The Effectiveness Of Potential Resourcing Management
This report is to highlight the talent strategy of First Bank Nigeria PLC. The strategy of FBNs resourcing is identified through extensive research and it is critically evaluated for its effectiveness. FBN's strategy is broken down into three categories; namely, talent management strategy, recruitment and selection and employee retention. FBN has a five-step process in its resourcing. FBN requires extensive amount of human capital as bank runs its operations through its human capital on a daily basis. Evaluation is made according to the procedures that FBN adopts in its strategy. Different methods of talent management are identified to maintain its talents. Recommendations and advices based on priority are generated to overcome the potential issues and also to improve the organization's effectiveness in resourcing potential talents.2.0) Resourcing and Talent Management
Resourcing is concerned not only with obtaining and keeping the number and quality of staff required but also with selecting and promoting people who fit the culture and the strategic requirements of the organization. (Armstrong 2012). There are two basic types of resourcing which is internal and external (Reference). Armstrong (2012) is a core process of human resource management that is shaped by the organizational strategy and ensures the right number of people with the right skills, in the right place at the right time to deliver short and long term organizational objectives.
Wellins et al. (2009) define talent management as a critical process that ensures organizations have the quantity and quality of people in place to meet their current and future business priorities. Therefore talent management strategies focus on five primary areas: attracting, selecting, engaging, developing and retaining employees (Lockwood 2006). While recruitment provided one of the first dedicated reviews of recruitment, defining it as practices and activities carried out by the organization with the primary purpose of identifying and attracting potential employees (Redman and Wilkinson 2009).
The recruiting process has to do with recognizing the talents and expertise that is necessary and then selecting the most efficient recruiting procedures to interest various appropriate applicants (Brewster et al. 2008). When firms choose to employ outside rather than within, the quest frequently takes place in indigenous, provincial, nationwide, global work market, depending on statistics, talents, capabilities and practices necessary, the monetary rates involved and the profits involved to the firm concerned (Redman and Wilkinson 2009). Recruitment, being a human resource management task, can be defined as one of the happenings that influence most judgmentally on how to rate a business (Accenture 2008).
While it is implicit and recognized that some poor employment choices will most likely continue to disturb the managerial routine and also the limit aim accomplishment, it's been taking a while for public service supports in many authorities to recognize and implement fresh, well-organized employment policies (Tabassum 2011). In some facet, current laws prevent change; in others, the constraining factor is management inertia (Armstrong 2012). Recruitment can be defined as "the set of procedures and actions used to officially acquire a satisfactory number of experienced persons at the precise period and location in other for the persons and the business to hand-picked each other in their own best long and short period benefits"(Beardwell 2010).3.0) FBN's Strategy and the Effectiveness
Recruiting is the beginning of effective retention. Accenture (2008) noted that talent-powered bank is one that sees workforce talent as the primary engine for sustained, competitive advantage. It's a bank that can take methodical and relentless steps to translate business strategy into talent strategy, define its core competencies, and then buy-in, develop or outsource the skills needed to embody these competencies, as shown in Appendix 1 (Accenture 2008).3.1) Talent Management Strategy
The talent management strategy of FBN is aimed at supporting employee engagement, employee motivation, increased productivity, and leadership development across all levels of employees within the organization (FBN 2012). In undertaking careful HR-planning, FBN invests in corporate structure that ensures appropriate job-competence match. While for engagement and deployment, it allows for a seamless transition of successfully selected candidates into the FBN team, and creates an atmosphere for a potentially mutual relationship between the bank and the employee (FBN 2012).
FBN strives to maintain a pool of multi skilled and well-rounded employees with initiatives like job shadowing, coaching, counseling, mentoring, development and talent retention, shown in the rotation and cross posting. All staff is provided with equal opportunity that is adopted in diversity and adoption of FBN. A continuous learning climate tailored to the needs and aspirations of employees and the business through its first academy and learning centers for FBN's training and mentorship program (FBN 2012).
In assessing effectiveness of FBN's talent management strategy, FBN's training and development programs for the employees, and career development centers help in resolving the organizational issues by adjusting to current trends in technology, skill levels and processes. The employees are given equal opportunities to develop themselves in line with the Organization's policies (Niazi 2011)
Also, succession planning and leadership development are important organizational business strategies to develop and retain talent (Lockwood, 2006). FBN's top performers are nominated by their line managers and interviewed by HR business partners to establish their career aspirations. The staff are then mentored and taught by a small team of impact facilitators.
Finally, employee-learning programs have reduced time for competency achievement by several weeks therefore increasing the banks productivity. In addition it quickens the integration of new recruits into the existing workforce, allowing for seamless integration and coherent workforce functioning enhance faster optimal performance of the bank.3.2) Recruitment and selection
The primary goal of recruitment is to identify and attract the right potential employees who meet the requirements of the job and fits the organization (Lockwood 2006). As shown in appendix 2, adherence is to ensure that all recruitment and selection procedures comply with the Bank's equal opportunity policy, and that appointments are made on merit.
Accuracy is the ability of the selection process to consistently and precisely predicts candidates' job performance; it requires complete knowledge of the candidates' competencies and the work environment where he/she is to work in. Attraction and Equity also ensures that the recruitment attracts sufficient applications from potential candidates with corresponding credential to the job post, and creates an atmosphere of fairness for qualified candidate to be selected. It screens out applicants for job-related reasons only and not because of their diversity. Commitment of Interested stakeholders: It is the extent to which the people involved in the selection process perceive its worth. In this system, everyone benefits by going through the selection process, regardless of the hiring decisions made. It helps in preserving the image of the organization and the dignity of all applicants.
The human capital of the bank is responsible for directing and running the day-to-day activities of the bank it is by far the most important investment of the bank. The recruitment and selection process of the bank allows for structured interviews, which have been identified by researchers as having the highest reliability and validity for competence staff selection. Through various types of tests the personality, honesty and integrity of a candidate can be assessed. All these are valuable assets to the bank (Tabassum, 2011). More so, employees that are most committed perform 20% better and are 87% less likely to resign (Lockwood, 2006)
Employing the wrong person for the job is very costly since a lot of man hours is spent by both the higher cadre staff (Managers) and lower staff members in the whole recruitment and selection process (Tabassum, 2011). More so, large financial expenditure go into interviewing candidates, training new hires, advertising and other related administrative activities (MLA, 2012). Also internal recruitment of qualified candidates can be reached at lower cost and minimal time (Khan, 2008). Thus the right balance of the recruiting process is sort such that substantial financial impact of hiring decisions does not affects the organization's recruitment budget adversely (Niazi, 2011).3.3) Employee Retention Contribute to the Bank's Customer Satisfaction
Departmental heads have agreed that retaining their best employees ensures customer satisfaction, improved department operations and satisfied co-workers. Employee retention is critical to the long-term health and success of the organization by reducing the FBN's labor turnover and subsequently hiring costs. Employee retention can be achieved by recruiting the right candidate and creating an enabling environment for employee satisfaction, and by promotion and transfers, which will ensure the career development focus of FBN at the same time boosting employee morale (Tabassum, 2011).
The labor turnover describes the proportion of employees who leave an organization over a set period. It is estimated with the formula below, and provides an indication of the effectiveness of the recruitment process.
This percentage is normally calculated on a yearly basis. (MLA, 2012)
The competition for talent is increasing with fewer qualified applicants available. This scarcity requires that FBN should effectively attract, select, and retain quality candidates.
Firstly, priority should be placed on creating a working environment that potentiates learning, training and promotion as this would result in a symbiotic relation for employee and employer, as employees would find a career developing environment and the employer would gain from the dedication and retention of its employees. As such the bank should lay emphasis on staff development and not remunerations alone because of the scarcity of talent in Nigeria. Lynne Atkin of Barclays Bank noted that a talent development environment would make more employees taking demanding roles and increasing its leadership roles (Impact International 2012).
Secondly, the process of staff recruitment and selection should be as transparent as possible thereby ensuring that only the best candidates and not the preferred candidates are selected. According to Nguwi (2008), employees that are recruited through the back door are not likely to perform well or function properly compared to those who were employed because they were qualified.
Thirdly, priority is to ensure that those directly involved in recruitment are trained in the use of recruitment procedures including the use of structured interviews; understand the relevance of "person specification", and the need to appoint the most suitable candidate for the post. According to Armstrong (2012), the HR department of an organization should at first specify how many jobs have to be filled and how early they are needed, identify where candidates would be gotten from and how to attract the right candidate, processing and sorting applications, interviewing, testing, assessing candidates, obtaining references, checking applications and employing the right candidate for the role that has been specified.
Fourthly, advertising on various media platforms to reach the bigger audience of potential employees. Organizations should know that advertising for employees externally is better off because it brings in new ideas and talent into the organization and also helps to get needed competencies.5.0) Conclusion
In conclusion, good resourcing and talent management strategies result in improved institutional outcomes. The creation of high learning working environment would make the employees more happy to work in while transparent recruitment and selection to ensure the best candidates are hired. Training and development would improve the skills of the employees and the use of various media channels advertisement for recruiting potential talents can attract a wider pool of talents. These recommendations are made for FBN to improve its effectiveness of resourcing.
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