Head Hunting Festival 2009 Research Proposal

Pages: 8 (2018 words)  ·  Style: Harvard  ·  Bibliography Sources: 3  ·  File: .docx  ·  Level: College Senior  ·  Topic: Business

Head Hunting Festival 2009

Intellectual Vanity Fair" is an exhibition/festival project that offers an innovative approach designed to address the issues, shortages and limitations of the current recruitment processes.

The company goal is to attend the scope of the difficulties identified our group applies the theories and the principles of entrepreneurship to explore the opportunities presented by the issues and offer an alternative solution to the problem.

More specifically, the company intends to research current recruiting processed in major companies, with a focus on it industry, analyze trends and write best practices, including here the definition of key performance indicators established for the suitable candidates. The best practices will then be applied in the company's day-to-day work to match the candidates' skills with clients' needs. This solution is assumed to be beneficial for both employers and job seekers as it guarantees a good employee/employer.

Given the current recruitment market outlook dominated by a shortage of skills on the Australian labour market, an innovative idea such as the "Intellectual Vanity Fair" should be embraced quickly by high skilled companies. The annual sales are expected to be $1,440,000 in the first year of activity and increase up to 59% per year. The costs corresponding to the first year of activity include mainly personnel expenses and are estimated at $382,800 and increase up to 14% per year.

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II. Management Team

Founder and executive manager - extensive recruiting experience; the person will be in charge with the internal and external recruiting processes.

Senior business analyst - extensive business and customer analysis experience; the person will be in charge with the development, assistance and overseeing surveying activities, data manipulation, analysis and interpretations and KPI definition.

Senior PR - extensive event organisation experience; the person will be in charge with the setting up of the festival.

Research Proposal on Head Hunting Festival 2009 Assignment

Financial Manager - extensive finance/accounting analysis; the person will be in charge of the company's monthly financials as well as with the budgets approve for various business-related activities.

III. The Industry and the Company and its Product(s) or Service(s)

The Industry

The shrinking labour force and increased unemployment will ensure that the recruiting industry's growth as this movement is translated in dynamism. However, the current economic growth trends will be quite a challenge for the industry in 2008 and 2009. The major players in the industry will manage to consolidate their business despite the global environment becoming increasingly competitive. The Australian market is dominated by five major players, including Manpower, Hudson/TMP, Adecco, Michael Page and Hays. The big five companies often resort to acquiring to new companies to increase size and maintain their market share.

Second tier companies are spread throughout the country in large cities, such as Sydney, Brisbane and Melbourne; they offer a good, flexible package of services and the average annual salary range is between $30,000 and $110,000.

Evaluated at $10bn, the recruiting industry in Australia took a big hit in October 2007 when 474-visa system was adopted because the most skilled emigrants were no longer able to meet the requirements of the new system.

The Company and the Concept

Intellectual Vanity Fair" is an exhibition/festival project that offers an innovative approach designed to address the issues, shortages and limitations of the current recruitment processes.

The human resources' contribution to the economic success of an enterprise and entire industries is fundamental in the highly competitive business world. The results of recent studies identified shortages and limitations regarding current approaches to matching the abilities of candidates with employers' needs. The issues experienced by the thousands of unsatisfied potential employees (Lencioni, 2007 and Kaffman & Kleiner, 2003) and enormous amounts of resources the corporations spend annually (Bowden, 2007 and Midler, 2005) in the process of screening potential candidates further signified the problem. Hence the concept of Intellectual Vanity Fair: a company to address human capital supply and demand optimal matching. The suggested solution could be designed and implemented as the following set of measurable and achievable tasks:

group of business analysts is hired to collect the information of the interview processes conducted using surveys of the leaders of it industry in Australia, the KPI established for the suitable candidates, the mandatory requirements that shall be satisfied

The information is processed and the set of computerised tests is designed to assess the knowledge and skills required

The future exhibition/competition is designed and promoted among the graduates of the Universities and other potential candidates

The venture is conducted in tours with all the potential employees attending the series of automated, computerised tests.

The group of semi-finalists are presented to the recruiters for personal meetings

The finalists are guaranteed the work placement

Once the structure is established the process is repeated in China and Russia for it and other industries.

The Product(s) or Service(s)

Intellectual Vanity Fair will organize recruiting events meant to bring together highly specialized job candidates with companies from different industries. The purpose of these events is to gather as much information as possible about potential candidates, analyze it and use it to match candidate abilities and skills against the company's clients' job requirements.

Additionally, the company will provide specialized recruiting services to its customer base consisting of a candidate short-list for certain job description. The candidate short-list will be generated based on the series of automated, computerised tests described in the previous section.

Entry and Growth Strategy

Intellectual Vanity Fair is the unique concept on the recruiting market, which will be first presented to the public at the Head Hunting Festival in 2009. Prior to this event, the company will present the business concept to the giants of the it industry, which are likely to participate in the first phase of the business, namely the critical analysis of recruiting processes in various companies.

The growth will be ensured by increasing fund allocation to the improvement of company recruitment process analysis, expansion to foreign markets and learning of best practices abroad and the attraction of foreign and domestic skilled personnel. A strong candidate database will be one of the success keys of Intellectual Vanity Fair business idea. Additionally, the company will organize events abroad and increase frequency as revenues increase.

IV. Market Research and Analysis

Customers

The results of the preliminary research indicated the high likelihood of obtaining the funds attracting the giants of it industry as sponsors of the future venue based on the following factors:

The current approach used by the companies is an extremely expensive, resource and time-consuming process (Kandola et.al, 2001; and Middler, 2005)

The results of the multiple researches conducted by CIPD indicated that nine out of 10 of the 557 organisations surveyed experience significant difficulties and more than 60% are not satisfied with the results (Amble 2004)

Major players in it market invest heavily into the processes of facilitating the recruitment processes: Microsoft invests heavily into alliance with CareerBuilder (Microsoft Corporation 1999), HP offers numerous kinds of scholarships to "cultivate" their future employees (HP Scholars program, 2005)

Market Size and Trends

FIG. 1. - EMPLOYED PEOPLE - AUSTRALIAN TRENDS 1998-2008

Source: Australian Bureau of Statistics

Local market expectations for 2008 include employment growth to the similar with 2007 level, whereas global expectations are more pessimistic pointing to 2008 figures as weaker than 2007 (Grant Thornton, 2008). 2007 exceeded companies' expectations regarding employment, as this indicator increased 49%, while only 38% was expected.

Having to rate seven factors as important business success drivers, 74% of Australian businesses rated recruitment/retention of staff as the biggest driver towards more ethical practices, as opposed to 65% globally.

Additionally, the following trends have been observed relating to human resource-related activities (Grant Thornton, 2008):

The % of companies preoccupied by personnel retention increased in 2007 to 71% from 63% in 2005. The same % rose globally from 44% to 59% over the same period of time.

65% of Australian companies, compare to 45% globally, adopted a flexible attitude towards different working patterns regarding recruitment/retention.

49% of Australian businesses cited increased operating costs as the major staff retention problem.

73% of Australian businesses claim to have incurred significantly more to remunerate personnel, than 12 months before, compared to 63% globally.

FIG. 2. - USAGE of RECRUITMENT and RETENTION TOOLS for AUSTRALIAN BusinessES COMPARED to the GLOBAL AVERAGE

Source: Grant Thornton, 2008

Competition and Competitive Plane

The competition on the Australian recruiting market is quite big. The market share is concentrated in the hands of a small number of large and multinational players. Additionally, companies focused on recruiting individuals for specific jobs (e.g. it) have very well established recruiting processes, whose focus on a small number of skills makes their results very precise.

The substitute companies should be considered a threat for Intellectual Vanity Fair as they translate into a cheap solution for both companies and job seekers. Also, traditional recruitment companies are likely to cover a considerable number of potential employers with their service portfolio.

Finally, industry entrants with similar business ideas may turn into a threat, as the Australian skill shortage is putting pressure on recruiting companies to find… [END OF PREVIEW] . . . READ MORE

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