As heavily regulated industries become more mature in a world where knowledge spreads quickly and technology advancements are imitated by competitors there is little to separate their cost bases. One area of competitive advantage is the attitudes and behaviours of the workforce. As such the topics of recruitment selection, talent management and retention strategies will be addressed by analysing recent related articles. These three issues are intertwined and it will be argued that if accomplished successfully will deliver business success.
Fernández-Aráoz et al (2009, p. 4) have detailed seven steps to successful recruitment of senior management. Their first is to anticipate the need to replace staff. They recommend modelling what the organisational structure will be in three years and assessing the leadership needs for that structure. This is sound advice as avoiding staff attrition is not possible therefore if it can be predicted and planned for, the risk of disruption to the business can be mitigated and recruitment costs lowered. This is achievable through such programs as internal talent identification and development and an increasingly popular recruitment strategy of employee referrals. Rosenberg (2008, p. 2) concurs with these methods and to review recruiting needs often.
Secondly was to thoroughly detail the job requirements into job-based, team-based and firm-based competencies. This is supported by Carless (2005, p. 12) who presents the view that it is more accurate to assess job seekers fit to not just the organisation but also the job to predict a positive outcome in the recruitment process. This presumption is made on the basis that the applicant is likely to be collectively assessing their knowledge, skills and abilities against the position advertised as well as their perception of the organisation’s values and culture.
Next Fernández-Aráoz et al (2009, p. 5) theorise canvassing for talented candidates far and wide will...