Importance of Hiring The Right Person For The Organization

 

Recruitment and selection are vital functions of human resource management for any type of business organization (Gamage, 2014). Recruitment is the process of searching the candidates for employment and stimulating them to apply for jobs in the organization while selection involves the series of steps by which the candidates are screened for choosing the most suitable persons for vacant posts (Leopold,2002). Armstrong(2010) also argued that proper identification of job vacancies should be with HRM recruitment process and proper analysis of job requirement has to be take place.

The recruitment problems within  financial institutions can arise due to various factors that impact the workforce management &  hiring process. I have chosen financial industry to discuss about the above mentioned matter.  Not only the financial industry , this matter can be seen in other industries also, as it has become a common matter . The financial industry often face difficulties in finding proper candidates with the necessary  experience & skills that comply with these regulations.Therefore, its really essential of  concerning about the recruitment problems which can arise due to various factors that impact  recruiting the employees with a deep understanding of finance ,compliance &  risk management by using an effective selection process.

The technology is a kind of a huge  challenge to the financial institutions & they should always struggle of  seeking candidates with up-to-date digital skills, such as data analytic, block chain & artificial intelligence. Therefore, its really needy  to attract candidates who possess the required technical expertise. According to Gamage (2014),to hire someone new into the organization is also an expensive process.Therefore, it is not something organizations want to put time and money into just to find they have hired somebody who is not suitable.According to Henry & Temtime(2009), selecting the right applicant can be a difficult task, but at the end of the day, the organization’s reputation is held by the people it employs. Therefore,  Hiring right person into organization is one of important thing HR should do, because it directly impact to the organization performance(Henry & Temtime 2009).

As Kapur( 2018) states,both the processes of recruitment and selection are measured important for the effective functioning, lower cost and increasing selection process effectiveness, human resources steadiness, downsizing the efforts of the organizations and they take place concurrently.

• Gamage, A. S. (2014). Recruitment and selection practices in manufacturing SMEs in Japan: An analysis of the link with business performance. Ruhuna Journal of Management and Finance, , 37-52.
• Henry, O., & Temtime, Z. (2009). Recruitment and selection practices in SMEs: Empirical evidence from a developing country perspective. Advances in Management , 52-58.
• Kapur, R., 2018. Recruitment and Selection, s.l.: ResearchGate.
• Leopold, J. (2002). Human Resources in Organizations. Financial Times.