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Solution
5HRO2 Talent Management and Workforce Planning
Table of Contents
1.1 Position organization in a labour market 2
1.2 Changing Labour Market Conditions. 3
1.3 Skills Development through Tripartite Collaboration. 4
The role of the government in skill planning. 4
2.1 Impact of effective workforce planning. 5
The Impacts of Operational Workforce Planning. 5
3.1 Factors influence people choose to leave or remain. 9
Elements Affecting the Decision of Individuals to Remain: 10
Elements Affecting the Decision of Individuals to Stay: 10
3.3 Building and Supporting Talent Pools. 11
4.2 Express and implied terms. 14
1.1 Position organization in a labour market
Organisations must proactively position themselves as employer of choice in tight labour markets in order to draw and keep top talent. Gaining a competitive edge necessitates having a thorough grasp of the external environment, per CIPD research (2022b). Companies need to keep a close eye on their rivals and evaluate their employer value propositions and talent initiatives. This entails closely examining elements such as rivals’ pay and benefits, chances for professional growth, company culture, and how candidates perceive the brand. Organisations are able to benchmark themselves and make well-informed changes to their talent offers by recognising their strengths and weaknesses. The following traits are included in organisational positioning:
Employer of Choice
A business needs to promote itself as an employer of choice in order to compete strategically in today’s competitive labour market (Qaisi, 2022). Key elements including competitive pay, chances for professional development and career advancement, work-life balance, and an accepting and encouraging workplace culture should all be highlighted (Ahmad et al., 2020). This enables the company to draw in top talent by addressing the requirements and values of potential hires.
Employer Branding
According to CIPD (2022), effective employer branding is essential for fostering a sense of firm identity among prospective employees. This includes showcasing important organisational culture elements including mission, values, and people strategies. Employer branding initiatives use channels such as employee biographies, social media, partnerships, and films to showcase what makes the organisation an excellent place to work.
Organisational Image
Candidates see an organisation more favourably when it upholds high standards of operational excellence, ethics, and social responsibility (Viljoen, 2017). Engaging in community initiatives demonstrates the company’s common values to prospective employees. Trust is cultivated with socially concerned candidates through transparent environmental, social, and governance reporting.
1.2 Changing Labour Market Conditions
When there is a high demand and a limited supply of skilled personnel, tight labor markets result. Because of this, it is intrinsically challenging for businesses to find and hire qualified workers. Conversely, loose labor markets happen when there is a greater supply of competent individuals than there is demand for them, giving employers access to a wider pool of potential employees (CIPD, 2022).
Trends in labour supply and abilities
Social trends: In many areas, the workforce is becoming smaller due to demographic shifts including aging populations and declining birth rates. Concurrently, as urbanization increases, talent is concentrated in large metropolitan centers (Connolly et al., 2016).
Technological trends: Improvements in automation, artificial intelligence, and remote work are changing the kinds of skills required in a variety of professions. Due to technological advancement, this results in a shortage of expertise in new skill areas and a surplus in others that become obsolete.
Legal trends: Access to overseas talent pools may be impacted by changing immigration and international mobility regulations. Closer borders could make the lack of skilled workers in the country worse.
Resourcing Decisions
Recruitment techniques: In response to a skills gap, businesses maximize sourcing tactics such as aggressive on-campus hiring, enlarged apprenticeship programs, or combining foreign talent pools.
Strategies for retention: Leaders prioritize competitive compensation, learning opportunities, and workplace flexibility in order to keep key personnel for extended periods of time, given the high costs of replacement.
Employer branding: In order to stand out from the competition and draw in enthusiastic individuals, an organization’s brand must be powerful enough to make the short list of desired candidates. Long-term promotion of chances and culture wins over applicants’ minds.
Careful resource selection for long-term talent pipelines is influenced by strategic management of the labor market’s shifting dynamics (Cooke et al., 2022). It is possible to anticipate new hazards and possibilities rather than just react to them when the market is continuously monitored.
1.3 Skills Development through Tripartite Collaboration
Future skill requirements must be continuously reevaluated through collaboration between key stakeholders due to the dynamic nature of the work environment. To guarantee that workers and economies can adjust to disruptions, it is essential to continuously develop both hard and soft skills.
The role of the government in skill planning
In order to carefully analyze the needs of the workforce in the future and create skill-building plans, governments are essential. For instance, the Institute for Apprenticeships of the UK Government collaborates with employers to determine the qualifications that are in demand. Additionally, it funds programs that address skills shortages through reading and numeracy and apprenticeships. (Laczik and James Relly, 2022).
The Role of Employers in Developing Skills
Employers are essential in recognizing new skills requirements and offering training programs to meet them. To ascertain their future talent requirements, businesses use forecasting exercises and skills audits (CIPD, 2022). For instance, in order to determine the most important skills for internal training programs, such as cybersecurity and data analysis, BT Group conducts a thorough labor market analysis (Boulet, 2021).In order to upskill employees, firms also provide a variety of on-the-job training programs. Apprenticeship programs combine practical work experience with classroom instruction.
Trade Unions’ Contribution to Learning
Trade unions use advocacy and representation to increase access to education and skill development, as shown by Gumbrell-McCormick and Hyman (2019). Union-led campaigns work to amend laws to encourage lifelong learning. To provide specific financial sources for worker retraining, the TUC, for instance, successfully lobbied for the UK to implement the Apprenticeship Levy (TUC, 2022). By placing union learning representatives (ULRs) in the workplace, unions also hope to promote learning. Through advocating for members and engaging in negotiations with employers, ULRs serve as advocates for training.
2.1 Impact of effective workforce planning
Getha-Taylor (2021) defines workforce planning as the process of balancing the supply and demand for jobs. Workforce planning assists major organizations in controlling costs, staffing levels, and hiring the right contractors to meet short-term and long-term goals. Workforce planning includes business practices, analysis and discussion of current facts, plan agreement, and selection of the implementation procedure. This is appropriate based on Taylor’s Five Rights Model.
The Impacts of Operational Workforce Planning
Labour Demand Forecasting: Projects can be appropriately resourced and future staffing requirements can be understood by businesses through labour demand forecasting. Operations can be strategically organised with knowledge about volume and skill requirements.
Forecasting Labour Supply: Identifying sources of available talent can be achieved by mapping the internal and external labour markets. Finding any possible surpluses or shortages in the labour market is made clear by conducting an audit of the current workforce and benchmarking it.
Finding Supply and Demand Gaps: Disparities between present skills and future needs are shown by comparing the labour supply and demand. Where actions are needed is determined by evaluating the skills or headcount shortage and surplus areas.
Filling the Gaps in Supply and Demand
To address discrepancies between the supply and demand of labour, organisations might adopt tactics such as targeted recruitment, outsourcing agreements, reskilling or retraining programmes, and workforce realignment. For instance, reskilling aids in upskilling current employees for roles in the future. Organisations can anticipate workforce difficulties with the use of these analytical tools for effective workforce planning. Forecasts of supply and demand allow for the early identification of gaps, ensuring that talent needs are consistently satisfied.
2.2 Evaluation of Techniques for Forecasting Supply
In labour planning, systematic approaches, working back from costs, and managerial…
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