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What is Business Research & Development (R&D)?

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An In-Depth View at Business Research & Development and it’s advantages

Business Research and Development departments are common in many larger companies, especially those working with newer products or technologies subject to important shifts. While research and development work can be instrumental in creating new products or adding features to old products, the work that the department does is more complex than simple innovation.

Business Research and development (R&D) refers to the investigative activities a business conducts to improve existing products and procedures or to lead to the development of new products and procedures.

Consumer goods companies across all sectors and industries utilise R&D to improve on product lines, and corporations experience growth through these improvements and through the development of new goods and services. In general, pharmaceuticals, semiconductor and software/technology companies tend to spend the most on R&D.

 

BREAKING DOWN ‘Research And Development – R&D’

The term “research and development” is widely linked to the concept of corporate or governmental innovation. Known as research and technical/technological development (RTD) in Europe, activities that are classified as R&D differ from one company to the next, but standard primary models have been identified.

 

Basic Research and Development Organizational Setups

There are two basic R&D structures that have emerged in companies throughout the commerce spectrum. One R&D model is a department that is staffed primarily by engineers who develop new products, a task that typically involves extensive research. The other model involves a department composed of industrial scientists or researchers, all tasked with applied research in technical, scientific or industrial fields, which is aimed at the facilitation of the development of future products or the improvement of current products and/or operating procedures.

R&D is different from most activities performed by a corporation in the process of operation. The research and/or development is typically not performed with the expectation or goal of immediate profit. Instead, it is focused on long-term profitability for a company. Companies that employ entire departments devoted to R&D commit substantial capital to the effort. They must estimate the risk-adjusted return on their R&D expenditures, which inevitably involve risk of capital, as no immediate payoff is experienced and the general return on investment (ROI) is somewhat uncertain. The level of capital risk increases as more is spent on R&D.

 

Basic vs. Applied Research

Basic research is systematic study aiming at fuller, more complete knowledge and understanding of the fundamental aspects of a concept or a phenomenon. Basic research is generally the first step in research and development, performed to give a comprehensive understanding of information without directed applications toward products, policies or operational processes.

Applied research is the systematic study and gleaning of knowledge and understanding to apply to determining and developing products, policies or operational processes. While basic research is time-consuming, applied research is painstaking and more costly due to its detailed and complex nature.

 

What are the advantages of Business Research & Development?

Leaps in Market Participation

Market participation refers to the ability to attract new customers and win customer interest. At its core, research and development is about innovation, about offering consumers something they have never seen before. When R&D can pull off such a product offering, the interest that consumers have can cause a sharp leap in market participation and sales. It may even create an entirely new market for the company.

Cost Management Benefits

Research and development does not produce value directly in relation to how much funding the department receives. It is unique in this property; the success of R&D depends more on the practices, talents and innovations of the people working there than on how much money the department receives. This means that a company can actually spend less money on research and development than many competitors but work to secure talented employees and proper goal orientation and still produce good results.

Marketing Abilities

Research and development strategies allow companies to create strong marketing campaigns and advertising strategies. The two work together very well. The research and development department works to make new product designs or add features, and the marketing department interprets these changes in the most exciting light possible in order to attract customers, creating synergies between the two branches.

Trend Matching

Many times a market is already embracing a trend, and the research and development department can be used to make the business active in that trend and increase sales. For example, in markets rapidly embracing green products, a company can use research and development to make products out of natural ingredients, recycled materials or biodegradable substances, allowing for the release of an eco-friendly version of the product that increases sales. When R&D can catch up with trends, the business is seen as adaptable and profitable.

 

If you found this article interesting, why not check out our latest Business Development Executive Role? It may be the perfect opportunity for you to take the next leap in your Business Development Career! You can view it by clicking on this link!

– Tyler Lacoma

– Investopedia

How a Recruitment Agency can help you find the right job

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Looking for a job is a full-time job in itself and can be extremely time consuming and daunting. That’s where a recruitment agency can help.

Not only helping you to manage the ‘workload’ of a job hunt, the benefits of a recruitment agency stretch right through to helping you succeed in an interview. And for job seekers, a recruitment agency is absolutely free to use!

So just how exactly can a recruitment agency prove beneficial when seeking a job? Here are 5 key points:

1. A more tailored job search

The advantages of using a recruitment agency are clear when you look at how they can help tailor your job search. Skilled recruiters will know their clients well – and the roles they have available. As a result, they will be able to target the vacancies they put you forward for.

With a recruitment agency helping you with your job hunt you will be put forward for roles that are right for you, as oppose to applying blindly to companies with only the job description to go on and perhaps the companies website to build up an idea of what they’re about.

2. Support and guidance

A recruitment agency is built on the skills of its recruiters – they know the job market, they’re experts in interviewing and skills assessments, they know their client’s requirements and they know how to help you shine in the eyes of the employers.

A great recruitment agency will be able to help you strengthen your interview skills, tidy up your CV and focus your career goals. Nurture the relationship with your recruitment agency and they could prove instrumental in your career progression.

3. Making the job hunt more manageable

Your job hunt can easily get out of control. You may send your CV off to lots of different companies and get responses coming through here and there. But how do you know if you need to follow up on an application? Do you have a structured way of knowing where you should be and for what interview? Have you had the opportunity to do enough research into the job and organisation you’re applying for?

A recruitment agency will have an organised system to help manage job seekers and clients – and it can take a huge weight from your shoulders. They will be the ones to send your CV to targeted clients, they will organise the interviews and they will give you updates and feedback. They’ll also be able to tell you the details you need to know about the employer, helping you to focus your efforts.

4. An ongoing relationship

A recruitment agency doesn’t need to be a one-off support system. If you make a good impression with recruiters, they will be happy to help you later down the line when you’re ready to make another career move.

In another example, if you work in HR and are placed as a candidate by a recruitment agency you can easily build an ongoing relationship that benefits your work. You can make the transition from candidate to client, using the agency’s skills to help you place candidates in your organisation.

5. Feedback

Finally, a recruitment agency will help you go onwards and upwards by providing constructive criticism and feedback. If you didn’t quite get that job after an interview, recruiters will be able to help you understand why and then help you strengthen your interview skills or otherwise in time for your next attempt.

Here at Graffiti Recruitment, we take the time to get to know you, your business, thoughts, dreams and aspirations. We consider ourselves IT Matchmakers, Artists and Scientists all rolled into one. This combination allows us to be a professional soundboard and advise you on the best options for you!  Our Graffiti team are all self-confessed IT geeks and are proud of it, so when we talk to you we have a genuine interest in your career and business requirements.

If you are interested in a career within the IT Industry, get in touch to see how we can help you on 0330 2233 047 or submit your CV on our website by following this link.

How a Recruitment Agency can save you time and money!

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The recruitment of new employees can be a costly and time-consuming process for businesses, especially SMEs. Find out how a Recruitment Agency can save your business time and money when it comes to recruiting. 

Employers fully recognise the value of top talent – those individuals that can drive their business forwards and boost the bottom line. Directors and hiring managers face a tricky task when it comes to ensuring a flow of continual talent into the business and making sure they hire individuals who are suited to the job and the culture of the organisation. In a buoyant jobs market, where employers are competing with one another for the most skilled and experienced staff, this becomes even more difficult. In many cases, employers need specialist support with their hiring strategies. Using a recruitment agency to identify and attract talent, and negotiate terms, can relieve a huge amount of pressure. This approach can help organisations find the people they need to move forwards, bring them to interview, and secure their services within budget.

What are the benefits of using recruitment agency to help hire professionals?

Here are a few practical benefits:

  1. Ability to identify talent

Recruitment agencies work with both employers who are searching for talent, and professionals who are on the hunt for career opportunities. As such, they are ideally placed to be ‘in the know’ and operate as an intermediary between the two parties. The knowledge recruitment consultants possess about how to avoid hiring a bad candidate can be extremely valuable; they know who is looking for work, how capable they are, and what sort of a salary expectations people have.

Once an employer has created a vacancy and established the job criteria, recruitment agencies can set about finding suitable people for the position. The ‘ideal candidate’ is often the one who is not actively looking for a new job but would be open to one if the right opportunity presented itself. A recruitment consultant has strong networks and a clear idea of where to find these individuals.

Another benefit of using a recruitment agency is their extensive knowledge about individual segments of the job market and the talent that is available in particular localities. They also learn about employers’ requirements and goals. This means they can source talented individuals who are capable of doing the job.

  1. Advertise roles

Sometimes when employers advertise vacancies, they do not receive applications of the required calibre. They are looking for an experienced candidate with niche skills, but the CVs they receive simply don’t hit the mark. Often, this is down to poor marketing; or the cost to advertise individual jobs online. High-calibre people can sometime miss the job advert an aren’t aware of the opportunity available.

Recruitment agencies advertise vacancies both online and offline. They actively seek out and head hunt professionals who fit the job description. Recruitment consultants may establish direct contact with talented individuals they know, having networked with them in the past and invite them to apply for the role. Some professionals might not be actively looking for a career change, but your vacancy could just tempt them. ‘Everyone has a price right’, but that price may not always be money! As the millennial generation continues to demand modifications to the standard 9-5 as we know it. Work/life balance and company culture sometimes become even more important than salaries.

  1. Negotiate salaries

As an employer, the last thing you want is to get to the end of the recruitment process, having identified your preferred candidate and made a job offer, only to find that you are poles apart on salary and benefits. Before entering salary negotiations, recruiters can help you benchmark remuneration against other businesses in your industry and can provide valuable resources. Recruitment agencies are also actively placing skilled candidates and negotiating salaries involved in the hiring process. They can negotiate on behalf of both parties and agree a mutually acceptable remuneration package. If both parties are aware of the other’s hopes and expectations from the outset, it ensures there is a realistic prospect of sealing the deal.

  1. Interview candidates

The recruitment agency can conduct interviews on an employer’s behalf, which can save time and money. On average each individual hire could take up to 50 hours of your time. Within an average SME there are usually 3 people involved in the recruitment of a single person. Is this the best way to spend your time or can you use this time more effectively to drive your business forward? A recruitment consultant can give you that time back by providing a shortlist of suitable candidates and begin the process of narrowing down the applicants. The recruitment agency can also conduct background checks on candidates invited to interview, meaning the employer’s HR department doesn’t have to.

  1. Deliver interim professionals

Using a recruitment agency gives businesses the benefit of increasing or decreasing their employee levels as needed. They can identify professionals for full-time permanent roles, but also individuals suitable for interim jobs. It may be that emergency cover is needed for an absent employee who has gone off ill or left at short notice. Or an employer may be concerned about a lack of capacity for a new project or initiative that is getting underway. Recruiters have candidates on who are willing to hit the ground running, meaning there is no time wasted getting these professionals up to speed.

  1. Offer industry insight

Another benefit of a recruitment agency is they spend all day, every day, working to provide staffing solutions for organisations across a range of industry sectors. As such, they have significant expertise and jobs market insight, internationally, nationally, and locally, which employers can tap into as they plan their recruitment strategy. Recruitment consultants understand employer’s needs, candidate expectations, and the impacts of supply and demand. This means they are ideally situated to help employers make educated decisions, which have a positive impact on the bottom line.

In summary

Employers don’t need to go it alone when it comes to hiring. Finding the right recruitment agency that has access to people in your industry vertical can be very beneficial, time saving and cost effective.

We can help you find highly talented candidates within the Tech Sector for jobs such as Software Development, Web Development, IT Engineering, IT Support, Graphic Design, Marketing, Business Development and much more! Please get in touch to find out how we can help you.

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