2015-08-03 00:00:00 Starting a Business English https://quickbooks.intuit.com/in/resources/in_qrc/uploads/2017/05/shutterstock_218982760.jpg Creating a Recruitment Strategy

Creating a Recruitment Strategy

3 min read

Recruiting employees is an important step to grow your business. Your employees determine the growth and success of your organisation, and are essential to create a strong brand identity. We frequently hear about the shortage of skilled professionals but what we often fail to realize is the lack of an efficient strategy to recruit the right individuals. Recruitment strategies must fill the void left by operational measures. They must move towards being wholesome processes beginning at the time of vacancy and ending with an employee leaving the organisation and even beyond. An ideal recruitment and HR policy also adds to your Small Business’ reputation as a great place to work at as well as an organisation providing great services. While strategizing your recruitment policy, there are a few things to be kept in mind:

  • List out long-term business goals and create talent propositions accordingly. Your annual goals here take the lead as they prioritize your immediate requirements.
  • Plan your team in advance – the immediate requirements as well as expected scenarios of enhanced as well as change in requirements. This will require you to be abreast of the talent availability in the market through a thorough analysis as well as the performance-review process within your organisation that can lead to employee successions and promotions.
  • Create a two-fold strategy for critical roles and innovative ones. Strategising the key designations in your business will take you a long way. Make sure you put across attractive and comprehensive job descriptions, highlighting both formal and informal requirements. Also list out the performance and success indicators involved in the roles.
  • Create a proper brand image which will be the key factor in attracting the right kind of talent. Make sure your recruitment propositions answer questions such as ‘Why work for this company?’, ‘What is the personal and professional growth gap?’, ‘What does the present work culture say?’, and so on.
  • Create a recruitment calendar which will help you keep track of the entire process. Identify your sources and channels which can range from institute campuses to social networking sites and referral programs. Chart out your target dates and the content to be published along with targeted sources. Building a social media talent community also helps. These communities will help you in attracting as well as nurturing new talents.
  • Planning a budget is your next step. The budget will chalk out approximates for different categories such as hiring your HR team from strategy sessions to market analysis, advertising on various online and offline sourcing channels, training your new employees as well as their remunerations. Keep track of these two factors especially:
    1. The Recruitment Cost Ratio – [Total Recruitment Spend/Total Compensation Recruited]
    2. The Opportunity Cost of Vacancies – [Total Compensation Recruited*Time Required in Filling(+14)/365]
  • Appropriate delivery of your recruitment model and strategies is the ultimate and the most relevant step in the process. This will require you to analyse your current workforce and talent gaps in the organisation. You must refine your strategy to meet business and market needs at every step of the process. Build a scalable strategy which you can measure from time to time, all the while binding each step with a specific time-span according to recruitment priorities.

Your recruitment strategy must be flexible to accommodate business needs as and when required. Having a well-defined recruitment policy benefits the organisation in the long run, filling in the business needs whenever they arise. You can opt for outsourcing your hiring process from a third-party recruitment firm or choose to build an internal recruitment team, well-versed with all business and hiring motives. But do not leave your strategy to chance or limit it to only job postings on various networks, rather sync the entire process with your business model to meet the needs.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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