In the 21st century, both social media and technology play a large part in recruiting and allowing companies to find appropriate candidates for a variety of technical and qualified based roles. Advertisements for candidates can be placed on such sites as LinkedIn and even Facebook and Twitter and this makes the process more simplified and efficient. However companies are also choosing to recruit via two main methods, internally and externally. Each of these recruiting methods otherwise known as choices have their own advantages and disadvantages pertinent to both the company and also the potential candidate wishing to fill a desire position based on their interests and extensive background (EL, 2016). This paper will subsequently analyze in detail, the positives and negatives associated with companies using internal sources of job candidates as well as the positives and negatives in using internet recruiting to locate external sources of candidates. It will also provide some recommendations with respect to which source is the most effective and also fair and equitable with respect to the balance between the requirements of the organization and that of the particular candidate.

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Using internal sources of job candidates is a fast and efficient way of filling a position particular if it is of high significance and involves a high level of management and leadership. Most companies in the financial industry prefer to internally source their candidates as experience across any financial firm will provide the essential skills for financial management, which can easily be transitioned from one institution to another. There are also a number of positives associated with this recruitment option including firstly, and as mentioned, its fast and efficient nature (KCL, 2016). It allows companies to back candidates who they already know are high performers within one of their departments and this can also significantly shorten the recruitment process. Internal sources are also beneficial in the sense that the company does not need to perform extra screening or expend further funds to establish certain systems to source external candidates. They are also already paying internal candidates an income and will not have to expend any more money on new candidates who require the establishment of an income and additional benefits such as insurance and contributions to their 401K. Internal sourcing is advantageous as the recruiters may already have a history with the individual and be able to source information on the candidate with little effort or time (EL, 2016). The largest advantage of this choice is time saving and being able to confidently back an employee into a new position that offers them more incentives to remain loyal to the company. It can be a way that the company retains its employees without losing money or experience and having to acquire an external candidate who may not be so qualified or experienced. This is particularly pertinent in situations where the open position is responsible for millions of company funds. If the position is left open for an extended period of time as a result of the comprehensive external recruiting process, then it can cost the company a lot of money (KCL, 2016).

There are some disadvantages to internal sourcing of candidates including the potential for the company to miss out on highly talented individuals who may have more diversity in their experiences and a higher level of qualifications. Internal candidates may have only been with the one company their entire career and with limited company experiences. External candidates may be able to provide innovation that they have received from other companies throughout their respective careers.

Internet recruiting has also become a popular way of sourcing external candidates as social media and technology overall are so large in the 21st century and also very efficient and fast. The advantages of internet recruiting are numerous including the ability for companies to search the entire globe for suitable candidates and to further diversify their departments with innovative and also eccentric talent. Furthermore, most people use the internet extensively and many will not be willing to manually find jobs (KCL, 2016). Through internet recruiting, younger generations can be reached, who are innovative and also experienced with technology. Internet recruiting is also fast and a less expensive way of finding and sourcing candidates. Video interviews can be conducted over the internet instead of asking candidates to come into the workplace, which may be time consuming and cost money.

There are however some disadvantages to internet recruiting primarily focusing on quality and time. Internet recruiting can often be time consuming and not being able to interview a candidate in person can come across as being in genuine and may result in the candidate being different to what they provided on their application over the internet (EL, 2016). There are also many instances where the internet can be an unreliable source for candidates and a way in which less experienced candidates can reach out to large organizations who require experience and an extensive array of qualifications to fill subsequent positions (KCL, 2016). External candidates overall may be very unfamiliar with the particular organization, which makes internal recruiting that much more attractive. Internet recruiting can also be regarded as the first step of a long and comprehensive recruiting process.

In summary, it is highly recommended that organizations focus on internal sources for recruiting as they can save time and money. It is also recommended that companies look at combining both internal and external sources of recruiting at some point in the future. Both have their own advantages and in a combined setting, may be able to provide a highly attractive pool of talented individuals for high managerial and leadership based positions.

    References
  • EL. (2016). Recruiting Sources. Employment Law Information Network, Retrieved from http://www.elinfonet.com/human-resources/Recruiting-Sources Accessed on 23rd March, 2016.
  • KCL. (2016). Sources of Recruitment. Kaylan City Life, Retrieved from http://kalyan-city.blogspot.com/2011/07/internal-and-external-sources-of.html Accessed on 23rd March, 2016.