23 Sep hiring practice
We all know that the four factors of production are land, labor, capital and entrepreneurship. By skillfully combining all of the above factors, we have been able to create goods and services which in turn have created economic value.
Through this presentation we would like to provide some impetus on the second factor of production i.e.Labor.
The basic definition of labor can be stated as the human effort of one or more individual which is required to create goods and services. It is the responsible of the entrepreneur to bring together the labor resources so as to be able to create value. (Unknown)
-Contd
Labor as a factor of production can mean different things in different circumstances. For example a doctor treating patients in his clinic can be considered an entrepreneur as well as labor. On the other hand, a receptionist hired by the same doctor would be considered labor.
The doctor hires some support staff to be able to perform his or her tasks more efficiently while being able to maximize returns after paying the salaries for the staff. This can only happen if the staff is qualified and can work according to the expectations of the employer.
In this context, it becomes necessary to properly assess the hiring process for any organization so that they can maximize returns while controlling costs.
Hiring Best Practices
Here are some of the best practices that we believe, all employers should employ
Identify Need – The first step towards hiring somebody is for an individual in charge of hiring to identify a need. This may seem easier than it sounds but in many cases we have seen that organizations being overstaffed, carrying high salary costs and having highly unproductive resources.
Define Job description – Once a need has been identified, the employer must spend time to define what tasks are expected to be done by the prospective employee. Failure to do this causes friction between the employer and employee and may hamper performance of the employee.
Best Practices – contd
Plan the Hiring – Once the description and requirement have been established, it is necessary to outline how the process is expected to be completed right from the time of posting the job on various platforms to the point of onboarding the employee. It is helpful to identify the internal resources which are responsible for driving the process to completion and make sure they know the expectations.
Market Availability – Once all the internal planning is in place, the firm must actively market the open position. It is often experienced that openings go unfulfilled due to the lack of awareness among the job seekers. The firm should aggressively market the position on various job portals, newspaper classifieds, social media as well as their own website. The more awareness created, the more applicants and higher chances of fulfilling the position.
Best Practices – contd
Review CV’s – A strong marketing campaign would lead to a lot of applications being received for the position. The employers need to sort through the applications and carefully assess the merit based on CV’s and shortlist the candidates. It is necessary to ensure any lack of bias or preconceived notions when doing this assessment.
Interview – Once the top resumes have been shortlisted, it is necessary to quickly schedule interviews with the candidates. The firm may need one or more interview conducted by one or more individuals to ensure they can properly vet the candidate. It is a good practice to provide the candidate with a couple of scheduling options to ensure they feel comfortable and feel that the firm is flexible to their needs.
organizational strategies
Much of the information regarding the strategies has already been gathered as part of the workforce planning activity.
In the future, the strategies will change, but the competencies may remain the same. An example is critical thinking skills.
Regardless of the strategy, critical thinking is a necessary competency.
company’s current talent to identify any skills gaps
Organizations can accomplish this step using a variety of techniques, including performance reviews, assessments, multi-rater feedback, and interviews.
A combination of techniques could prove to be exceptionally valuable.
The key consideration is consistency.
Create groups of activities that will help employees learn the skills they need
A combination of internal and external training and project-based learning may be useful. Three activities proven to be very effective include:
Management coaching. Good managers have valued relationships with their employees. They are positioned to deliver open, honest feedback that can help employees change behaviors and improve performance.
Peer-to-peer feedback. Organizations spend an incredible amount of time collaborating. Peer-to-peer interaction is how most employees spend their time. Training employees to deliver timely, specific feedback can make an impact.
Mentoring. Organizations can encourage mentoring relationships to cover topics that don’t necessarily warrant a training program—like office politics and negotiation skills. Employees can benefit from the wisdom of experience.
Monitor progress and make regular adjustments
The organization should conduct regular talent assessments and observe market conditions.
Both internal and external factors can prompt a change in talent development strategy.
The talent wars aren’t going away anytime soon. Organizations must think about the future.
They are not going to be able to find all the talent they need via external recruiting.
Talent pools allow companies to develop future talent from within.
They also give businesses the flexibility to meet their fluid operational needs.
Cont
Talent pools offer flexibility to business needs while at the same time preparing high-performing employees for the future.
They do require organizations to conduct a gap analysis, identify skills that need development, and implement a career development program to address the gap.
References
“Factors of Production: Economic Lowdown Podcasts: Education: St. Louis Fed.” Factors of Production | Economic Lowdown Podcasts | Education | St. Louis Fed,
Heathfield, Susan M. “Here Are the 10 Critical Steps to Take When Hiring an Employee.” The Balance Careers, The Balance Careers, 25 June 2019, https://www.thebalancecareers.com/how-employers-hire-employees-1918954.
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