A promotion does not increase the number of persons in the organisation. Conversely, assets are sometimes mortgaged as security, so as to raise funds from external sources.
These decisions are made based on information made available to them from other companies. Generally every employee expects promotion to a higher post carrying more status and pay if he fulfills the other requirements. These things have adverse effect on the working of the organisation.
In other words, seeking applicants from those who are external to the organization. Internal sources, sometimes, may not be able to supply suitable persons from within.
They may not temperamentally adjust with the new persons. Demerits of External Sources: It starts with inserting costly advertisements in the media and then arranging written tests and conducting interviews.
Internal sources include promotion, transfer and in certain cases demotion.
Whenever unskilled workers are required, the Personal Manager will scrutinize in a general way the workers available and pickup the required number of workers. The present employees of a concern are informed about likely vacant positions. Here, the specified date, venue, and time are mentioned, and the candidates are requested to come and give interviews directly without submitting their applications in advance.
Companies need to use important legal information from the Government to help run the business successfully and legally. In such cases either the persons may leave themselves or management may have to replace them.
It is most economical method of recruitment. When a higher post is given to a deserving employee, it motivates all other employees of the organisation to work hard. The chances of hasty decisions are completely eliminated as the existing employees are well tried and can be relied upon.
A games development company might make a decision on what platform to create a game for based on the number of units sold for each hardware platform.
There can be a heart burning among old employees. Here, the companies, visit the technical, management and professional colleges to recruit the students directly for the job positions. Nowadays, the engineers, accountants, lawyers help their counterparts to get suitable jobs in industrial organizations.
Following are the different types of external sources of recruitment: For example, solicitors are part of the legal trade and will have memberships that give them access to the latest laws that the must use to support their clients in the best possible way. While internal sources of finance are economical, external sources of finance are expensive.
When an employee from inside the organisation is given the higher post, it helps in increasing the morale of all employees. Here, the company puts up a notice on a notice board or on the factory gate regarding the jobs available, such that the applicant sees it and apply for the job directly.
Availability of Suitable Persons: The applications received from the candidates by the agencies are duplicated and mailed to the clients. There are several methods for external recruiting. The recruitment from educational institutions is also termed as campus recruitment.
The persons recommended by the employees may be generally suitable for the jobs because they know the requirements of various positions.
These firms help the organization to hire professional, technical and managerial personnel, and they specialize in recruiting middle level and top level executives. Internal sources of finance do not require collateral, for raising funds.
In the advanced countries, this method of recruitment is very popular. In many industries workers are recruited through contractors who are themselves the employees of these organisations. It encourages self-development among the employees as they can look forward to occupy higher posts.Using external sources to acquire the inputs into its manufacturing process means that a business is exposed to market price changes in those inputs when producing its goods.
2. External Sources: External sources refer to the information collected] outside agencies. It can be collected from primary as well as secondary sources; type of information can be collected through census or sample method by conduct! Surveys and investigation.
The difference between internal and external sources of finance are discussed in the article in detail. When the cash flows are generated from sources inside the organization, it is known as internal sources of finance.
On the other hand, when the funds are raised from the sources external to the organization, whether from private sources or from the financial market, it is known as external. Definition: The External Sources of Recruitment mean hiring people from outside the organization.
In other words, seeking applicants from those who are external to the organization. There are sever. Examples of external information sources are: Government, trade groupings, commercially provided information, database and research.
If a company uses external sources of information then they must be sure of the reliability of the data sources.
Sources of Recruitment of Employees: Internal and External Sources (with its Advantages and Disadvantages)! The searching of suitable candidates and informing them about the openings in the enterprise is the most important aspect of recruitment process.Download