Staffing Strategy of Halo Biotech
Halo Biotech’s staffing strategy should help the company identify and recruit a highly qualified and properly trained workforce with knowledge in various scientific fields. The business is interested in hiring employees that will work in multiple divisions including sales and marketing, manufacturing, quality control, and regulatory relations (Barh, 2022). In essence, the staffing strategy should aid the company in identifying workers with critical skills to develop new goods and technologies as well as those that are influential problem-solvers. Overall, the strategy comprises elements such as job analysis, recruitment channel, and selection method.
Elements of Staffing Strategy
The three critical elements of the staffing strategy are job analysis, recruitment channel, and selection method. Firstly, Halo Biotech should conduct an extensive job analysis to ensure the right applicants are selected for the available positions. Secondly, the company will utilize several recruitment channels such as job sites, social media, employee recommendations, and placement firms. This will help ensure the company attracts the best applicant for the position. Concerning the selection method, the company will create a Diversity Plan which highlights specific tactics such as reaching out to underrepresented groups and fostering an inclusive culture.
Total Rewards
Halo Biotech’s total rewards strategy is intended at helping the company attract and retain top talent and inspire staff to perform to their level best. Firstly, the company understands that by offering attractive incentives, it will be able to attract top talent and retain its current workers (Rogiers et al., 2020). A good example here is the adoption of performance-based incentives such as bonuses and stock options. Secondly, the adoption of pay equity will ensure the company pays its workers based on industry standards as opposed to internal structural equity.
Linkage to Performance Management
Halo Biotech’s total rewards strategy aims at ensuring the company attracts and retains top talents. In essence, the total rewards strategy can easily be linked to performance management. From the onset, performance management systems will help the business conduct evidence-based staff assessments in order to develop the appropriate incentive payments. Here, the performance management system will be guided by SMART goals to help employees perform better. In addition to this, the company can motivate its staff to reach their objectives and, at the same time, recognize top talents by linking pay to performance.
References
Barh, D. (Ed.). (2022). Biotechnology in Healthcare, Volume 1: Technologies and Innovations. Academic Press.
Dillard, J. P. (2020). Currents in the study of persuasion. In M. B. Oliver, A. A. Raney, & J. Bryant (Eds.), Media effects: Advances in theory and research (4th ed., pp. 115–129). Routledge.
Rogiers, P., Viaene, S., & Leysen, J. (2020). The future of internal staffing: A vision for transformational -HRM. Academy of Management Proceedings, 202(1),13-82. Web.