General update by IBBZ Accounting on latest tax news, business growth and technology tips.
Recruitment is a continuous process of creating, developing and nurturing the relationship with potential talent. It is useful especially when you are hiring skilled and talent employees in the company. These prospective talents can be attracted from your competitors or developed within the company if they see a consistent opportunity to grow professionally and personally. At the same time, hiring for executive level can take unlimited time from few weeks to few years because the more competitive the talent is in the market, rarely they will be available.
So, it is important for your company to develop a business strategy that requires a company-wide participation to build a talent pipeline and maintain healthy relationship with potential talent for future hiring process.
The process of recruitment never stops. You need to keep looking for right talent even though there is no need.
For instance, XYZ fashions has fashion outlets across North Island and wants to expand in South Island in future. So, your company needs to think strategically outside general recruitment process for hiring and adopt a passive approach.
This requires searching the talent first. Complete initial assessment that how this talent could fit in the expansion. Build long-term relationship with them by keeping them interested, even when you don’t have anything to offer immediately. Always stay connected with candidates who were not shortlisted for a specific role. These applicants can be value addition in future. Finally create a job opening when required to hire and make an offer to them.
In addition, XYZ can build personal networks, attract talent through career events/networks, seminars and social media. XYZ can also develop their own talent pool of existing talents in the company, work on improving their retention, assist with succession planning and by staying in touch with former employees.
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