In today’s competitive market, to exist in the international market, every business organization should have to learn the process of utilizing business resources. In general, for business organizations business resources are considered as the building blocks for expansion of the operation. A company should have various types of business resources to gain competitive advantage and marketing capabilities appropriately such as technological, physical, and financial and human resources.
The statement of this assignment is the selection and retirement of workers in the business with various skills, influence, and management of non-financial resources, evaluation, and interpretation of financial performance and financial situation of the company in an efficient manner. To evaluate the role of business resources, the budgeting processes for financial control with key components of final accounts are to be interpreted effectively.
Overview of the company
In this context selected organization is Lloyds Banking Group, the public limited company traded in the London stock exchange and New York stock exchange, for interpretation of the various non-financial and financial resources for the business organization appropriately. The organization was founded in 1995 by Lloyds TSB served the worldwide area by providing banking, investment, and financial services. The company headquarter is situated in London. Key products and services of this organization are Investment banking, private and commercial banking, general, and life insurance.
The number of employees as per the annual report of 2015 was around 88000 with revenue of around 11.83 billion pounds (Lien and Williams, 2016, p.185). The market capitalization of Lloyds was 57.7 billion pound and net income was around 0.96 billion pounds. It is the 7the largest banking organization in the World and therefore evaluation of business resources of the company can be possible effectively to understand the topic by learners.
P1. Describe the recruitment documentation used in a selected organization
Recruitment and selection of the right people in the company is an important business aspect to meet organizational goals in an efficient manner. In this regard documentation process with various skills such as employability, communication and personal skills of workers are to be described in this assignment. As an HR assistant or HR manager of the Lloyds banking group, it is the duty to prepare major HR meetings to manage human resources.
The process of recruitment documentation in an organization and hiring of the right people for the job role is to be prescribed through the following steps effectively. As an HR assistant of Lloyd’s group of banking, recruitment, and documentation can be prepared as under-
Job Vacancy: Identification of the vacant position in the company should have to be done by the HR assistant and advertisement of such a position to conduct a job analysis for the department or working group (Toddenrothet al. 2016).
Job Description: Description regarding the vacant position to identify duties and responsibilities for that specific job role are to be developed by the HR assistant of the company with preferred qualifications, minimum requirements, the purpose of the position for workers accurately. A job description involves the duties of the job and the responsibilities of the position. Also in some job descriptions, it will include the salary. But overall the job description mainly is to describe the tasks and functions that need to be completed within the job. In Lloyds’s job description which they call Role Responsibility they state first that always put the customer first because that is the most important rule for a customer assistant. The role of responsibility is important because they need to know that the applicant knows what is expected of them. Also if they break the rules and regulations they need to know that before they have applied for the job they have read them so they have no excuse.
Development of recruitment planning
Person Specification: A person specification is a profile of personal qualities and skills of an individual and will usually specify skills that are needed on the job, knowledge, the experience that is needed, a good attitude towards work, the way employees present themselves, and qualifications. Lloyds calls their person specification an ideal candidate which is just a different way of putting it. Lloyd uses this because they need to tell employees what they expect of employer and if they don’t feel like they can accept the role responsibility don’t apply for the job. This is important to Lloyds because they need to know that they are getting the right person for the job and that can follow what is expected of them in the role responsibility.
The hiring of qualified candidates for a specific job role in this regard is required for developing recruitment planning through the advertisement of a vacant position in the company, goals for placements. A search committee for this purpose is required and to be arranged by the HR assistant effectively (Raymond-Flesch et al. 2016,).
Conducting interviews: Conducting interviews for the applicants of such vacant positions in the company in this regard is the next step in the recruitment and documentation process of candidates.
Review applicants and shortlist: After the interview process review the applicants and shortlisting process are to be arranged by the search committee based on the candidate’s’ qualifications, personal and technical interviews in an appropriate manner (David et al. 2016,).
Job Advertisement: A job advertisement is an advert which is designed to attract suitable applicants for a particular job. The company can advertise a job almost anywhere like a newspaper, online, or even a TV advert. Lloyds banking group decided to use the internet to advertise their job adverts, the adverts are situated on the Lloyds careers website. On Lloyds job advertisement they display the job title which is an HR assistant manager. A job advertisement is important for Lloyds because they need to attract the right people for the job and also need people to know what job they are looking for.
Application Form: An application form is a standard form to collect data from job applicants who are applying for specific jobs. An application form is designed to compare people on a like for like basis in order to be fair but to find the best people for the job. In the Lloyds application form, they give an option of uploading your CV. Also, they call their application a profile builder. The actual application form consists of basic information and contact details. Also in Lloyds’s profile builder, they ask for the salary employer would like. Also, they ask for any career history and education as well. This is important to Lloyds because they want to know what experience employ have had in previous jobs to see whether an employer can use those skills in their job………………..