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The employment market basically means the supply and demand for labour, with employees giving the supply and employers giving the demand. Microeconomics and macroeconomics are both relevant when studying the labour force, as per the beliefs of the scholarly figure. Two macroeconomic indicators to keep an eye on are unemployment rates and labour productivity rates. This report will shed light upon the trends of the contemporary market and their importance in the planning of the workforce, and further, it will discuss the important impact and purpose of effective talent management. Moreover, this paper will further discuss the significance of managing effective onboarding and contractual arrangements. Finally, the report will wind up the study by giving some effective recommendations for the same.
Companies that are employers of choice have a leg up on their competitors in the labour market. Company culture, leadership and employee engagement are all critical components of being an employer of choice. For highly competitive labour markets, the Higgs model identifies four jobs within an organisation to be filled. Employees are subjected to cruel treatment by their cash-rich employer, who demands excessive hours and lavishly compensates them (Nesbet, 2022). Employer of value pays less, yet due to the nature of the work, the job satisfies the charities. There is a high rate of employee turnover because churning companies don’t pay and treat their workers well (Boland, 2022). For these companies, it is incredibly difficult to attract new staff and keep them happy and engaged. Finally, a desirable employer is one who offers competitive compensation and benefits.
Organisational principles like diversity and inclusion, work-life balance and advancement opportunities are examples of non-financial variables. Private health insurance is one of several benefits offered to employees in order to entice new hires and keep existing ones. Employer branding refers to how the general public perceives a company. Nevertheless, by being an employer of choice, companies can improve their position in the labour market by implementing retention tactics to keep top workers. The cost of recruiting and training can be reduced with improved employee retention rates (van den Groenendaal et al., 2022). Another benefit of the labour business model is that when employees are compensated, morale and work culture improve. If the organisation creates a positive work atmosphere, they have a chance of succeeding and becoming a leader in their field.
Another factor affecting HRP effectiveness is the rate of increase in labour productivity. Because more jobs are being created, and fewer people are being laid off. A ber economy should result in reduced unemployment. Several factors can affect the job market, such as the economy and technological advancements. “Job turnover”, “unemployment”, “discrimination”, “seasonality”, and the overall “economic climate” are examples of these issues. It is one of the reasons why the labour market affects human resource planning because of its demand and supply characteristics (HRP). A person’s education, experience, abilities, knowledge and training and sector or geographic association all affect their HRP (L?ce and Sloka, 2022). People are hired according to what they look for in job applicants. The vast majority of firms prefer to recruit somebody with a college degree or higher.
Because of this, it is imperative that a list of job vacancy requirements be established in order to ensure that the proper people are hired for the right positions. In addition, the following characteristics are distinctive to the labour supply since a prospective employee has the freedom to accept or reject a specific job offer. The working conditions, pay, benefits and remuneration of a company have a significant impact on an employee’s decision. What this means for HR management’s personnel decisions is undeniable (HRM). His decision-making will therefore be affected by the relationship between the reserved and offered income levels for a specific person as per economic theory (Verick, Schmidt?Klau and Lee, 2022). The effectiveness and capacity of various types of work are influenced by a variety of factors.
Often the government is credited with helping to mould and cultivate the next generation of workers, but private industry and labour unions also play an important role in this process. It is the responsibility of employers to create a work environment that fosters the development of necessary skills and to give employees with educational opportunities, i.e., resources, to help them acquire such abilities (Young and Hordern, 2022). It is the government’s duty and capacity to provide apprenticeships and other training opportunities for workers because it is responsible for enforcing the rules governing the conduct of commerce and friendships in the market.
As a result, employers must be recognised as major partners in the progress of future skill development and acquisition. In order to remain competitive in the labour market, organisations will need to set future skill standards for employees to grasp the criteria by which they will be evaluated and with which they must conform. Market developments and changes in demand necessitate detailed analyses by organisations that include technologically innovative solutions and the instruments necessary to achieve those expectations.
As a final point, trade unions have a specific role to play in the development and acquisition of future skills. As part of this effort, union learning representatives will assist employees in finding the resources and training options they need to meet the new quality standards (Alam and Dhamija, 2022.).
As part of workforce management, strategic planning comprises calculating the number of employees needed, scheduling them and managing them to achieve operational goals. Understanding how many people are needed to handle the workload, proper staff training, attrition rates and checking that, functional targets such as utilisation, shrinkage and service levels are met are just a few of the benefits of successful workforce planning (Turan et al., 2022).
Accurate foresight
Accuracy in staffing planning is of paramount importance. In any scenario, the “proper” number of employees must be hired and scheduled in order for a plan to be accurate. It is wasteful to hire too many personnel, yet it is detrimental to customer service to hire too few. “Artificial intelligence” is used by NICE to ensure the best-in-class forecast accuracy (O’Malley et al., 2022).
A Plan for the Long Term
It begins with a determination of hiring plans based on business growth or decrease, capacity, the use of outsourcers and operational indicators used to assess business performance. Organisations, on the other hand, profit from long-range workforce planning since it allows them to model a variety of scenarios with their business in order to determine the right number of employees needed to meet demand (O’Malley et al., 2022). When the contact centre is overwhelmed, these tactics are used to create hiring and onboarding plans to ensure that enough employees are available.
Strategic personnel planning has many advantages for your business, including retaining employees, discovering new talent, identifying skill shortages and supporting the budget. Planning a company’s workforce can also help the company better prepare for the future and anticipate potential problems. However, the following are some of the most efficient methods for preparing a workforce;
The supply analysis: Primarily focuses on the need for the supply of labour. In order to determine the efficiency and the functionality of the business strategy aids by the existing workforce, it lays stress on the number of staff, their competence, functionality and so on.
The demand analysis: It examines the future business future aims and objectives. It basically deals with the number of workforces needed to do a task and also informs about the changes which will help in mitigating the extreme workload.
The gap analysis: Here, both supply and demand are compared to analyse the outputs of the skills. However, it combines with an action plan to identify the gaps and make a plan further to deal with them.
The solution analysis: It is the last phase where the organisation finds out the gaps and tries to annihilate them that might adversely impact the future aims of the business. It involves new data and metrics to identify the problems and makes a strategy to work against the probable risks.
(Source: James et al., 2022 and Jotabá et al., 2022)
2.3. Explanation of the approaches to succession and contingency planning aimed at mitigating workforce risks
Prevent the spread of “Covid-19”
As it is a known fact that the effect of Corona has been affecting the growth of the business. However, due to its terrible impact, an organisation is facing problems in the recruiting process.n Out of fear, people are not ready or rather allowed to come out of their homes and work being physically involved in the process. However, it has led the organisation to face a major loss of employees, which is becoming difficult for them to fill the job, and ultimately the insufficiency of the employees can cut down the productivity of the organisation. Furthermore, in order to make the functioning of the recruitment process smooth, the organisation needs to take the necessary steps to prevent the harmful spread of Corona as it is well perceived that the health and wellbeing of the employees or the members of staff are essential for the excellence of the organisation. In addition, management must protect the workplace from getting infected by dangerous viruses so that it will not lead to any health issues (Lesi, 2020).
Utilisation of Technology
Due to the outbreak of the pandemic, it has become tough for the organisation to meet with the people and discuss their credentials and competence. As a result, it is a huge hindrance to the recruiting process (Roemintoyo et al., 2022). However, in order to deal with this situation, the organisation has to make the best possible use of technology to interact with the people and discuss their details before employing them. The organisation has to adapt to the technological-oriented business so that people will not be reluctant to join the company out of the fear of getting infected.
Evaluation of employees’ skill
This is also a matter of concern for the organisation to find an efficient and skilled workforce. In the recent timers of “shut,” the organisation is not able to recognize the best candidate as people sometimes send forged resumes through online platforms. Due to that, it becomes challenging for the management to hire the most efficient and skilled workforce and distinguish between authentic and forged candidates (Jønsson and Kähler, 2022). However, the organisation should make use of the technology to evaluate the skills of the employees by conducting tests and giving a set deadline through the online test.
2.4. Assessment of the strengths and weaknesses of different methods of recruitment and selection to build an effective workforce
Instead of looking at a candidate’s competencies, “Strength-based recruitment” focuses on their inherent talents and motivations. Strength-based recruitment focuses on a candidate’s internal motivation rather than their skills and behaviours. Announcing the post, reviewing applications, analysing candidates, interviewing, finalising, training and negotiating a deal are the basic steps (Hunkenschroer and Luetge, 2022).
Strength-based recruitment allows new employees to capitalise on their strengths right away and learn more quickly over time, resulting in a shorter time for productivity. Strength-based hiring leads to increased production in the long run. Employees perform better because they have a b desire to succeed. Strengths-based hiring is a great way to boost employee morale and productivity. Six times more likely to be engaged at work are people who understand and use their skills in the workplace.
Increasing the time it takes to find new employees is a disadvantage for the company as it can lead to difficulties like low productivity and high turnover, similar to those found in contact centres. Recruitment agencies can be pricey to use. Recruitment businesses typically charge between 20% and 30% of an employee’s annual salary. For a hard-to-fill post, using a recruitment firm can be prohibitively expensive (Gopinath and Poornappriy, 2022).
Retaining and recruiting are among the most important component of the success of any business organisation (Gyurák Babe?ová et al., 2020). In this 21st century, the retaining of top talent and recruitment has become very popular than ever before. Employee turnover is among the most critical problem which is affecting the profitability and the overall productivity of the business organisation (Alias et al., 2018). Especially, the pandemic has impacted the business organisation in recruiting and retaining their workforce effectively. The pandemic has pushed the economy into the worst circumstances.
The inflation rate of the United Kingdom has climbed to 7 per cent which is among the all-time high inflation and it is also among the reason that is resulting in huge employee turnover and retaining the quality employees or the workforce is getting harder than ever (Smith, 2022). According to the survey of Resourcing and talent planning of 2021, it can be observed that there is a b need for the business organisation conducting business in the United Kingdom to concentrate on retaining the employees (CIPD, 2021). In addition to that, another fact that can be recognized in the survey is that only a few business organisations are focusing on the initiatives relating to employee retention in the last 12 months which is very low progress in comparison to 2020 (CIPD, 2021). There are many factors behind the employee leaving the business organisation such as fewer opportunities to grow in the business organisation, unsatisfactory salary, poor work environment, etc.
For developing talent as well as retaining talent, there are many different approaches in a business organisation that can be beneficial for the human workforce. There are many approaches but the discussion will be based on the approaches that can have the most impact in developing and retaining talent on an individual level as well as group level. One of the best approaches is a healthy investment in human resources for retaining a quality human workforce (Madanat and Khasawneh, 2018).
Communication is among the other approaches which involve the formation of a connection and alignment with the management as well as the business organisation. This can be accomplished by properly communicating the vision, goals, and objectives and aligning them with the employees’ goals and objectives (Singh, 2019).
As discussed in the report, retaining and developing talent is one of the important components of the business organisation since it aids in business growth and expansion in a sustainable manner (Lauby, 2018). The followings are the four approaches that any business organisation can take to build and support different talent pools:
This approach is to ensure that the business organisation can able to recognise the competencies required to make an effective strategy. This can also include collecting and observing different information regarding workforce planning activities (Saeed et al., 2019). However, the strategies can vary and can change constantly but the competencies always remain the same. For instance: Critical thinking skills are always necessary even if the strategy keeps changing.
This step is to assess by gathering the required information from the staffing analysis and activity related to the workforce planning. This step can be achieved by the utilization of different techniques such as assessments, performance reviews, interviews and multi-rater feedback (Rudman, 2020).
This involves helping in developing the skills of the employees. Various external and internal recruitment can help in the overall development of the workforce (Namazi et al., 2021). The followings are some activities such as:
Experience employees working in the business organisation can provide impactful mentoring and develop the skills of the employees and they can get benefit from the “wisdom of experience” (Van Vianen et al., 2018).
Collaboration is the key to the success of any business organisation and the employees working and spending time can aid in the timely delivery of business operations and effective feedback to improvise the development of the employees (Bag et al., 2020).
A good manager will always share his/her experience with the other employees and a manager being open, and honest can aid in influencing the behaviour of the consumer and ultimately improve the overall performance of the business organisation (Zuñiga-Collazos et al., 2020).
This step involves constant monitoring of the recruitment strategies, talent management etc for developing the skills of the employees to keep up with this uncertain constantly changing world (Stone, Cox and Gavin, 2020). Any uncertain change like Covid-19 can force the business to rethink the strategy and make adjustments.
Diversification of the workforce can have a huge impact on the overall productivity as well as the profitability of the business organisation (Gomez and Bernet, 2019). Different perspectives from diverse cultures can bring new things to the table such as distinct approaches to solving different problems. The innovation and creativity of the business organisation can be hugely boosted by the diversification of the workforce (Cletus et al., 2018).
Any business organisation having a diversified workforce can deliver and create more types of commodities and services for the customers. For instance; Microsoft is among the company that has a diversified workforce which is helping the business organisation to unlock the full potential of innovation and creativity (Pillay, 2019). Diversification of the workforce can enable the team to be more efficient and work productively since the human resource will have more information and viewpoints of a different culture (Gomez and Bernet, 2019).
As mentioned above how the business organisation in the United Kingdom are facing the problem of employee turnover. Dysfunctional employee turnover is also part of employee turnover and it takes place when the employees that are performing exceptionally well leave the business organisation (Dwesini, 2019). These are the top performer of the business organisation and when they leave, the business organisation has to face huge financial losses and the overall productivity gets hampered due to the departure of top performers. In addition to that, the communication and social network that was formed during their working days also gets affected and results in an impact on the business flow.
The followings are the different types of contractual arrangements:
Fixed Price Agreements
Fixed Price Agreements are also known by another name that is lump sum contracts that can be utilized in the circumstances where the payment does not rely on the resources utilized or time expansion (Bellemare and Lim, 2018). This type of agreement can be suitable when the time scale is mentioned.
Contractual Agreements
This is the most common type of agreement which involves the formation of a business agreement between the business organisation and the employees for carrying out the specific goals and objectives of the business organisation (Allam, 2018). The agreement involves time duration, salary packages, etc. For instance: in the video game industry, many employees or individuals switch to different companies like Naughty Dog, Square Enix, Rockstar Games etc for a specific time period; it can be until finish developing the video game or any other goals and objectives depending on the contract (Gunkel, 2018).
Cost Plus Agreements
Cost Plus agreement is the agreement that involves a type of agreement of cost reimbursement for the circumstances where the purchaser agrees to pay for the actual cost of the whole project which could include labour cost, raw materials as well as any uncertain expenses (Flammer, 2018).
The main type of contracts that can be identified are Conditions, warranties and innominate terms (Chow, 2020).
A condition is mainly a contract’s premise and it includes all the accountabilities of all the contracting parties (Asadi, Rotimi and Wilkinson, 2022). There is a requirement for both the party to fulfil the specified responsibilities for carrying out the business activities and accomplishing the different goals and objectives in the process.
On the other hand, Warranties are different assurances that can be recognised in the contractual agreements in which one party makes a guarantee to the other party (Jastrz?bski, 2019). In these warranties, there are many consequences for violating the warranty, the party that faced consequences can claim the damages but ultimately, the contract remains active.
Innominate Terms is the term that remains between the warranty and conditions. It can also be considered the “no-mans-land” between the two parties. It is the formation of a promise between two parties in a contractual agreement (Zhao, 2019). There is a difference that makes it different from warranties and conditions such as if any party do not fulfil the contractual obligation, then the breach of contract can take place and it can enable the other party to terminate the contractual agreement.
Onboarding refers to the procedure by which the human workforce can aid to adjust the human workforce with the new work environment as well as the new roles and responsibilities (Chillakuri, 2020). Properly defined goals are one of the components of an effective onboarding program because employees can work productively if the goal is clear (Davila and Pina-Ramirez, 2018). An effective orientation program for the new employees can aid him/her to get introduced to the business organisation. Functional training is another component of effective onboarding which involves providing effective training regarding teaching the employees about the general system of the business organisation (Hickey, 2020).
Conclusion
It can be concluded that effective talent management is the key to the success of a business organisation. Effective talent management aid in formulating the different strategies of the business organisation. The skilled workforce or the human resource is only possible when effective talent management programs are in place to carry the business operations effectively as well as efficiently. The overall work productivity and the profitability of the business organisation can boost by a large margin and the motivation level of the employees can also be improved on a large scale. Employee retention can also become very effective when the workforce is happy, skilled and capable of accomplishing the goals and objectives of the business organisation.
The aspiring workforce and the talent group always put heavy emphasis on getting a work environment that is full of enriching experiences and growth opportunities as well as business exposure. Talent management is mostly carried out by the division of Human Resources that aid in aligning the long-term goals and objectives of the business organisation with the employees. Practices of effective talent management also boost the effectiveness and efficiency of the business organisation and can aid in minimizing the business uncertainties. Employee engagement is also among the impactful contribution of talent management.
Recommendation
Contractual agreements are very important to overcome the different conflicts that can take place between the employer and the employees. But to manage the contractual agreements, the business organisation must have the right contractual agreements to improvise the performance of the employees. The contractual agreements provide the necessary means for the business organisation to provide a harmony working with employees and it also generates new opportunities for the new employees.
The different types of contractual agreements must be available for recruiting new talents and also for the effective onboarding of new emerging talent. For instance: an agreement between the employer and employee must be followed ethically and any new rising talent can be employed by the contract with ease. With the rising pandemic, many individuals are preferring to work on a contract basis in various business organisations to gain experience.
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