GE Group Business Plan

Executive Summary

Company Identification

The current work will describe the HR agency under the name GE Group. The company is located in New York City. This city is widely recognized for its high business activity and the availability of numerous small and big companies which require highly qualified staff.

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Mission of the Company

The mission of the company is to provide services that enable GE Group to become a key player in the HR market by focusing on social and personal values of work. The company aims to hold the leading position in the local market and enter the international area with its services. This can be achieved through the application of the unique approach in searching and selecting applicants holding mid-level and executive positions, and training current employees of the company. The approach is based on emphasizing the distinct characteristics of the position, the specifics of the company, professionalism, and personal traits of workers.

The mission of GE Group is directed at serving the clients, i.e. companies who need new workers or intend to improve the qualities of their current employees. By providing a great variety of services, GE Group helps its clients to solve their tasks. At the same time, the discussed company is serves to people who are searching for employment. GE Group helps find employers that meet the personal expectations and aligns with values and goals of the employees. Identifying the mutual needs and desires of employee and employer is extremely necessary for assuring a smooth working process and eliminating any misunderstandings between these parties.

Business Goals

The company’s mission is supported by two major business goals which form the background of the operation of GE Group. The first business goal is to develop a reputation in the market as an innovative and effective HR agency. This business goal is the capstone of the successful operation of the company on local and international HR markets. The application of modern technologies and using innovative methods of searching for candidates based on their personal and professional skills would make it possible to provide clients with high-quality services. At the same time, the applicants would also be satisfied by the employment they have obtained. GE Group seeks to be regarded as a high-quality HR agency both employers, current employees and applicants.

The second business goal is the creation of the team made up of the most talented professionals. This goal is based on the understanding that the employees of the agency who have sufficient skills and knowledge can clearly and correctly understand the needs of clients. Only these types of people are able to find appropriate personnel for their customers, or improve the knowledge and skills of the current workers. At the same time, talented professionals will constantly introduce innovative ideas and unique approaches to common tasks in the agency, like finding employees and assessing their skills and knowledge. It will separate the GE Group from other HR agencies at the local and state levels.

Keys to Success

The success of this HR agency depends greatly on numerous factors such as staying up to date on the applicable laws, using innovative technological solutions, simplifying the clients’ job, and investing funds wisely.

The first key to success is reflected in keeping up with the current legislation. The company should know and precisely follow the local laws and regulations which may affect its operational activities. For example, GE Group should study the Equality Act 2010. This law was put in place in order to ensure that each candidate is treated fairly (Prime, 2012). This key to success is extremely important because non-compliance with state and federal legislation can cause significant problems including lawsuits and even the closure of the HR agency. Thus, it is vital for the existence of the company to remain in compliance.

Another key to success introduced in the current work is the application of innovative technological solutions. This will enable the agency to simplify the search of professionals, better assess their personal and professional skills and abilities, and make the interaction process between companies and applicants easier. For example, applying for a position can be performed via a smartphone. Thus, this process will become easier and available at any location. This key to success forms the background for reaching the first business goal of the company: the recognition of GE group as the HR agency that uses innovative technological solutions and conducts its business effectively.

Companies usually seek the assistance and expertise of HR agencies during the process of hiring of necessary employees. That is why it is extremely important to understand the clients’ needs and requirements of the applicants seeking positions in order to avoid wasting the clients’ time by referring candidates with insufficient knowledge and skills. This is why the next key of success introduced in the current work is paying close attention to and understanding the clients’ needs and desires. This will improve the effectiveness of the agency.

The start-up agency should invest its funds wisely, because its position in the market is weak. The company has not yet built up a strong reputation, a large enough client base or significant resources. Thus, the wrong investments could cause its collapse. That is why GE Group should invest in new technological solutions which will streamline its activities and increase its efficiency. The last key to the success of GE Group is to make wise investments that form the base for the future growth and prosperity of this HR company.

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Company Summary

Industry History

From the beginning of civilization through the second part of the 18th century, society was oriented primarily on agriculture (Piontek, 2015). During this time, the number of highly professional crafts was limited. However, the situation changed after the start of the Industrial Revolution in the 1760s (Piontek, 2015). This revolution caused a shift of the economy from being agriculturally-based to being focused on manufacturing (Piontek, 2015). The shift of labor to factories led to the appearance of personnel management. The major tasks of employees who worked in this field were to track workers’ salaries and wages, record workers’ maintenance, and provide workers with health care and housing facilities.

The additional emphasis should be made on the emergency and growth of labor unions. They were formed in order to address the difficult working conditions in factories, such as long working hours and low wages. Workers protested against these conditions and demanded improvements. They formed labor unions in order to present a united front that would be able to apply stronger pressure on their employers. The management were obliged to start negotiations with employees in order to prevent strikes and other types of work stoppages in manufacturing. This led to the emergence of the industrial relationships department.

The development of knowledge about HR management started after the Industrial Revolution. Numerous researchers and scientists have written studies and performed various experiments related to this topic. They have brought new meaning and importance of this term. For example, Frederick Taylor specified the major principles of scientific management (Piontek, 2015). His innovative HR approach: focused on increasing the productivity of employees’ work, adopting the principle of wage uniformity, and performance of workers’ training. The further studies of HR management performed by Elton Mayo and Fritz Roethlisberger were directed at shifting the emphasis from employee productivity to their efficiency (Piontek, 2015). This could be achieved by creating working conditions in which the employees are satisfied. The transformation of the major direction of the scientific knowledge from administrative and passive management to dynamic HR management was facilitated by the works of Douglas McGregor and Abraham Maslow (Piontek, 2015). These scientists introduced the idea that employees should be perceived as valuable company resources. Additionally, their works showed that HR management is linked to the major operational processes. Its performance affects the work of the company and has an enormous influence on its current outlook and its future perspectives.

Nowadays, HR management performs a great variety of tasks and functions. The major activities include selecting the personnel with necessary skills and abilities and recruitment; motivation of workers; providing various benefits to them; training the staff; performance appraisals and salaries (Piontek, 2015). This list provides a rather generalized understanding of the functions of HR management.

Legal Form of Ownership

The GE Group will take the legal form of a Limited Liability Company (or LLC). The Group will be formed by several individuals who seek to use the benefits of this legal form. This form enables them to limit their personal liability for any debts and court judgments which may arise due to the company’s operational performance (“Which Legal Form is Best”, 2000). Additionally, this legal form enables the owners to apply lower tax rates and “provide a range of fringe benefits to employees and deduct the cost as a business expense” (“Which Legal Form is Best”, 2000).

Location and Facilities

The company will be located on Staten Island in New York. On the one hand, this provides convenient transportation to the company’s office. On the other hand, the cost of office rent will be lower than it would be in downtown Manhattan.

The company will be located in a rented office in the business center. This office should be big enough to place all the staff in a location where they can communicate with clients’ representatives and communicate with professionals. The major facilities which will be vital for the work of the agency are computers with access to the Internet, phones, office furniture (tables, chairs, etc.), office equipment (such as printers).

The most important facility that will be created in the course of the company’s existence will come in the form of a special database. This database will contain information about past, current, and possible clients, professionals who already worked with the company, or could cooperate in the future. This database will be formed from the first working day and will be systematically reviewed.

Management Structure

The company will be created by three individuals, who will hold the positions of the agency director, accounting director, and lawyer. The agency director will be responsible for overseeing the daily activities of the agency. The accounting director will be in charge of financial management (invoicing clients, payment of taxes, etc.). The lawyer will draft contracts with clients and contracting parties, and manage all legal matters.

The agency director will oversee the work of the recruiting manager. The recruiting manager will contact the clients, identify their needs and requirements of the candidates according to their positions, and approve the candidate before presenting this person to the client. This employee will also act as the business development manager. He will be responsible for increasing the number of clients and maintaining the existing ones by organizing timely meetings to address their needs and effectively solve any issues which may arise during organizational work. The recruiting manager will search for new technological solutions that may improve the efficiency of the business. Much attention will be paid to developing new methodologies for testing the applicants. However, the major task of the recruiting manager will be to supervise the work of recruiters.

GE Group will have two recruiters. They will be responsible for searching the candidates, interacting with them, analyzing their personal and professional skills, and coaching.

The further development of the company involves increasing the size of the staff. For example, an accounting department with several accounting managers will be formed. Their work will be overseen by the accounting director. The eventual legal department of the company will contain several lawyers who will ensure that contracts with clients and recruitment contracts do not contradict with the accepted practices. The number of recruiters will be also increased. Moreover, the agency director will hire the supporting personnel. These employees will ensure that office equipment (such as computers and printers) and working networks are in proper condition.

Products and Services

GE Group offers three different types of HR services: conducting search and selection of employees of medium level managerial positions, search and selection of employees on executive positions, and HR consulting.

The first type of service is oriented to searching and selecting employees of senior and medium level positions. The recruiting manager designs and introduces the ad hoc solutions concerning the search of applicants. For this purpose, he/she identifies the clients’ needs and desires concerning the potential applicants. Each of the two recruiters of GE Group has their own specialization on professional clusters. For example, one of them specializes in searching and assessing the personal and professional skills of accountants, while the other can perform similar tasks for technical engineers. This enables them to be constantly aware of all the changes which arise in their clusters.

This type of service incorporates the process of searching the candidate, assessing the specifics of their character, analyzing previous working experience, knowledge and skills, collecting reviews of former co-workers and employers, etc. These actions are performed to the highest standards of ethics, because GE Group is oriented on long-term partnership with these individuals.

The next type of service is the search and selection of employees seeking work in executive positions. The search for such applicants requires more effort, time, and more precise assessment of their managerial abilities. Much attention is paid to the analysis of personal and professional potential. The major aim of such a search is to find the person most capable of contributing to clients’ success in the future.

The last type of service is represented by HR consulting. The skills and knowledge of applicants and employees can be improved by using special methodologies developed by the researchers in the fields of psychology, sociology, and labor management. Moreover, participants learn how to use and develop their personal talents, create and support a favorable working environment, contact with other individuals who have rather difficult disposition, and predict working issues and manage them timely and effectively.

Market Analysis

Target Market

The target market of GE Group’s services includes small, medium, and big companies that provide financial services (or have financial departments) or engage in technical engineering. These specifics are based on the understanding that recruiters of the HR agency are oriented towards searching and hiring professionals specifically in these fields. In the future, it is supposed to increase the staff of recruiters with distinct abilities of search and assessment.

The majority of clients are represented by either relatively new organizations which have existed in the market for 5 years or less and which are constantly searching for new employees that can bring innovative ideas with them, or old companies who are interested in modernizing their staff. These companies refer to GE group because this HR agency introduces innovative approaches of searching and hiring that enable to provide professionals with the outstanding talents and visions.

The current and prospective clients would consist of companies that work in New York state, primarily in the New York metropolitan area. If successful, the GE group would expand its client base to include businesses that operate throughout the US would and could eventually serve businesses located abroad. At that stage, the agency director would intend to open offices in Europe and Latin America.

Industry Analysis

GE Group would operate in the HR industry. Its management should clearly understand the current situation and existing trends in the HR industry in order to take all of the necessary steps to achieve success. The HR industry is a field that incorporates thousands of suppliers and purchases of employees. Currently, about $785 billion dollars are spent annually on employees (“A Marketer’s Guide,” 2016). In addition, this industry showed rapid growth during the previous years. For example, from 2008 to 2013 it increased by about 20 % (Reilly, 2013). This growth occurred mostly because of the rapid development of business service providers (about 60 %) and staffing and recruiting companies (about 25 %) (Reilly, 2013). At the same time, the composition of the market changed during these years.

The number of staffing and recruiting agencies increased by 7 %, number of business service providers increased by 7 %; amount of companies which use multiple models raised by 1%; the other areas showed an insignificant decline.

HR agencies can be found in every state. However, their density varies.

The major trends related to the existence and development of this industry include consolidation, the increasing of number of vendors, the formation of partnerships, demographic transformation, keeping the skills of the staff up-to-date, and development of the human side of the business

In the HR industry, big companies acquire smaller ones in order to increase their market presence, obtain new knowledge and skills, and obtain access to new bases of employers and employees, and for a variety of other reasons (“A Marketer’s Guide,” 2016). Thus, they intend to become agencies that provide the whole range of human resource services.

The increase in the number of vendors results from the fact that barriers to entry have become lower (“A Marketer’s Guide,” 2016). The development of the Internet and innovative technological solutions makes the processes of searching, assessing and hiring less complicated. Thus, the number of companies that are interested in the market that requires insufficient resources for entrance has increased. That is why the entrance of GE Group into the market would not be difficult.

In modern world companies prefer to limit the number of interconnections in order to make their operating processes work more seamlessly. At the same time, an HR agency that wants to be involved in every professional field would require a large and highly professional staff to provide the full range of services (“A Marketer’s Guide,” 2016). Since this is too great of a task for any individual HR agency, they prefer to cooperate with each other in the form of partnerships. In this way, GE Group would form a partnership with other HR agencies that are located in other areas or provide other types of services.

Demographic transformation has had an enormous impact on the US labor market and therefore and the HR industry (“Industry Overview,” 2012). For example, the increase in the number of immigrants has a caused growth of their presence in labor market. GE agency should take these factors into account and turn its attention to search of employees which represent the minority groups.

Another trend of the HR industry that became evident in 2016 involves keeping the skills of the agency’s staff up-to-date (Petrov, 2015). This is based on the fast changes that are taking place in the modern world and the process of labor management. That is why HR managers should stay informed about the new developments and have the necessary knowledge and skills for aligning to it. This can be ensured by conducting regular trainings, closer interaction with the representatives of other HR agencies based in the US and other countries, taking part in conferences, and sharing knowledge among employees.

The development of the human side of the business is closely connected with the empowerment of employees to realize their talents and bring greater benefits to their employers (Petrov, 2015). They should clearly understand that bringing more relevant ideas to their companies will be mutually beneficial, as they would obtain financial and non-financial benefits, like career promotion. Moreover, workers should direct their efforts on forming a greater number of stronger connections with other like-minded colleagues (Petrov, 2015). At the same time, employees should strive to continuously assess their work performance and seek out new ways for improving.

SWOT Analysis

SWOT analysis for GE Group

S (Strengths)

  1. The use of innovative technological solutions new technologies
  2. Highly professional and talented staff
  3. Orientation on finding employees in certain segments (financial services and technical engineering)
  4. Ability to overcome low entry barriers in the HR industry

W (Weaknesses)

  1. Lack of experience
  2. Too narrow of an orientation
  3. Expenses on purchasing IT solutions

O (Opportunities)

  1. High efficiency and quality of rendered services
  2. Becoming the leading HR agency in certain spheres
  3. Easy start of work

T (Threats)

  1. Remaining unrecognized
  2. Dependence on changes in markets of financial services and technical engineering
  3. Excessive expenses
  4. Inability to withstand the competition

GE Group has numerous benefits which form the background for its further success. As noted above, this HR agency will make use of innovative technologies. Searching and assessing the skills and abilities of applicants would take less time and effort, and would make the entire process more effective. The high professionalism of the staff of the HR agency would ensure that they render high-quality HR services. Narrow orientation of work (i.e. finding employees of certain professions) would ensure deeper expertise in these fields. The last strengths are connected with low entry barriers in the HR market, (i.e. absence of the necessity to have sufficient financial resources or technological base). That means that GE Group would not face sufficient difficulties in overcoming barriers.

The weaknesses of GE Group include lack of experience, too narrow of an orientation, and the challenging necessity of spending sufficient funds on IT solutions. The agency will be the new player in the HR market without any previous experience in this field. Thus, it would not have any contacts with employers and employees or any strong partnership relationships. Much time and efforts would be needed in order to develop these.

Interestingly, the second weakness is actually connected to the company’s strengths. To narrow orientation would not allow GE Group to render services to companies that are not searching for employees in financial spheres or technological solutions. This would limit the number of potential clients.

Lastly, the company would be obliged to spend some funds on purchasing innovative IT solutions. These expenses would take place at the very beginning of the work of the GE agency. The return of funds would take sufficient time.

The company’s strengths form the background for its opportunities. The application of innovative technological solutions by highly professional and talented staff would ensure the high quality and efficiency of rendered HR services. Narrow orientation on certain spheres would avoid diffusion of knowledge, efforts, forces, and resources. This would help GE Group to become the leading HR agency in finding and hiring of specialists engaged in financing and technological solutions. Overcoming the barriers to entry would ensure easy commencement of the work.

The threats facing GE Group are based on its weaknesses. Insufficient experience on the HR market may cause a situation in which the company would remain underrepresented and unrecognized as the reliable HR agency that provides high-quality services. Narrow orientation forms the background for the dependence of GE Group from the fluctuations of chosen segments (financial services and technological solutions). GE Group would face the significant loss clients at the time of lowering the development of these segments and decreasing the demand on new specialists. Purchasing innovative technological solutions for finding and assessing the candidates could result in excessive expenses for the company. GE agency could be obliged to take out loans or shorten the expenses in other fields of its operational activity.

Low entry barriers in the HR industry make it rather attractive for newcomers. The availability of a great amount of new and longstanding companies creates enormous competition on the market. Given the heavy competition, GE Group could find it difficult to get ahead.

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Market Strategy

The 4 Ps

The 4 Ps for the discussed agency are product, price, place, and promotion. The product is what the agency intends to sell to its clients for generating profits. GE Group will offer to search and select employees of senior-level, medium level, and executives together with HR consulting of workers engaged in financial services and technical engineering. The major benefits of the offered services would be their high efficiency and low time of performance. These benefits are based on the professionalism of the staff of GE Group and the application of innovative technologies for searching and assessing candidates.

The prices of the offered services will be on average and higher than average prices compared to similar services. The clients would pay for the high efficiency of the performed services and for the orientation of search directions. Such prices would cover the company’s expenses and ensure its development in the future. It should be noted that standing customers would be provided with the option of paying within longer periods of time.

GE Group will offer services to include several locations. The office will be situated in Staten Island, New York. Negotiating the terms of cooperation with clients will be performed either at this office, in the office of the clients, or in any other location in New York that is convenient for them. Communication with applicants will be performed in this office. Moreover, GE Group will stay in contact with clients and applicants via the Internet and phone. The introduction of services will be realized in the company’s office, at the offices of prospective clients, and at business meetings and conferences.

The promotion will be performed through networking, using job search sites, creating targeted Internet advertising, using social media, taking part in business meetings and conferences, and sending newsletters.

The first means of promotion can be realized through close cooperation with other HR agencies, former colleagues and friends of the GE Group’s employees, former clients and applicants of the agency. The network can provide the HR agency with vacancies and professionals. In the same time, it helps prospective clients form a trusting attitude towards GE Group. This will improve the efficiency of the work of the agency.

Using of job search sites would provide enormous opportunities for the agency. These sites can be used to find companies that are searching for new employees and the staff. GE Group can engage users of these job search sites by offering them highly specialized assistance. Thus, the company will be viewed as the provider of effective labor management services.

GE Group should also develop targeted Internet advertising. This can be done through the application of Google AdWords. This massive tool can help attract candidates to vacancies of the agency by presentation its innovative approach and high level of professionalism. Moreover, it enables GE Group to monitor the popularity of vacancies by observing the number of clicks on it.

One of the most promising promotion tools that HR agencies can use is social media. It enables the fast-spreading of information and open contact with numerous individuals. For example, the use of LinkedIn enables clients and job candidates to search for one another, provides information about the job candidate's work experience and interests, and gives the ability to engage employees in various groups.

Taking part in business meetings and conferences enables the formation of new contacts and introduces its professionalism to a broader audience. GE Group can show its deep knowledge of recruiting in the specialized fields and introduce itself as an innovative HR agency. This aligns with the company’s goals. At the same time, informal contacts would enable the HR agency to expand its network.

The last promotion tool to discuss in the current report is sending newsletters. This tool would enable GE Group to keep clients and applicants up to date on the latest vacancies, the success of the agencies, and changes in labor regulations. GE Group will “keeping business top of mind and maintaining client base ongoing” (Briggs, 2013). They will recognize that the HR agency is working effectively, tracking the latest news and changes in the legislation, and reach new heights.

Promotional Strategy

The promotional strategy of GE group will combine online and offline promotions. The online promotion will utilize specialized sites where the clients would be able to find the company’s services view the company’s performance and find contacts; and candidates would see the open positions and would be able to send their CVs. Moreover, this form of promotion would also allow for the tracking of the information on job-boards, using social media, and create targeted advertising. The company would use LinkedIn for contacting clients and applicants and positioning open vacancies and the latest news. Furthermore, GE Group will place advertising on the Google’s front page with the help of AdWords. Online marketing will present the image of GE Group as the company that uses modern technologies and can render effective hiring and recruiting. Sending newsletters can also be accomplished through online promotion.

It also assumes that all of the initial employees of the company will already have been hired. The appropriate online and offline tests and methods for assessing employees personal characteristics and professional knowledge and skills would also be developed. Some activities will not have end dates because they would be ongoing through the duration of company’s existence or until otherwise canceled. The same assumptions are applicable for offline promotion.

The offline promotion entails taking part in business meetings and conferences and cooperation with other HR agencies. These activities would be involve presenting the company as offering high quality and efficient HR services which are based on the professionalism of the staff and the application of modern technologies.

The expected market conditions are considered to be favorable for GE Group. That means that significant market declines in the HR industry, industry of financial resources, and technical engineering are not anticipated. GE Group would successfully realize its online and offline promotion, attract clients and applicants, and withstand the competition. Thus, the number of sales would remain stable or even increase.

During the first month, GE Group will not actually offer any services. The agency would just start its initial work and would direct all its efforts towards promotion. It is expected that the company will start its services (and therefore generate sales) from the second month of existence.

Implementation Strategy

Overall Strategy

The launching of GE Group will consist of numerous steps directed at bringing recognition to this company as an effective agency that applies modern technologies and has a highly professional staff. This strategy will begin through the formation of the LLC company, finding and hiring a recruiting manager and two recruiters who have appropriate knowledge and skills for searching and assessing applicants in the fields of technical engineering and financial services. Moreover, before the actual start of the company, the IT solutions which would be used for searching and assessment of personnel should be identified and purchased. The agency director should also find appropriate office space and sign a lease. All these actions should be performed simultaneously from November 1, 2016 to December 24, 2016. GE Group will halt its activities from the period between December 24, 2016, to January 3, 2017, because of holidays. The major goals of this pre-launching period are to register the company, staff it with the professional personnel, choose and purchase the IT solutions, and lease an office.

Once the work resumes on January 4, 2017, the personnel should be actively engaged in the online and offline promotion. This is necessary for searching clients and applicants, and inserting information about them into the company’s database. The promotional activities will be performed even when the company lacks a sufficient number of clients. It is expected that GE Group will start searching for personnel for clients on February 1, 2017. Thus, the major goals of the working period from January 4, 2017, to February 1, 2017, are finding and starting active communication with 15 companies which are interested in the services provided by GE Group, finding clients who are willing to sign a service contract with HR Group on searching of the employee, creating the site and launching it, active use of job search sites and Google AdWords, taking part in 15 business meetings and conferences, forming partnerships with at least 2 other HR agencies, creating a page on LinkedIn and making contacts with 100 potential applicants and clients, and forming a database with the information about them.

The work after the initial launch will be connected with increasing the number of active clients and applicants, increasing the database, proceeding promotion of the agency. The goals from February 1, 2017, to July 1, 2017, are to increase the number of active clients to at least 15 companies a months, rendering high-quality services to them and finding them applicants that are suitable to their needs and requirements, proceeding active online and offline promotion of the company, increasing the database, formation partnerships with at least 5 HR agencies. The goals from July 1, 2017, to December 31, 2017, are similar. The only differences are that the benchmark for increasing the number of active clients will be 30 per month and the number of active partnerships with other HR agencies will increase to 10.

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Monitoring Plan

The post-launching monitoring plan will focus on the financial performance of the agency, control of the work of recruiting managers and recruiters, analysis of customers’ satisfaction, and aligning to a set schedule. The financial performance will be evaluated by using various financial ratios, analysis of profit, and expenses. The financial ratios that will be applied include gross profit margin, the return of assets, and the net profit margin. These ratios will be calculated and analyzed on a quarterly basis. All financial calculations will be performed and analyzed by the accounting director. This employee will present them to the agency director in the form of a special report. The agency director will use this financial data in order to measure and modify the company’s objectives and targets with the aim of further improvement of the work of the agency.

The agency director will also control and assess the work of the recruiting manager. The performance indicators that would be taken into the consideration include the number of realized and potential clients, number of partners (other HR agencies) with whom GE Group has signed agreements, number of applicants approved by the clients, the extent of the database and the relevance of the information in it, the web traffic related to the company (i.e. number of clicks on its advertising, web site and page in LinkedIn). The number of applicants approved by clients will reflect the efficiency of the work of recruiters and control of this work by recruiting managers. The web traffic, the number of contracts with other HR agencies, and amount of current and potential clients will reflect the effectiveness of the online and offline promotion.

The recruiting manager will be responsible for supervising and assessing the work of the recruiters. This person will pay attention to the number of applicants entered into the database and the character-related information about them, the number of interviews and tests conducted with the applicants, the scores obtained during these tests, number of applicants that are considered to be suitable for some particular line of work. In this section, it should be noted that the scores obtained by the applicant during the performance of specialized tests reflect their personal and professional characteristics. At the same time, they show the suitability of the candidate for the particular position, i.e. how effectively the recruiter assessed the information about this application before the test performance.

An analysis of customer satisfaction will be performed in two ways. The first method is by sending a special questionnaire to the client after selecting the applicant for the requested position. This will help to systematize the obtained clients’ reviews, compare them, understand major trends, and apply appropriate steps. The second one is based on determining the customers’ satisfaction during personal contact. This will help to identify the personal opinions of the clients which may be underrepresented in the online questionnaire.

The Agency director will control the aligning with the set schedule of work. This will be realized by establishing special meetings at the end of the workweek. During these meetings, all the employees will discuss professional achievements and complexities which arose during the working process. Thus, the agency director will obtain a clear vision of which tasks were not performed and which actions do not correspond to the set schedule.

The precise monitoring of these fields would enable GE Group to determine the possible issues beforehand, develop effective and efficient steps for their elimination or addressing, taking appropriate measures for their elimination in the future. The major aim of the current plan is to evaluate the success of the company in meeting its milestones.

Financial Statements and Projections

During the first month of work, it is expected that the company will not generate revenue because it would not yet actually offer any services. During the next months, GE Group would begin together with revenues.

At the same time, GE Group would have operating expenses from the very first month of existence. These expenses involve both fixed and fluctuating costs. The first group of expenses entails salaries, office rent, marketing expenses, IT technologies, and insurance. The fluctuating expenses include phone expenses, travel and vehicle costs, and miscellaneous. These expenses will increase as the amount of work grows. The estimated interest rate is 2% for obtaining funds necessary for the establishment and operation of GE Group.

Financial Report

Financial Projections

The above financial statement shows that during the 1st, 2nd, 3d, and 4th months of existence, the company’s operational expenses will be higher than its revenues. This is because during this time period GE Group will not be able to provide enough services to cover its costs. During the next months, the company’s performance will be significantly better because it will be able to cover its expenses. Thus, the company should have sufficient reserve funds for operating during this time period.

The presented financial statement is based on several assumptions. The major one is that GE Group will be operating during a period of increased demand for HR services in such spheres as financing and technical engineering. Another assumption is that the proposed online and offline promotion strategies will be effective and the company will be able to attract a sufficient number of clients. Moreover, the company will not be obliged to cover any expenses not introduced in the current work

Financial Position

At the end of the fiscal year, the company’s financial position will be strong. GE Group will have a sufficient number of orders to cover its operational expenses. The estimated net profit will be $ 55,385.72. The HR agency would not have any financial liability. The creators of the company (Agency director, financial manager, and lawyer) will obtain a salary each month as regular employees. Moreover, the share premium will be $1500.

Estimated Capital/Investment Needs

The owners of GE Group would be obliged to contribute sufficient initial investments. These investments include expenses related to registering the company, insurance, office rent, purchasing IT solutions, hiring the staff (recruiting manager and two recruiters), and marketing the company. Future estimated investments would entail additional expenses such as hiring the additional personnel (recruiters), purchasing more advanced IT solutions, improving the advertising and marketing campaigns, moving the office to bigger for placing a greater number of employees and purchasing a car for business needs.

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