Recruitment And Selection Process Of TD Bank

Composition of the Workforce

Recruitment and selection process is conducted by a company for giving employment opportunities for new candidates as per the requirements of the company. Toronto-Dominion Bank is a Canadian bank whose headquarter is based in Toronto which was founded in 1955 with the merger from Dominion bank. This bank stands on 19^th position in the world and it is the second largest bank of Canada in terms of market capitalization. Management of the bank is planning to open a new branch and for the same they want talented and experienced staff. Expansion of the bank is due to requirement and demand shown by the existing clients of the bank as they have 85,000 employees and 22 million clients across the globe. Recruitment and selection process of TD bank will include composition of the workforce, methods of selection and recruitment (Kenny, 2011). Internal, external and other methods like approaching to consultancy firms, placements in universities, etc. recruitment practices follows by the bank as per the conditions and requirements in the bank (Kumari, 2012).

Recruitment and selection process of TD bank is being affected by the many organizational factors such as diminishing the cost of the labor, or size of the workforce, etc. TD bank focuses on recruitment of experienced staff members and they do not compromise with the unskilled staff members to avoid the glitch in the performance of the bank. TD bank also performs the activities of selecting the employees on part time, on contract basis, etc. for reduction of the bank’s cost. This also affects the labor turnover ratio of the bank and to avoid this regular and permanent recruitment process should be followed (Miller & Solberg, 2012).

Before recruitment, HR department needs to analyze the requirements of the staff in every department and as per those results; adequate selection and recruitment process should be adopted.  Toronto Dominion bank generally follows the structure of promoting their existing staff members and this technique also helps to motivate the employees. Employees work more potentially to showcase their talent and skills for getting promoted. This method of recruitment is known as internal recruitment and it saves the cost of the organization. For external method of recruitment, management of the bank needs to advertise for the vacancies available to attract the candidates. Then recruitment and selection process starts after checking the applicability and suitability of the candidate to perform the particular task (Liu, et. al., 2010).

Methods of Recruitment and Selection

As per the image and goodwill of the TD bank amongst the market and societies of the Canada and in other parts of the world, after launching recruitment advertisement in the market, huge number of applications received. Management of the TD bank invites candidates for requirement of 8 relationship officers for the new branch office of the bank. These vacancies were for both existing candidates as well as for outsiders. Approximate 125 applications were received for the post and around 50 existing candidates applied for the job (Robertson, 2011).

HR team conducted certain necessary rounds of interview for the selection of appropriate person for the required position. After all procedures and methods, 5 posts were occupied by the existing members of the bank whereas 3 people were selected for the rest positions amongst 125 applicants.

Toronto Dominion Bank introduces vacancies for the required posts time to time internally as well as externally to expand the business and for delivering more convenience to their clients for giving them better experience of banking (Kim, 2011).

Toronto Dominion Bank is very famous accords the world and in this case every candidate wants to work with the brand for gearing up their growth opportunities. And in terms of organization, they also want to recruit the appropriate staff for the desired position and for the growth of the bank (Lane, et. al., 2015).

HR Team along with the management of the TD bank adopts necessary methods for the selection of the candidates internally and externally. For selection of internal employees for the upgraded job positions, HR team announces the vacancies on the official website and desired candidates could apply for the same position and as per their capability, person will be selected. This method for recruitment saves the cost as well as it also motivates the employees to showcase their talent and skills that will boost up the performance of the bank. HR team could also select the particular person for the required position without any interview by just reviewing his/her capabilities along with their performance criteria. Nominations given by the team leaders for the promotion for upgraded job positions of their talented tea members could also be used as the selection process in internal job recruitment (Ho, et. al., 2010).

In terms of external recruitment process, bank needs to pay huge amount on the advertisement for the job vacancies for hiring an adequate candidate or for a group of candidates for multiple positions. Walk in and write in method of recruitment, recruitment through placements conducted in colleges, universities, etc. could also be used for the external recruitment. In walk in methods, a notice is pasted on the website of the organization and in famous newspaper brands to attract much number of candidates to select the appropriate candidate for the job. Recruitment done through placements conducted also used for bulk hiring as in the scenario for the TD bank, they are opening a new branch office hence they could use these methods for selecting appropriate candidates (Leslie, et.al., 2015).

Factors Affecting Recruitment and Selection Process

HR team is responsible for selecting the candidates for the required potions for the betterment and for growth of the organization. In TD bank’s selection process, mainly two approaches are used for selecting the appropriate candidate. In the first approach, HR team analyzes the behavior of the candidate, disciplinary actions, adjustability to settle down in the new environment, etc. These all are terms in relevance to the organizational point of view so that selected candidate could settle down and showcase its skills and talent for the potion his/her selection is done. Person selected for the desired positions should be organizational fit in nature. Whereas the other approach of selection defines the selection of the employees on the basis of requirement of the job only. Person selected should be job-fitted or he/she should be suitable for performing adequately for which his/her selection was done. For performing those two approaches of the selection, HR team conduct various steps of selection process i.e. personal interview, aptitude test, group discussion, etc. And HR team of the TD bank mostly concentrates on recruiting the candidates who can be fitted in both approaches of selection (Ho, et. al., 2010).

Selection method is the process through which persons are selected for the desired position. Before their selection, HR team analyzes some of the aspects of the candidate so that adequate and appropriate candidate could be selected. Selecting these aspects includes ability test, screening test, learning and speaking abilities, etc. These all aspects should be analyzed before appointment of any employee. Every candidate needs to appear well in front of the recruiter because this helps the candidate to put a good impression over them. HR team searches qualities like speaking abilities, learning capacity of the employee, accountability and other behavioral aspects in a person before appointing him/her. Ethical consideration, valuable issues of the organization should also be discussed with the candidates so that he/she could avoid performing the particular action (Xiaobo, et. al., 2010).

HR team conducts interview in different rounds to analyze the person’s qualities. Interview of TD bank incudes, personal interface with the line manager, aptitude test, group discussion amongst the candidates, etc. After analyzing all the qualities required for the certain job positions, HR team transfers the candidates to the appropriate manager to analyze the candidate’s skills related to the particular field (Vergara & Estévez, 2014).

Selection of the candidates from the inside or from the outside of the organization is crucial in terms for selecting appropriate candidate for the desired vacant position. This process helps the organization to attain better results as vacant position is filled with the experienced and skilled candidate. Selection methods are very crucial in terms of understanding their effectiveness. TD bank’s HR team uses these selection methods together to attain the appropriate results for the organization. AS per the TD bank’s point of view and from any other organization’s point of view, no candidate matches up their standards set for the job. Because for every candidate, switching organization is very difficult and for settling down in new environment plus learning ethics, regulations and other requirements of the company is a challenging task. Hence, various selection methods are being used by the HR managers as per the requirement of the situation (Arlot & Celisse, 2010).

Importance of Analyzing the Requirements of Staff

Evaluation of the effectiveness of the R&S system includes the selection of procedures to select the people for the certain positions in the organization. Every organization wants to reduce its cost of production and increasing its profits i.e. low cost and high profits are desirables for every individual as well as for every organization. In the scenario of TD bank, they also wants to reduce their cost to maximize the profit of the bank so for this they appoint employees on many contracts such as on part time job, on contract basis of a certain task, etc. And employees are the biggest factor through an organization could achieve higher objectives and failure of the organization is also depends upon the employees (Robertson-Kraft & Duckworth, 2014).

So, before analyzing the effectiveness of the R&S system of the organization, importance of employees should be understand. After this understanding, effectiveness of the recruitment process is not so difficult because it should contain ethics of the organization, process should be in consideration to the bank’s policies, it should be relevance with the legal considerations of the particular place, etc. Background of the employees, all the documents should be checked to confirm his/her identity (Lin, 2010).

Strategic management of the TD bank includes the benchmarks, standards, rules, regulations, policies, etc. developed for the smooth working of the bank. These all should be followed in the activities of the organization and with the help of these benchmarks, set targets, goals could be achieved. In every organization, strategic system is developed for achieving better results and for performing all the activities in adequate manner. These philosophies, policies, measures, rules and regulations, etc. are the key components of strategic system and as per this system only HR team needs to recruit the candidates. While performing recruitment and selection processes, in the organization, HR manager should not leave any formality and mainly he/she should not hire any candidate for their personal benefits. While selecting any candidate, organization’s benefit should be reviewed first because for performing these selection and recruitment procedures, they are getting paid very well (Freeman, 2010).

The strategic system of the organization should also contain the competitive policies that should help the recruitment process to select the person with adequate competitive strengths to develop effective strategies for the betterment of the organization. These policies will help the TD bank to analyze the effective and appropriate competitive streakiest to survive in the dynamic and competitive environment (Hitt, et. al., 2012).

Branch Expansion and Hiring Process

Screening of the candidates should be performed with due care and in fair manner for the betterment of the bank. After section of the candidates, HR manager need to take care for the basic things and services required in the duty hours for achievement of the goals and objectives of the bank. Basic principles include refreshment facilities for the employees, sufficient break timings, etc. These acts as the accommodation for the employees because employee is a human being first and continuous working are not possible for any human being. Break period, refreshment acts as the energy booster to work in the same effective manner for the organization. While recruitment of the candidates, they should not be selected on their color, sex, community, caste, etc. basis (Zipf, 2016). These all aspects should not be considered in a recruitment of TD bank until and unless it is required. If for a certain post, female or male candidate is required till the time, this practice should not be followed and as per the equality, both should be given adequate chances for proving their abilities (Donnelly, 2013). 

These are the methods through which every organization including Toronto Dominion bank identifies its requirements and appoints the desired candidates to achieve certain targets in the market. Through this process, TD bank got the adequate and qualified employees and results are they are the second largest bank in Canada in terms of market capitalization. Employees and their hard work have helped the bank to achieve these heights. Recruitment and selection process should concentrate on selecting the appropriate candidates that is suitable for the job requirements. Job advertisement, promotion of the vacant seats in the bank should not be done to gain the more number of applicants, infect it should be done to gain the appropriate number of candidates for the suitability of the job position, this will make difficult for HR team to select an appropriate person in terms of organizational as well as from the job requirements (Münstermann, et. al., 2010).

Recruitment and Selection process could result in positive or negative for the TD bank and this all depends upon the working structure of the organization. If management and administration has control over every activity of the organization then HR team needs to perform their duties in fair manner otherwise HR team could hire employees for their benefits.

Toronto Dominion Bank is performing very well in their industry and they are rapidly expanding their business through setting up their branch offices in other parts of the world too. They have set up their brand image in the parts of the North America too; numbers of subsidiary companies are working with Toronto Dominion Bank in USA. Their selection and recruitment process is very effective along with their recruitment procedures; they are also concentrating on following rules and regulations of the particular place. Internal recruitment procedures of the TD bank are very effective in nature and this also helps the research and development team in adaptation of the motivating strategies in relevance to the promotions. When any organization shows their confidence and trust on their existing employees for handling higher post, this also increases the confidence and trust level of the employees towards the organization.

Internal and External Methods of Recruitment

Conclusion

As per this selection and recruitment procedure of the Toronto Dominion bank for appointing candidates for their new branch office which is going to be soon opened, HR manager and management believes in selecting adequate and appropriate candidates which suits the job’s description as well as they should also suit the organizational objectives also. HR manager should perform all the relevant activities to advertise regarding the vacancies in the bank so that desired and adequate candidate could not get chance due to non-advertisement about the job. This report also concluded about the strategic process of the TD bank and its relationship with the recruitment and selection process follows by the TD bank (Patton, 2011).

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