a temporary position in anorganization or corporate to give them training for the job they hadapplied. People on internships are not usually paid, but it dependson the company they are working for. In my case, I’d rather pay theinterns so as to motivate them to work harder and get the bestcandidates. Offering training to the interns will be very crucialbecause it will help us understand the intern on skills that theypossess. Each intern will be assigned a partner who is employed fulltime so that they can be guided on what they should do and how to doit.
Internshipstrategy I find it better because it tests the skills of the internwhen in desperate situations that need critical thinking. Anotheradvantage of internships is the fact that it offers cheap labor tothe company. The salary paid to an intern is not necessarily equal tothe amount is given to an employee with the same position in theenterprise. Interns also get a chance to acquire experience that ismainly needed by most employers who need to hire. The majority ofcompanies want guys that already have the skill set to handle anytype pressure or critical decision-making scenarios (Chapter 5 part1).
Itinvolves getting the best candidate for the job and employing them.Use of direct candidates takes less time as compared to internshipsbut with direct applicant you only know about the candidate by whatis written on the paper. The method is cheaper but with the risk thatmaybe the applicant may not meet the threshold set by the company.For example, in our case, it is important to know whether theapplicant can speculate what might happen when making individualeconomic decisions. Such skills are required but only through gettingto know the employee will it be possible to find out (Chapter 5 part1). It is an effective method on the fact that no training is neededas the direct applicants must usually have experience
Itis a method that involves recruiting employees from another companyor corporate and offering them a lucrative deal. It is very efficientbecause one gets to hire someone who is good at what they do. In mycase since I am looking for financial analysts it means I will get aperson who is willing to deliver and give better results. The problemwith this type of method is that it can be expensive because to getan employee from another corporate I must offer a deal that islucrative. Loyalty is another factor that I would be worried aboutbecause what if another employer comes to offer a better deal thanwhat can be offered.
Collegesand universities play a significant role in incorporating thenecessary skills to students and prepare them for the job market.Every great and outstanding financial analyst was once in college.Therefore, it will be wise enough to recruit fresh graduates. Thegraduates might not have the necessary experience needed, but theyhave the knowledge that will guide them. Fresh graduates tend tobring new ideas to the market, but some risks are involved. Forexample, it will not be easy to do some tasks or solve them withoutthe necessary experience that they lack. Such a scenario could leadto the company incurring losses or debts.
Inthe selection process, this is whereby we get to choose the bestcandidate for the job and meets the job requirements. The methodsthat will be used in selecting the best candidate for the job of thefinancial analyst will be assessment Centre’s, structuredinterview, Work sample tests and ability tests (Chapter 5 part 2).The order in which I will rank them will be by assessment Centre’s,structured interview, Work sample tests and ability tests. Theranking method is determined by the efficiency of the selectionprocess that I will use to find the best candidate for the financialanalyst job.
Theuse of evaluation centers involves assessing the candidates todetermine whether they are fit for the job. In our case, theassessment should include the use of scenarios that put the client ina position where they use their critical thinking skills to figureout solutions to the problem. The use of assessment methods hasproved to be very efficient compared to other methods. A majority ofapplicants that pass the test usually have no problem working withreal life situations or problems (Chapter 5 part 2).
Structuredinterview involves the use of a set of questions that every applicantwill answer. The applicants get to answer the same questions, andtheir answers are compared to find the best candidate. A structuredinterview is efficient because it gives you the best candidate amongthe ones that you interviewed.
Worksamples test usually involve giving the applicant a test that relatesto what they will be doing when given then the job. For example, itis my responsible put the candidate in a situation that has occurredin the past and tries to see if they can handle the problem asearlier solved. The problem with this method is that it takes timebecause it involves using one applicant at a time. Efficiency is highas compared to the above methods because the tests are usually meantto be completed in a short period (Chapter 5 part 2). What if we havea situation whereby the tasks to be solved will take days or evenweeks. It will be hard to know the outcome when it comes to the newrecruits.
Thebehavioral questions that I would ask will involve what the applicantdid in the past. Questions I would ask would be as follows, Whatactions did you take when the company became bankrupt and lastly tellme about times you made decisions without credible information tomake a judgment (Chapter 5 part 2).
Thequestions that I would set based on the situation would be verysimple but need a bit of critical thinking. The first question willbe to ask if the employee is a leader or a follower. The best answerto this issue would be both a follower and a leader. It is importantto have someone who can lead others and at the same be able to dowhat they are told irrespective of the situation.
Thesecond question that I would ask is What if your work or idea iscriticized by members of your team. What steps would you take toensure that in proving your concept you don’t burn bridges withyour team (Chapter5 part 2).
Thefirst day for the employee must be ideal so that the employee feelswelcomed. The first step would be to appreciate the employeepersonally and express my happiness that the company is grateful tohave them. Orientation around the enterprise is necessary so that theemployee does not feel left out (Chapter 6 part 2). Lastly, it wouldbe important to have set the worker’s new desk that’s fully set,and everything they need is available to them.
Itis important to offer additional training to the employee such astraining on new technology. In our company the computer system we useis specially designed for the needs of our organization therefore,it is important to train the new employee. Training may take a whilebecause the system is complex and it takes time before one can fullyunderstand it and use it to its full potential (Chapter 6 part 2).Training will involve solving problems with the system that havealready been solved, and the outcome is known.
Thedecisions that am making based on onboarding and training are basedon the fact that I want employee satisfaction and also productivityfrom the employee. The employee must not have any excuse as to whythey are not productive.
It’simportant to analyze your employee once in a while to ensure thatthey are still up to par with their job. There are different typesmethods and sources of gathering performance. One good method ofacquiring such data is getting information from the manager, peersand the subordinates. The method is proficient because you getinformation from people who are close to the employee and understandthem
Theperformance method that I would recommend for this job would the useof the comparative approach. The reason being that if I elevatecompetition amongst the employees, then it means I’ll get the bestout of my employee. The employee will be working hard to be the bestand at the same time give good results on the jobs they are doing(Chapter 7).
Thereare methods that I cannot recommend being used especially when itcomes to a financial analyst`s job. Behavioral approach is one of themethods I would not use because decisions made have to be approved bysome people. It necessarily does not give a precise performanceappraisal of an individual (Chapter 7).