Employee selection and development Essay Example | Topics and Well Written Essays - 3000 words

Employee selection and development - Essay Example This assignment will cover three areas of interests to the human resource manager. The first section will look at the ways in which a recruitment drive can be improved to ensure that there is a large pool of applicants for a position. The second section will show how the selection process should work based on the skills shown by the applicant in interviews, tests and evaluations and finally, the third section of the assignment will cover the process of further developing the human resources for retention and improvement. In light of the warning given by Britain’s biggest companies, the above mentioned three functions of human resource management become even more important. Recruitment drive should be geared to find the best quality personnel which are available in the market. If that results in finding people who are less than the best possible quality then through the process of training and skills development, the personnel can be developed significantly (Cornelius, 2000). However, before we discuss training and development we have to take a look at the recruitment process in detail and see how it can be improved. Recruitment for any position within an organisation will depend on several factors which influence how people can and should be brought in. For example, the army does not advertise for the position of a general while a bank may require hiring a person to function as their CEO or president. The first step for recruitment therefore depends on the sector and business of the organisation. An example from catering services is provided by Osborne (2005) who says that employee referrals can work wonders for short staffed managers. In fact, employee referrals are only one way in which a company can carryout a recruitment drive. The culture of the industry and the values held by the organisation can point towards several different directions which can be taken by company for effective recruitment. Nottingham’s City

Business Report Finance Term Paper Example | Topics and Well Written Essays - 2000 words

Business Report Finance - Term Paper Example However, some small organizations have only a small finance department that handles all the financial operations of the company. Nonetheless, some organizations have a finance department as the general overseer of the financial matters of the company, and under this umbrella, are a number of specialized functions such as accounting, bookkeeping and taxation (Boros, 2012). The finance department has three main divisions, which oversee the proper execution of its goals and objectives. These three corporate divisions of fiance include capital budgeting, business finance and corporate governance. Capital budgeting relates to the way a company budgets and plans for its long-term projects. These long-term projects are usually investment projects that deal with the investment of a company, targeted at generating sustainable income and profits for the company. A company uses capital budgeting in choosing the right projects to undertake in order to maximize its profits. In addition, corporate governance refers to the executive administration of the business activities of the company. This means that the operations of the company have to adhere to the rules and regulations set up by the relevant bodies, such as the GAAP and the IFRS, as well as incorporation of SAP and other quality management standards. Business finance, on the other hand, specializes in the daily operations of the business and the activities that generate income to the company (Brickley, Smith & Zimmerman, 2007). Capital budgeting is the essential area in business development and project administration. Capital budgeting is the process of firms making decisions on which long-term investments to undertake. Projects under capital budgeting have a high expectation to generate constant cash flows over a period of years, i.e. potential long-term investments. The decision to either reject or accept a Capital Budgeting Project solely depends on the analysis of cash flows generated by the project over the year s and the cost of setting up the project. This analysis considers the following three decision rules in capital budgeting, i.e. payback period, internal return on investment, and net present value. It is mandatory for a capital budgeting decision to satisfy the following criteria, i.e. should consider all the cash flows in the project, it should consider the time value of money, and it should lead to correct decisions when selecting among mutually exclusive projects (Cleverly, Cleverly & Song, 2011). Statement of Purpose The purpose of this report is to inform me, as well as those following a similar career path in finance, and especially specializing in project management under business finance, with an in-depth study of our professional community. The study will enable students in this area to understand better (Hitt, Hoskisson & Ireland, 2006). Statement of Problem Although academically well prepared, finance students are not quite familiar with their professional community, espe cially understanding the way they have to deal with certain aspects of financial management and business finance. This is because what these students learn is majorly theory and they lack enough opportunities to put it into practice, especially for the capital budgeting projects that they have to undertake. The decision-making on these capital budgeting