Over the last several years, the issue of employee compensation has been increasingly brought to the forefront. This is because globalization is requiring firms to have employees with specialized skills. In the case of the mid-level manager position, the ideal candidate must be able to meet the basic qualifications to include: a good communicator / listener, leadership, someone who can work well with others, a minimum of a four-year Bachelor's degree, at least three years business experiences, the ability to utilize technology, a quick learner and a person with a willingness to continually adjust.
At the same time, they must be flexible enough to deal with a host of challenges. To fully understand how this is occurring we will focus on: the job description, developing a recruiting plan, the selection strategy, job performance evaluation, compensation and possible training / development issues that need to be addressed. Once this takes place, is when we will show how this can help to find the most qualified individuals for the position. This is the point that firm will be able to address its needs and attract / retain talent that will help to keep them competitive in the future.
One of the most common challenges that all companies will face is succession planning. In many cases, this will occur when someone is leaving the firm and is replaced by another candidate (either: internally or externally). This will create challenges in finding qualified employees who can consistently meet the changing needs of customers. To fully understand how this takes place requires conducting a job analysis and producing a description. This will be accomplished through looking at: the description, developing a recruiting plan, the selection strategy, the job performance evaluation, the compensation and possible training / development issues that need to be addressed. Together, these different elements will provide specific insights as to how the company can deal with new challenges and become more flexible.
The Job Analysis
A job analysis is when there is a focus on specific attributes that will help to improve the ability to attract the right kind of candidates. This means that actuaries must understand what skills, education and experience they are looking for. Evidence of this can be seen with observations from the article titled Understanding the Reality of Your Job which observed, "Job analysis is a useful technique for getting a firm grip on what really is important in your job so that you are able to find the best candidate. It helps you to cut through clutter and distraction to get to the heart of what you need to do. And it shows you the tasks you should remain focused on." This is illustrating how job analysis will help executives to determine the most qualified individual for the position. ("Understand the Reality of Your Job," 2012)
The Job Description
The job analysis reveals that we need someone who possesses a certain number of attributes. This is because the position of middle level manager will require a certain kind of mind set and specific skills. The most notable include: a good communicator / listener, leadership, someone who can work well with others, a minimum of a four-year Bachelor's degree, at least three years business experiences, the ability to utilize technology, a quick learner and a person with a willingness to continually adjust. These different elements are important, because they will help the individual to meet the requirements of the position and address the needs of customers. Over the course of time, this will allow the company to remain competitive and increase its profit margins.
Developing a Recruiting Plan
The development of a recruiting plan is a critical element in helping a firm to be able to advertise, identify and hire the right candidate for the position. This means that actuaries must engage in certain tactics that will actively increase exposure. At the same time, there must be an effective strategy that will push qualified candidates to inquire about the position. ("Volunteer Recruitment," 2011)
The best way to achieve this objective is to use a number of different tools in conjunction with each other. The most notable include
Attention: To reach out to the ideal person requires immediately catching their interest. This means that powerful words and images will be used to create a sense of wanting to learn more. ("Volunteer Recruitment," 2011)
Interest: Interest is when the individual's attention was caught. Now the person needs to see how this can address their needs and it will provide them with a sense of fulfillment. Moreover, everyone can understand how their employment with the firm, will benefit the community and their families. ("Volunteer Recruitment," 2011)
Desire: Once someone has an interest in the position is the point that actuaries must create a sense of desire. The way that this is achieved is through illustrating how this is a better opportunity and there is a limited amount of time. This will push someone into action. ("Volunteer Recruitment," 2011)
Action: This will take place, after someone realizes how the job will benefit them and meet a host of their objectives. When this happens, individuals will send in resumes, letters of recommendation and they will inquire about the opening (via: email, telephone or in person). ("Volunteer Recruitment," 2011)
These different areas are illustrating how an approach must be taken that will advertise the position by explaining the benefits from an individual perspective. Once this takes place, is when someone will understand how it can meet their requirements. It is at this point that they will be motivated to take action. ("Volunteer Recruitment," 2011)
To increase exposure, a number of different forms of media should be utilized. The most notable include: radio, television, newspaper advertising, social networking, pay per click, email marketing and via online job boards / websites. This will allow the company to market the position to the largest target audience possible. When this happens, they are increasing their chances of finding a variety of candidates who are well qualified for the position. This will make the screening process more effective. ("Volunteer Recruitment," 2011)
If this kind of approach is utilized, it will improve the effectiveness of the advertisement. This will ensure that everyone knows about: the position, the qualifications and how it can benefit them. It is at this point that the firm will be able to locate a number of candidates who could be a good match. ("Volunteer Recruitment," 2011)
The Selection Strategy
The basic selection strategy will be to focus on those individuals who have the education and experience to help increase productivity. This means that there will be an emphasis on a number of attributes to include:
A Bachelor's degree: This is essential for ensuring that everyone will meet the basic educational pre-requisites of the position. (Anderson, 2008, pp. 11 -- 61)
Minimum of three years' experience working in lower to mid-level management: This kind of experience will reduce the time involved with teaching someone core management principles. Moreover, they could use these skills, to effectively work with and manage others. (Anderson, 2008, pp. 11 -- 61)
The ability to pass a written and oral qualifying exam: This will ensure that everyone has the mental aptitude and skill sets to work well in the position. (Anderson, 2008, pp. 11 -- 61)
Have all candidates go through a series of different interviews: This designed to show how well a particular candidate interacts with various personalities. The way that this is achieved is through a series of interviews that are conducted. Then, have the various managers provide, a summary of what they think. This will help the company to quickly find someone who can address a host of challenges and meets all of the qualifications. (Arthur, 2012, pp. 221- 262)
Background checks: Prior to starting the position the employee must agree to a criminal and financial background check. This will be accomplished through a having an investigation conducted to verify the information and see if there anything that was not discovered previously. (Arthur, 2012, pp. 221- 262)
These areas are important, because they will help the firm to have a process of assessing the experiences and skills of candidates. This will streamline the search in finding the right person for the position. Once this takes place, is the point that that a firm can locate someone who will be able to excel in their new role. (Anderson, 2008, pp. 11 -- 61)
Job Performance Evaluation
The job performance evaluation will occur in a series of different stages. During each phase there will be an analysis of the quality of work and the ability of the individual to successfully meet the requirements of the position. To include:
Stage 1: During this process, the supervisor will provide a written evaluation the employees. At the same time, a survey will be conducted to determine if they are happy and possible challenges they are facing. This will serve as a way of evaluating how well the employee is working with other…