“SG COWEN: NEW RECRUITS” CASE STUDY
MAJOR FACTS IN THE CASE
SG Cowen is a financial firm in the U.S. that is running a hiring process, conducted by Chip RAE who is the director of recruiting at SG Cowen. The case shows the modality through which the hiring process for new outside associates, which begins in the fall, works.
The company has different sources of recruiting associates: some analysts can be promoted to first-year associate after being 3 years in the company, without needing to go to a business school. Another source of candidates is students who are proposed a full-time contract after they finish their internship in the company. A third option is to hire outside candidates from
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Planning and recruiting need a plan to go on. If we first look the model steps, we will see the following steps:
OBJECTIVE which is including quality of employees and job performance
STRATEGY DEVELOPMENT with the answer of these questions: Whom? Where? When?
RECRUITMENT OBJECTIVES as sources message about job
INTERVENING about offer, attention and knowledge of candidates
However, it is a just general approach to view HRM processes of the company. Probably these steps are same in all the firms. So if we need to go on more staffing side of the reviewing, we would prefer to analyze the case in the Bottom-Line Chronology on Staffing.
It starts with the defining the job with a focus on job specifications (competencies) compatible with strategic goals and executing these goals. In the last lesson also we went on the importance of descriptions so it is essential to structure what kind of job requirements needed according to specifications.
Second step of Bottom- Line Chronology is recruiting from a broad pool of candidates. Later it is moving on using valid initial screening devices, doing background and references check using behavioral interviewing technique with structured format or independent multiple interviewers asking behavioral questions. Using weighting scheme for information and extend an offer are the final steps of that chronology. In the book it is mentioned that
Using a position description, you will set work goals and prioritise work goals. You will then develop two work plans to achieve two work goals. You are required to keep a journal containing your reflections on and explanation of the process
A job description is a written summary of the responsibilities related to a specific job and the skills and knowledge necessary for discharging those responsibilities effectively. The job description becomes a handy resource for human resource professionals and departmental heads when recruiting new people to fill in vacancies as well as for the purpose of evaluating performance. The job description is also an important component of the job specification, a document that includes task requirements as well as a profile of the ideal person for the job (Cascio 2003, p. 160).
Once Job Analysis is complete, the next step is to define the responsibilities of the candidate to meet the needs of the position. Job description is basically a list of the tasks required of the employee holding the particular position defined in the job analysis. A Complete job description will include level of responsibility and the expected outcome. Once these attributes are defined and documented, finding the ideal candidate will become easier and more precise.
The recruitment and hiring processes at the two institutions are complex and they revolve around a series of elements, such as the identification of the minimum qualifications, the selection processes, the written examination, the oral boards, the investigation of the character and background, the polygraph examination or the psychological assessment. The table below summarizes the recruitment and hiring methods at the two institutions in a comparative manner.
1.1 Produce a job description using the template below to describe your duties and responsibilities
Once the analysis and job description for a job is complete, the next step would be to identify recruiting method to use in selecting candidates. Since recruiting is the first stage in the hiring process, it is important to attract qualified people who have the skills and experience the job demands. To do this, I will suggest that recruitment be done through job fairs and advertising.
It is important to identify the skills needed for new roles. This can be done by creating a job description for the role in questions. Furthermore, an organisation can identify, through the job description, whether the skills already exist within the organisation or if it is necessary for external recruitment.
The recruitment process is multifaceted. Recruitment begins from the time an organization or human resources manager must determine a recruitment plan. A recruitment plan must include the avenues in which recruitment will be pursued. The recruitment process also includes shortlisting any qualified candidates from the responses, and the entire interview process (including multiple rounds of interviews). This aspect of human resources management is all about attracting the best and the brightest of candidates, convincing them that the organization is the best fit for their career aspirations, and capturing or finally hiring the candidate. This process is not only intended to fill a vacant position, but to also help build the strength of the organization overall.
Following the planning process, there are two sources that can be used for recruitment purposes as follows:
Once we understand requirements for the position, then next step is to define ways of meeting those needs. It includes the amount of resources and authority the position provides to fulfill the business need. A job description can be as simple as a list of tasks required by the individual holding the position. Formal job descriptions will include level of responsibility, expected outcome, including reporting line and other interactions. Once expectations, and means of attaining expectations are documented, then sketching ideal candidate will become easier.
At Baker & McKenzie I spoke with Kelley Walker about their firms hiring process. Kelley explained that Baker & McKenzie is continuously growing, taking on large cases, and expanding their firms practice areas. She went on to say that because of this— she is always needing to fill positions and hire new employees. The firm will promote from within if it’s appropriate to do so. According to Kelley the firm is always looking to recruit newly graduated law students from the top law firms such as Stanford. She explained that this “head hunting” process is done by actually going to the law school and scouting out talented law school graduates. However, Baker & McKenzie acquires most of its employees through online application, which can be found on their website. According to Kelley the website lists available job openings by the firms numerous locations. The job posting describes the details of the position and the minimum requirements to apply. According to Kelley— Baker & McKenzie gets hundreds of applications a year and the selecting process takes a lot of time. Kelley and other HR specialist personally go through applications and narrow down their applicants by information listed on the resumes. Kelley then has an initial phone interview with the top applicants and invites them in for an interview with an HR specialist and then with a panel of attorneys at the firm. Once an applicant is selected there is a mandatory background check that takes about two weeks.
Firstly, recruitment is the process of searching for candidates who will be qualified to meet the desired positions in the company. Figure 1.1 shows the four step process in recruiting potential prospects into any company. This process will determine the best means of hiring qualified employees. “Its purpose is to ensure that the required number of applicants with the required skills is generated at minimum possible cost; to eliminate poorly qualified candidates, thus improving the success rate of the selection process; and to help the firm meet its employment equity goals by attracting a diverse applicant pool.”
HR department is responsible for many of the attributions of an organization. HRM is a strategic part in the organizational achievement of the company. HR department major daily tasks are planning and alignment, staffing, preparing compensation offers and to shape, outline and define the culture of the organization. HRM process which purpose is to attract, retain, and motive is made up of eight main practices which include HR planning, job analysis and design, recruitment, selection, performance appraisal, training and development, compensation, and benefits.
Once you have outlined the positions you will need to fill then you will need a targeted recruiting plan which includes identifying responsibilities, knowledge, skills, core competencies and cultural fit for your ideal employee. Use creative recruiting sources to target that individual including social media as an outlet to find top talent. An interview process that allows you the company and the candidate to learn as much about each other is important to making sure it is a good fit.
Upfront planning includes thinking about the steps in the recruitment and selection and scheduling the activity, resources and time support the process. Planning is essential in the recruitment and selection process as it insures the best possible operation is followed. It serves to manage time constraints and streamlines the recruitment and selection process for both the organisation and applicants.