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Talent acquisition and retention plan, Assignments of Human Resource Management

Developing the Talent Acquisition and Retention Plan A. Developing the talent acquisition and retention plan. Given the increase in demand, how many people will you need to hire and in what functional areas (manufacturing, operations, customer service, marketing and sales, finance/accounting, and HR). B. Indicate your rationale for the hiring in each area. Consider turnover. Identify factors that could be causing turnover. Identify the costs of turnover. C. Indicate the type of interviews you would conduct and why. D. Develop strategies to recruit the appropriate applicants, including sources and tools for recruiting and selection. What is the role of social media in recruiting? Identify possible areas and types of discrimination in the acquisition process. What steps would you take to recruit and retain a more diverse workforce (management and staff)? E. What can you do to retain current employees? What are the benefits of retention?

Typology: Assignments

2022/2023

Uploaded on 12/01/2024

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Introduction
In this paper, The Sports Board Unlimited's talent acquisition and retention strategies will
be developed using the information reviewed in this case study. The Sports Board Unlimited has
two main goals: first, it must grow to accommodate the 37% increase in demand for its products,
and second, it must invest in new product development to hasten the process and maintain its
competitive edge. The Sports Board Unlimited will need to improve its diversity and retention
goals and standards in addition to its talent acquisition strategy, processes, and tools.
Talent Acquisition and Retention plan
The first step in choosing an acquisition strategy is determining the company's needs.
Depending on how long the company needs the new workers and if the hiring supports short-
term or long-term goals, a company may decide to develop a long-term talent acquisition
strategy or quickly hire people to address an immediate need. A short-term hiring strategy would
be suitable for Sports Board Unlimited because an immediate need to meet the increasing
demand exists. Even if the need is only momentary, Sports Board Unlimited would still benefit
from a hybrid strategy that combines a number of talent acquisition theories. It would be more
financially viable for Sports Board Unlimited to define the ideal candidate for each function and
compare candidates to that person.
The goal of Sports Board Unlimited's leadership is harmful to the long-term success of
the company. Growing a small, family-run firm makes it more difficult to retain it, and Sports
Board Unlimited's size, a recent acquisition, and desire to expand to meet growing demand make
this an unattainable goal. To eliminate seniority and nepotism, Sports Board Unlimited must
modify its hiring and promotion procedures. Roles above entry level must be filled according to
credentials. The skills must also be appropriate for the role being filled. It may also be necessary
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Introduction In this paper, The Sports Board Unlimited's talent acquisition and retention strategies will be developed using the information reviewed in this case study. The Sports Board Unlimited has two main goals: first, it must grow to accommodate the 37% increase in demand for its products, and second, it must invest in new product development to hasten the process and maintain its competitive edge. The Sports Board Unlimited will need to improve its diversity and retention goals and standards in addition to its talent acquisition strategy, processes, and tools. Talent Acquisition and Retention plan The first step in choosing an acquisition strategy is determining the company's needs. Depending on how long the company needs the new workers and if the hiring supports short- term or long-term goals, a company may decide to develop a long-term talent acquisition strategy or quickly hire people to address an immediate need. A short-term hiring strategy would be suitable for Sports Board Unlimited because an immediate need to meet the increasing demand exists. Even if the need is only momentary, Sports Board Unlimited would still benefit from a hybrid strategy that combines a number of talent acquisition theories. It would be more financially viable for Sports Board Unlimited to define the ideal candidate for each function and compare candidates to that person. The goal of Sports Board Unlimited's leadership is harmful to the long-term success of the company. Growing a small, family-run firm makes it more difficult to retain it, and Sports Board Unlimited's size, a recent acquisition, and desire to expand to meet growing demand make this an unattainable goal. To eliminate seniority and nepotism, Sports Board Unlimited must modify its hiring and promotion procedures. Roles above entry level must be filled according to credentials. The skills must also be appropriate for the role being filled. It may also be necessary

to examine a candidate outside of their primary function if they are applying for a position with a specific concentration, like a management position. Sports Board Unlimited must keep the halo effect at bay. It must avoid the error of assuming that the accountant it presently employs would be the best choice for a new accounting management position. Both managing the workers and supervising the task demand completely different skill sets. The recruitment strategy of Sports Board Unlimited must keep track of objectives and results. Only via measurement will Sports Board Unlimited be able to evaluate the effectiveness of the plan and adjust as needed. Retention Plan The Sports Board Unlimited Retention Plan (RP) strives to stop attrition from wiping out the investment in experienced workers. Employers have no influence over some of the elements that affect employee happiness and retention. Consequently, the employer should concentrate on issues under its control, such as:

  1. Giving candidates an accurate job preview during the hiring process.
  2. Providing opportunity for workers to upgrade their skills on a regular basis
  3. Choosing a pay satisfaction plan, such as adjusting benefits and salary to meet specific demands of each employee.
  4. Emphasizing management and supervision development
  5. Increasing engagement and making sure that workers have the chance to take pleasure in their work, feel that it is essential, and be proud of their employers (Robert Half, 2022). The elimination of seniority- and nepotism-based promotion practices is necessary for both talent acquisition and retention. An unsatisfactory relationship between an employee and their management is one of the top four reasons why workers leave a company. Sports Board
  1. Analyzing factors for employee leave that Sports Board Unlimited cannot influence but can by offering advantages like financial aid for school or family support.
  2. Providing career and development plans and managing performance
  3. Addressing problems including discrimination, racial harassment, and nepotism and providing training in these areas. (O’Connell, B. 2022) According to the Work Institute, each employee's departure results in lost productivity, recruitment costs, and the need for temporary replacement workers equal to about one-third of their annual compensation. Sports Board Unlimited must exercise extreme caution when deciding whom to fire and who to court in the coming months. It would be devastating for Sports Board Unlimited to lose its best achievers. No matter if Sports Board Unlimited’s talent distribution follows Price's law or a Pareto distribution, they can be sure that losing key employees would be devastating for the company and cause a mass exodus given the present job market. References Robert Half. (2022, May 6). 4 Effective Employee Retention Strategies. 14 Effective Employee Retention Strategies | Robert Half. Retrieved September 30, 2022, from https://www.roberthalf.ca/en/blog/management-tips/effective-employee-retention-strategies O’Connell, B. (2022, February 9). How to Retain Employees During the Great Resignation. SHRM. Retrieved September 30, 2022, from https://www.shrm.org/resourcesandtools/hr- topics/people-managers/pages/great-resignation-and-retention-.aspx