Plan for hiring and retention for Vektor, Electric Vehicles Start - Up

Assignment Taken

Prepare a Hiring, Training & Retention Plan for 2021-22.

Case Understanding

In its initial stage, Vector is looking into venturing into the emerging electric vehicles market. Since these electric vehicles assure specific enhancements in the environmental conditions, the company has moved in the right direction, where potential profits and future lies. The government is also aiming at promoting electric vehicles. However, setting up a new company with a handful of employees needs an extreme amount of accuracy. Hiring is very competitive and one of the hardest things. It should be given the correct amount of attention during the inception of the start-up. • As the number of people hired is the limited quality of hiring becomes a predictor of success. • During the growth phase of start-up, tools and analytics become essential for systematic hiring. • Building an attractive brand image in the Job Market. Leveraging the digital platforms to showcase our work culture to attract the right talent in this competitive world. • High workspace and hiring cost as the company will be established in Bangalore. • Spearheading a recruitment process in place for smooth hiring of new employees. • Training the new employees about the product and our business plays a vital role in the overall performance of the start-up. An induction and training calendar must be set up to keep up with this need. • We are clearly defining the role required for our start-up and preparing the needed Job Specifications and Job Descriptions.

BCS Solution Summary

We, as recruiters, have decided to strategically focus on 1. Build brand image for attracting talent. 2. Set a process for Recruitment. 3. Devise training plans. 4. Plan engagement and growth of employees for retention: sound and sustainable employees with guaranteed Vector achievement of its revenue goals and growth in the coming times.

Solution

Building the right brand image: The job market is very competitive and placing our start-up as an exciting place to work with becomes essential to attract the right talent. Networking also helps to find profiles as per our job requirements.

Vector can leverage digital platforms by using blogging, social media, and public conversations to keep speaking to our ideal future hires.

Hiring a team with a good network in the same industry will help us hire good talent and boost teamwork. Having a good working space also attracts potential employees.

Clear Job Description and Specifications: Making Job descriptions helps us attract the right talent to apply for a specific job role. The job description should be precise. A prospective employee spends every few moments reading before deciding to use or not.

Having clarity about the number of people to hire is essential we should have hire because we find a suitable candidate instead, we should first decide on the number in advance.

Setting up a recruitment process: We decided to use LinkedIn, and our career page for Recruitment as these are very cost-effective. We decide on a recruitment process for Vector which involves screening (test depending on job role), Interview (done by respective department and HR), Selection and offer (deciding on the salary slabs), onboarding (induction and training)

Benefits and Compensation: As per government norms for the sector, we must decide on basic salary the bundle of benefits we have to offer to employees. Establish and follow all statutory requirements as per the Government – PF, ESIC, etc. 

We will also research to understand the standard for pay for a job role and understand our competition.

Recruitment software and tools: We need tools like an applicant tracking system and a system for evaluations. We must decide on a tool for managing attendance and compensation for the existing employees. Training will require software for employees to develop their skills.

Employment Engagement and Retention: We plan activities to engage employees and for their growth with the company. These play an essential role in the retention of the employees and involve a cost we must consider.

Building the right brand image: The job market is very competitive and placing our start-up as an exciting place to work with becomes essential to attract the right talent. Networking also helps to find profiles as per our job requirements.

Vector can leverage digital platforms by using blogging, social media, and public conversations to keep speaking to our ideal future hires.

Hiring a team with a good network in the same industry will help us hire good talent and boost teamwork. Having a good working space also attracts potential employees.

Clear Job Description and Specifications: Making Job descriptions helps us attract the right talent to apply for a specific job role. The job description should be precise. A prospective employee spends every few moments reading before deciding to use or not.

Having clarity about the number of people to hire is essential we should have hire because we find a suitable candidate instead, we should first decide on the number in advance.

Setting up a recruitment process: We decided to use LinkedIn, and our career page for Recruitment as these are very cost-effective. We decide on a recruitment process for Vector which involves screening (test depending on job role), Interview (done by respective department and HR), Selection and offer (deciding on the salary slabs), onboarding (induction and training)

Benefits and Compensation: As per government norms for the sector, we must decide on basic salary the bundle of benefits we have to offer to employees. Establish and follow all statutory requirements as per the Government – PF, ESIC, etc. 

We will also research to understand the standard for pay for a job role and understand our competition.

Recruitment software and tools: We need tools like an applicant tracking system and a system for evaluations. We must decide on a tool for managing attendance and compensation for the existing employees. Training will require software for employees to develop their skills.

Employment Engagement and Retention: We plan activities to engage employees and for their growth with the company. These play an essential role in the retention of the employees and involve a cost we must consider.

 

Conclusion

Since the workforce plays a vital role in a company's performance, we must carefully plan our hiring process. The costs of the process, as mentioned earlier, should be estimated and allocated. Every new hire comes with a price there for the initial few years; we should hire the right workforce and retain them. We should establish the processes that will do our work in the long term more well defined, and we will be able to analyze our performance as a recruiter.

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