RECRUITING AND LABOUR MARKETS

 WHAT IS RECRUITMENT IN HRM ?

Recruitment is the process of actively seeking out, finding and hiring candidates for a specific position or job.  The recruitment definition includes the entire hiring process, from inception to individual recruit's integration in to the company.

Figure 1: what is recruitment in HRM?
( ICEHRM07 Feb  2022)

TYPES OF RECRUITMENT

There are majorly two types of recruitment adopted and often used by the organizations in their recruitment process. i.e., Internal and  external recruitment.

1. INTERNAL RECRUITMENT

This type of recruitment refers to hiring the employees within the organization internally. Various internal sources of recruitment are:

• Promotion 
• Transfer
• Recruiting former employees
• Job posting / job advertisements 
• Employee referals
• Previous applicants

2. EXTERNAL RECRUITMENT

External recruitment refers to hiring employees 

outside the organization.Various types of external recruitment are :

• Direct recruitment
• Employment exchange
• Employment agencies
• Advertisements
• Professional association 
• Campus hiring
• Advertisement through word of mouth.

Figure 2: Recruitment process HRM
( Toprr.com, 2017)

WHAT DO YOU MEAN BY LABOUR MARKET?

A labour market is the place where workers and employees interact with each other. In the labour market employers compete to hire, the best and the workers compete for the best satisfying job.

TWO TYPES OF LABOUR MARKETS

The labour market comprises of two parts.

1. Home labour supply

2. Firm labour demand

Wages are the cost of labour, which provides an income to people while also being a cost to business.

FIVE STAGES OF THE HIGERING PROCESS

1. Opening the requisition

2. Screening the applicants

3. Interviewing the candidates 

4. Selecting the best

5. Making the offer 

Figure 3: Ultimate 6 steps guide in Recruitment process ( Corprate I.O, Jan 6, 2020)

WHAT ARE THE 5 FACTORS AFFECTING LABOUR MARKET ?

• Labour supply and demand

• Economic regeneration intiatives

• Minimum wage policies

• Education and instructional programs

• working populace

ADVANTAGES OF RECRUITMENT

• Privides higher quality candidates 

• Ensures faster hiring

• Helps hire applicants with specialist knowledge 

• Promotes business growth and innovation

DISADVANTAGES OF RECRUITMENT

• Recruitment may stagnate the company's culture 

• Increases training costs of the new applicants

• Recruitment agencies have limited choices

• May lead to workplace hostility

Figure 4: Job recruitment PNG 
( pngtree.com, 2007)

CONCLUSION

To fill a vacancy created in an organization it should be filled by a right person at right time at right cost. If recruitment and selection goes right, the goal is acheived. Also it includes cost so it should be done at predetermined cost.

Figure 5: Job hunting
( Theglobandmail.com)

REFERENCES

• Advantages and disadvantages of recruitment, Available at : https://www.javatpoint.com/advantages-and-disadvantages-of-recruitment (Job hunting, 2006)

• What is Recruitment in HRM, www.helpboard.com

• https://www.recruiters.ie/blog/working-as-a-recruitment-consultant/

• Hier with your head 4th edition( Lou Adler, 11 th November 2021

• A guide to diversity talent sourcing ( Jonathan Kider, 2005)

• Recruitment Process, Available at:  https://www.toppr.com/guides/business-management-and-entrpreneurship/human-resource-management/recruitment-process/

Written by : Himani