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Friendly Financials: Recruiting, Selection, Retention Report (Assessment)

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Updated: Nov 17th, 2021

Friendly Financials is a sales-oriented organization and requires territory sales managers with a thorough understanding of their products and services and a sharp salesperson attitude. Thus, it is vital to have a strong recruitment and selection process in order to hire the most active and effective salespeople from the territory. After hiring the best, it is up to the company to make sure that the best stays with the company for a longer time.

Recruitment Process

A strong recruitment process is a key factor in skimming out potential employees for a company. Therefore, a strong recruitment strategy needs to be followed in order to reach out to the right people. Firstly, in order to attract applications for the position(s) a company has to let the potential employees know. Friendly Financials need smart marketers and sales people with good management skills.

Therefore, the company should put up notices and posters in the particular area’s universities and colleges, informing the graduating students about the company and its recruitment process. This initial information should be followed by an on campus recruitment drive at the selected top business schools to conduct further recruitment/selection processes discussed further on. (Employee Selection and Employee Hiring, 2009)

Another way of attracting applications is through advertising in the local newspaper, informing the public about the positions open at the company. The newspaper is a cheap medium that reaches out to a vast audience. Usually, many employers post an opening in the appropriate section of the newspaper, therefore Friendly Financials needs to stand out and at the same time be subtle. Contact information is provided in the advertisement, and interested candidates can apply for the job.

A third way of attracting applications can be that the company can use online job search portals/websites to post a bulletin. The internet is another cheap but effective medium to put a message across. In a particular sales territory, all educated locals would have access to the internet, and many potential candidates would be browsing employment portals regularly. These websites provide easy access to an entire database of potential employees, and posting an opening on such a website can attract a lot of applications. (Heathfield)

Selecting Candidates

After enough applications have been received, the company now has to begin the process of selecting the ideal candidates for the job. The selection process needs to be strong and effective in order to eliminate the unsuitable applicants and choose only the ideal ones. Following are two types of selection processes that can be used with the above mentioned recruitment strategies.

University Recruitment: Selection strategy

This process would allow friendly financials to select fresh graduates with little or no work experience. The selection process would begin by interested students who are about to graduate, registering for a written/online assessment. This assessment could be paper based or electronic in the school’s computer labs. The test would consist of problems and questions based on sales and marketing fundamentals, general knowledge and some technical knowledge regarding financial systems.

The assessment must be timed. This would allow the company to screen out the candidates who have insufficient knowledge about the company’s work area. Students that clear the test must then go through a series of three interviews. The interviews must be conducted by the company representatives and not just the regional managers. The first interview would test the ethics, morals, communication skills and general attitude of the candidate.

The second would be more specific and professional based, testing sales concepts and experience. Candidates passing both will move on to the final interview, which will be a mix of the previous interviews with a little firm and attitude from the interviewer as it would be the final deciding factor. The interviewers and company representative will then evaluate and hire the most suitable candidate(s).

This type of selection process is refined as it makes the candidates go through a number of stages and passes through only the candidates that are most suitable for the company’s sharp sales based employee requirements.

Newspaper and Online notices: Selection strategy

This recruitment source would usually attract candidates with past experience, and the company can even state a requirement for work experience as the selection process is not as rigorous as the above mentioned example. The process would begin with filled application forms for interviews. Then the regional manager, with assistance from another company representative, would conduct the interviews. The reason for more interviewers is that it would be more efficient, would provide diversity and allow different viewpoints to be addressed, and a mix of all would result in a better selection for the jobs. The interview process would consist of four stages.

The first three will be similar to the previously mentioned process; first interview would test the ethics, morals, communication skills and general attitude of the candidate. (Heathfield) The second would be more specific and professional based, testing sales concepts and experience. Candidates passing both will move on to the third interview, which will be a mix of the previous interviews with a little firm and attitude from the interviewer.

The candidates that clear all three interviews would then have to make a mock-up sales presentation in front of the regional managers and any other board members. This would allow the company representatives to experience first hand what the candidate will be like in the field making a sales pitch. Of course, the candidate is not expected to present as well as the current employees because once hired, training will take place as well. Such a selection process will ensure that the personnel hired are up to the task and have the skills and confidence necessary to handle such a position that requires sharp communication and presentation skills. (Select and retain top-performing employees with Profiles International Job Fit technology, 2009)

Employee Turnover

Employee turnover, if not controlled, can pose a problem for organizations. As far as friendly financials is concerned, the new recruitment and selection processes will ensure that the right candidates are hired and thus, would reduce layoffs and job terminations due to inability to perform job duties. Apart from that, the company can provide employee benefits apart from the salary to compensate and reward the employees, creating goodwill and employee motivation. Bonuses and monthly reward programs motivate the employees to work harder, strive for better performance and create an impression that the company does care for its employees.

Many employees have families and are parents. Caring for such employees builds up loyalty end respect from the employees towards the organization. Child daycare services, kids programs and summer camps, family activities all provide a good outlet for livening up the work place. Apart from that, employee vacation and excursion trips also help in creating a good impression. At the end, employees want a well rounded work environment that is not dull. Providing that, friendly financials will see a lower turnover rate immediately.

References

Employee Selection and Employee Hiring. (2009). Web.

Heathfield, S. M. (n.d.). Plan Your Recruiting to Ensure Successful Candidate Selection. Web.

Select and retain top performing employees with Profiles International Job Fit technology. (2009). Web.

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IvyPanda. "Friendly Financials: Recruiting, Selection, Retention." November 17, 2021. https://ivypanda.com/essays/friendly-financials-recruiting-selection-retention/.

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IvyPanda. 2021. "Friendly Financials: Recruiting, Selection, Retention." November 17, 2021. https://ivypanda.com/essays/friendly-financials-recruiting-selection-retention/.

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IvyPanda. (2021) 'Friendly Financials: Recruiting, Selection, Retention'. 17 November.

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