CIPD 5HR02 Assignment Example | Talent management and WorkforcePplanning
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CIPD 5HR02 Talent Management and Workforce Planning
An explanation on how organisations strategically position themselves in competitive labour markets. (AC 1.
Organisations position themselves strategically by promoting themselves as employers of choice. To retain the best employees, an employer of choice promotes a nice work environment, demonstrates a supportive culture, and has employee-friendly legislation (Simionescu & Naroş, 2019).
A desirable employer is also concerned with the health of its personnel and customers. Employers of choice have features that workers find appealing. The employer first pledges job security to the employees.
Therefore, the company should guarantee that employees have financial stability and job security so that they can concentrate on their jobs. Second, staff engages in decision-making (Simionescu & Nariş, 2019). In this situation, the company incorporates the employee into the corporate decision-making process by offering goal formulation, value clarity, and feedback. Respect may exist between the workforce and management.
There are opportunities for promotion within the company; eligible candidates are encouraged to apply. Employers also give possibilities for performance enhancement, suitable career paths, training and development, and advancement. A desirable employer also permits workers to work in a manner that demonstrates a healthy work-life balance. This can take several forms, such as flexible working, minimising work-related stress, having free time, fostering mental health, paid leave, etc. (Simionescu & Naroş, 2019). In addition, the firm should develop a positive performance culture by aligning employee and employer interests. In this situation, the organisation should have a suitable compensation structure and an effective performance approach. Favorable employment conditions strengthen the labour market. First, it increases its labour market competitiveness by attracting competent individuals. Second, it guarantees that the firm has a motivated workforce that is eager to act as its ambassadors, allowing it to retain its top personnel (Simionescu & Naroş, 2019). The company’s employees are loyal and do not divulge trade secrets or other sensitive information.
An explanation of the impact of changing labour market conditions on resourcing decisions. (AC 1.2)
Two important shifts in labour market situations may alter decision-making. The demand and supply determine the tightness or looseness of the labour market in the labour market. In the UK, the country is characterised by tight labour occurs where the demand for employment is strong, but the quantity of people seeking opportunities is low, impacting the market. This pattern is evident in several areas, such as the truck business, where the demand is great, but the supply is low. Numerous employment vacancies remain empty in a tight labour market (Oxford Analytica). Contrastingly, in India, the country is experiencing a loose labour market that is characterised by a strong labour supply, while the demand is relatively modest, establishing equilibrium. Under such conditions, it is suggested that companies seek only the top and best pool of experts in the industry.
The labour market in India is an open labour market, where it becomes possible to get inexpensive labour leading to a decreased cost of delivery, which makes profit generating simpler for the company (Oxford Analytica). Due to inflation and other macroeconomic variables, this influences salaries in a flexible labour market. Organizations pay lower wages and salaries in an open labour market due to the huge demand for workers, but labour costs are high in a tight labour market. However, for India, there is a competitive labour market, which increases its competitiveness by providing high-quality working conditions, competitive remuneration, and flexible working for workers (de Pedraza, Guzi & Tijdens 2020). It is plausible for a corporation to have unfilled jobs in a tight labour market due to a constrained labour supply. In India, there is an open labour market, it becomes feasible to mismatch talents for some occupations.
A discussion on the role of government, employers and trade unions in ensuring future skills needs are met. (AC 1.3)
Various stakeholders, including the government, employers, and labour unions, must work together to meet labour demand.
The government helps to apprenticeship accessibility. A programme of apprenticeship provides essential experience for the development of practitioner and professional abilities. In this situation, the government can issue licences and certifications to specialists in their particular disciplines (TUC). The government of the United Kingdom has funded apprenticeships through the apprenticeship levy, which finances the necessary training to teach skills. Employers may provide extensive training thanks to the apprenticeship levy and employer tax. In addition, the government assists in identifying critical labour market skill gaps (Institute of Apprenticeship and Technical education).
Employers can also contribute to the sustained growth of the labour market. Employers may provide internship programmes to assist students in attaining the requisite market-readiness competencies (skills and experience) (TUC). Through its human resources L & D, the administration enhances employee skills and competence in accordance with market demands. Therefore, businesses should evaluate their learning requirements and take the necessary steps to close the gap, therefore lowering the skill gap (TUC). Employers are also expected to provide employees with comments regarding postsecondary preparation.
Trade unions have an exceptional capacity to bargain and negotiate on behalf of workers. In order to do this, they strive to provide staff with enough training and favourable working circumstances, allowing them to continue improving their skills (TUC). In addition, they influence the degree of education that postsecondary institutions must provide to prepare the labour force for labour supply (TUC). In preparation for the job market, they cooperate with such organisations to enhance their delivering abilities and knowledge. Trade unions influence the creation of policies that promote working relationships.
Other HR02 Assignment Assessment Criteria's
An examination of turnover and retention trends and the factors that influence why people choose to leave or remain (AC 3.1
- An analysis of the impact of effective workforce planning. (AC 2.1)
- An evaluation of the techniques used to support the process of workforce planning
(AC 2.2) - Explain approaches to succession and contingency planning aimed at mitigating
workforce risks. (AC 2.3) - Assess the strengths and weaknesses of different methods of recruitment and selection to build effective workforces (AC 2.4)
- Compare different approaches to developing and retaining talent on an individual and group
level. (AC 3.2) - Evaluate approaches that an organisation can take to build and support different talent
pools. (AC 3.3) - Evaluate the benefits of diversity in building and supporting talent pools (AC 3.4)
- Explain the impact associated with dysfunctional employee turnover. (AC 3.5
- Assess suitable types of contractual arrangements dependent on specific workforce needs.
(AC 4.1) - Differentiate between the main types of contractual terms in contracts. (AC 4.2)
- Explain the components and benefits of effective onboarding. (AC 4.3)
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