For any business to thrive, there is a need for proper management of its capital, i.e., financial and human resources. This is applicable to small scale businesses and international companies. Improper management of financial and human resources can result in a great loss for a company and affect her growth. While financial management refers to the allocation of funds for expenditures, investments and implementation of business projects, management of human resources is a wide range of activities aimed at adequately utilizing the workforce. These activities, being the function of the Human Resource Department (HR) of an organization, is known as Employee Resourcing.
Meaning of Employee Resourcing
Employee resourcing can be defined as the range of methods used by an organization to identify, recruit, deploy, manage and retain individuals who are considered to be of immense value to the achievement of organizational goals and objectives. The need to improve and optimize the workforce of an organization has remained a major concern for many businesses especially with the increasing competition in the global market. Realizing the role of the workforce in the success and failure of any business, organizations devout enough resources to ensuring strategic employee resourcing.
The Process of Employee Resourcing
Employee resourcing will primarily involve identifying the number of qualified employees needed to carry out the objectives of an organization. Hiring too many, too few or unqualified individuals can drain a business financially and affect her growth significantly. Therefore, the human resource management (HRM), through strategic consideration of the present and future needs of the organization and a carefully planned recruitment and selection process will ensures that adequate number of qualified candidates — who are talented, skillful and knowledgeable in the culture and objectives of the organization — are employed to run her business operations.
Beyond recruitment, employee resourcing also involves management of skills of employees for better business performance. This is achieved through proper allocation of roles and duties to employee and continuous training and workshops to improve their skills and knowledge of the emerging trends and technologies in the industry.
Releasing an employee voluntarily, or when the performance is no longer satisfactory to the business operations of an organization, and retaining the best materials to promote organization’s goals are further objectives of employee resourcing.
Importance of Employee Resourcing
Employee resourcing is an essential activity of every organization. Through employee resourcing an organization is able to attract, recruit and retain skillful and talented individuals within and outside its organization to drive innovation and ensure the growth, expansion and success of its business. Not only that, it also ensures that the right number of staff are available at the right time to perform the right duties. This helps to save the cost of labor.
Employee resourcing also helps to increase the skills and performance of employees. Through continuous training of employees, there is an improvement in their skills and knowledge of the emerging technologies in the industry, resulting in better performance. Similarly, employee resourcing ensures an improved business performance and culture in an organization. Successful companies like Google and Apple have been found to thrive based on their established corporate culture and performance, which is made possible, largely, through dedicated and extensive resourcing programs.
Employee resourcing ultimately guarantees better satisfaction of customers in terms of quality of product, delivery of services, and business/client relationship.