Recruiting, Selection, and Training

Recruiting, Selection, & Training

Barbara Schumann

Strayer University

HRM 534 – Employee and Labor Relations

Capital One

Capital One is a bank holding corporation headquartered in McLean, Virginia. It specializes in savings accounts, banking, automated loans, and credit cards. Currently, the corporation occupies the tenth position in the list of the largest banks in the United States in assets. In addition, it’s listed as one of the tenth largest banks in the USA in deposits. Capital One has over 755 branches and over 2000 automated teller machines nationwide. Furthermore, it has rolled out its services in the United States, the United Kingdom, and Canada. Currently, Capital One enjoys a market share of 5%, being ranked the second largest automated loan company in the United States. It’s taken credit in the pioneering of mass marketing of cards in the 1990’s and it has also diversified and now offers a broad array of financial products and services to its customers.

Effectiveness of Recruiting Efforts and Areas for Improvement

The company’s recruitment process seeks to create a powerful base for human resources. The process is conducted in five steps. The first step is recruitment planning, this involves the analysis and description of the vacant position(s). The analysis covers the specification of a job, its nature, experience, skills, and qualifications needed. The second step is the laying down of a recruitment strategy for hiring potential resources, this involves making decisions on the types of recruitment, recruitment sources, and geographical area. Normally, a team is charged with the development of the strategy. The third step entails searching for the right candidates. Two main activities fall under this step, they are source activation for the search of candidates and selection of the media through which information about vacancies reaches prospective resources. Basically, the searching involves attracting potential candidates to the available vacancies (Gupta, & Jain, 2014). Capital One relies on both internal and external sources for recruitment. Among the internal resources the company relies heavily on promotions, transfers, internal advertisements, and re-employment of ex-employees. The most common external sources for Capital One are direct recruitment, employment exchanges, and professional associations. The next step of the recruitment process for Capital One is screening, this involves reviewing and applying the elimination process of candidate applications for removal of unqualified or irrelevant candidates. The last step of the process is evaluation and control. In this step the effectiveness and validity of the processes’ methods are assessed, also the costs incurred in the process is evaluated and controlled effectively. The company’s recruitment process is effective to a large extent; however, the firm prioritizes internal sources of recruitment. My observation is that it should balance between internal and external sources for tapping into external expertise. Further, the bank should select a medium of advertising with a global reach to tap into talents all around the world.

Selection Process and Areas for Improvement

Capital One’s selection process consists of a set of structured steps. The first step of the process is preliminary interviews. The interviews target the elimination of the candidates who do not meet the minimum eligibility criteria set by Capital One. The criteria considered include skills, family and academic background, interests, and competencies of the candidate and a brief history of the company and the job profile are also given. The second step of the process is the completion of blank applications in which the preliminary interviewee’s fill-out forms that prompt for the gathering of their data. Examples of information extracted by the forms include details about the age of the candidates, their qualifications, experience, their drive in applying for the position and the reasons for leaving the previous job (Compton, 2009). Other information sought out relates to the candidates’ salary expectations, participation in extracurricular activities and their references. The third step of the process at Capital One involves the administration of written tests. Various tests taken intend to objectively assess the potential candidate. The company insists on the absence of bias in the tests, for an example of a test administered is the attitude test for assessing a candidate’s ability to a range of different situations. Other tests administered include the intelligence test and personality test. The next step is the examination of the candidates through the interview process in order to select the best of them all. The process culminates in the issuance of an appointment letter to the successful candidate. The selection process at Capital One exhibits a great deal of efficiency, however I would recommend provisions for conducting interviews online to take care of students who are abroad. Also, for the avoidance of fraud, the company should consider outsourcing selection consultants.

Effectiveness of HR Planning and Performance Management

In Capital One, Human Resource planning systems seek to put the right kind and number of people at the right place at the right time and doing the right things. The procedure of the planning involves various stages. The first involves analyzing the current manpower inventory. It is important to note the number of departments and employees in the work units should be included (Quresh et al. 2010). The next stage involves forecasting future hiring needs. The company engages in various forecasting techniques such as expert forecasts, workload analysis, and workforce analysis. The next stage includes developing employment programs such as recruitment, selection procedures, and placement plans. The last stages entails designing training programs based on the extent of improvement in technology. Training is also based on the skills, capabilities, and knowledge of the employees.

The company’s performance management system seeks to improve performance by setting individual and team goals. One way they accomplish this is through performance planning, which involves the definition of results, behaviors and development plans of the employees. Another way is through performance execution which is deemed to be exclusively acknowledged by the employees. Performance assessments follow, this is when the manager and the employee assume the responsibility to assess and measure the performance of the employee against his/her set targets. Other than performance based on targets, the behavior, attitudes and special achievements of the employee during the performance cycle are considered (Wu, Lin, & Tsai, 2010). Performance review comes after assessment, this is when a departmental manager of the company and a subordinate exchange performance feedbacks and review performance against targets. For a successful review, the company considers the exchange of dialogue between an employee and his subordinate to be equally essential. Lastly, performance renewal and reconstructing are initiated. Since performance management is a continuous process, the end of a performance cycle ushers in the next appraisal cycle. The alignment of targets to strategies takes place at this point, even though the systems above perform exemplarily well in planning and management of performance, I would recommend the creation of shorter appraisal cycles. Currently, appraisals take place on a yearly basis, however, to create a sense of short-term achievements among employees, the appraisal should be carried out on a quarterly basis. Additionally, more parameters should be added to the list of evaluating performances for objectivity.

Level of Influence Training and Talent Management

The company engages in training and talent management for the enhancement of operations. In addition, it engages in talent management by maintaining a commitment to recruit, hire, retain and develop the most talented employees available in the job market. The programs positively impact on the character and commitment of employees to a great degree. As an illustration, the satisfaction and self-esteem of the employees heightens. The enhancement is a result of an understanding of the workings of the organization by the employees. As a matter of fact, Capital One’s employees are reported to have said that they enjoy high morale on the job and loyalty to the company. Quite often, loyalty leads to the economical use of materials, equipment, and resources. Additionally, training plays a key role in enhancing employee commitment. The programs in Capital One are specifically designed to meet the expectations and needs of employees. Further, the programs significantly reduce turnover and with the reduction in turnover, the company can successfully avoid turnover costs related to exiting interviews, unemployment compensation, and severance pay. Moreover, training lessens the responsibility and the need for detailed and constant supervision as Capital One’s employees undertake to work out of their own challenges. Another positive impact of training is that the there is increased creativity, innovation, and initiative among the employees with the workforce. The attributes result in increased productivity (Ahmadi, Ahmadi, & Abbaspalangi, 2012). Due to talent management, employees develop the feeling that they are the pacesetters and as such they strive to achieve the highest performance standards and its growth effects.

Conclusion

Capital One is a desired employer in my home state of Virginia because of it’s approach to recruiting, selecting, training, and managing its workers. Capital One’s mission to dare to dream, disrupt and deliver a better way. This goal is simple, but it brings such ingenuity, simplicity, and humanity to an industry, such as the banking one, that’s ripe for change. Applicants, and future employment seekers would be honored to work for an employer that not only cares for its employees but its clients and by helping them live their best lives.

References

Ahmadi, A. A., Ahmadi, F., & Abbaspalangi, J. (2012). Talent management and succession planning. Interdisciplinary journal of contemporary research in business4(1), 213-224.

Compton, R. L. (2009). Effective recruitment and selection practices. CCH Australia Limited.

Gupta, R., & Jain, T. (2014). Role of recruitment and selection policies in central co-operative banks. Abhinav-International Monthly Refereed Journal of Research In Management & Technology3, 74-79.

Quresh, T. M., Akbar, A., Khan, M. A., Sheikh, R. A., & Hijazi, S. T. (2010). Do human resource management practices have an impact on financial performance of banks?. African Journal of Business Management4(7), 1281-1288.

Wu, C. R., Lin, C. T., & Tsai, P. H. (2010). Evaluating business performance of wealth management banks. European Journal of Operational Research207(2), 971-979.