Up next in 10
This video is part of our professional development series focused on career paths, networking, resume and cover letter, interviewing, and performing in the organization. This series compliments our business and law lecture series.
Visit https://TheBusinessProfessor.com for more information.
Jason Mance Gordon
The Business Professor
Show More Show Less View Video Transcript
0:00
Okay, in this video series I want to talk to you about hiring in the context of firm
0:06
need or the need that the company or employer has for the individual that they're hiring
0:11
Looking at it in this context will help you understand how to structure your approach
0:17
towards achieving employment in that given firm. So, let's start off with say in the hiring need situation
0:24
Well, in a large firm, this is generally comes down once it's been established in the budget
0:29
and in the plans that you have a position to fill and you're given a timeline based
0:34
on the budget to fill that position. Okay, well this is a high level of formal need
0:39
Okay, so with that in mind, the higher the need on the company side, the more bargaining
0:45
power the individual, the applicant for the position will have. Now of course that power diminishes when the formal requisition process that is the human resources process of bringing someone on board gets rolling The more applicants that you have for the position naturally increases competitiveness
1:09
So while there is a firm need within the organization that strengthens the bargaining power of the
1:16
applicant, the increased number of applicants begins to diminish that. But again there still is a formal need so you know at this point that there is likely
1:26
going to be a hiring. So again there is a balancing act there
1:31
In small and mid-sized firms it's a little bit different. As we stated in previous videos approximately 80% of jobs that exist in the United States
1:41
are never posted anywhere. Well this is a signaling that there's a low formal need
1:46
That is, it hasn't been firmly established that you need someone at that point
1:51
So much of the hiring takes place based largely upon referral of that nature
1:58
When a firm comes across an individual of value they recognize the value that that individual can bring to their operations to their firm specifically and they hire based on that
2:10
Lots of times they make a position for this individual based upon how proficiently they
2:15
carry out some functions within the or their ability to carry out some functions that the
2:20
business could potentially need. This is extremely common in firms that are expanding
2:26
That is, they find an individual and then they find a place for them
2:31
In this situation, the formal lead is lower. The employer can be more selective
2:36
They can wait and look for the right person because there is no budget constraints or
2:40
anything like that or approval period for which to bring on a new individual to the firm
2:46
This changes your outlook. You generally have to be more convincing or demonstrative of your value proposition
2:55
for the firm so your attempts to impress the employer in visual doing the hiring has to be more geared to how you can bring specifically value to that firm rather than the demonstration that you show to the larger firm with the formal
3:13
requisition process that you're the most qualified candidate for the job that also fits with
3:19
the organization. Again, it's more of plugging a niche individual into an organization with a smaller and mid-sized
3:30
firm where in the larger firm again you're looking for a standardized candidate that
3:35
meets the criteria on which the position budget was approved. If you look at it in that way and you seek to recognize the formal need level of the
3:49
potential employer that you're approaching about a position, it will help you better
3:54
plan that approach and better navigate your way through the hiring process
#Business Education
#Jobs
#Career Resources & Planning