Explain what is loose & tight labour markets and their effect of a company
GENERAL GUIDELINES: • Total word count of the assignment is 3,500 minimum to 3,900 max. (excluding the questions) • Use 14 font size with 1.5 spacing • Use Harvard Style Referencing/Citation, then list all sources at the end of the assignment • Use online sources ONLY and books/papers in pdf format available online • Use very simple and direct English language • The report has to be in question and answer format with a small brief introduction and conclusion • All questions are written in BLACK color, answers’ hints and some sources are written in BLUE color (the mentioned sources are recommended not mandatory). • Answer all questions by explaining the concept in general then briefly reflect on the below Case Scenario ( assume that you are a HR Consultant to the MD of PTP Soda Drinks Company) Case Scenario: ‘PTP Soda Drinks’ is a drinks company based in the UK. They currently have a team of 150 employees and an annual turnover of £6 million. In the last few years the company has fallen upon some difficult times. Market conditions and a drive for healthier drinks have resulted in more consumers rejecting fizzy drinks. The company has started to diversify its product offering but, in the meantime, has been forced to downsize. The Managing Director (MD) of the company has requested that you act as a consultant to the firm and help support the company in the following talent planning issues and initiatives. The MD has requested that you prepare a report to assist the organisation in moving forward with their talent planning strategy. (Question) AC 1.1) Assess the major contemporary labour market trends in different country contexts. You should assess current market trends both nationally (in the UK) and internationally focusing on economic, – labor market outlook from different perspectives like; Economic, Demographic and social. • What is a talent & talent management? And how important is it for organizations? • Define what is labour market and why it is important for a company • Explain what is loose & tight labour markets and their effect of a company • What are the international trends in labour market in terms of a) State of economy b) Demographic changes c) Political changes d) Legislative changes e) Technological developments f) International events of incidents (wars, disasters, revolutions, etc) You should mention if the international labour market is tight or loose based on the above. • What are the national (UK) trends in labour market in terms of g) State of economy h) Demographic changes i) Political changes j) Legislative changes k) Technological developments International You should mention if the national (UK) labour market is tight or loose based on the above. Sources for labour market trends: • https://www.ilo.org/wcmsp5/groups/public/—dgreports/—dcomm/—publ/documents/publication/wcms_615594.pdf • https://www.ilo.org/wcmsp5/groups/public/—dgreports/—dcomm/—publ/documents/publication/wcms_670542.pdf (Question) AC 1.2) Explain how organisations position themselves strategically in competitive labour markets. Assess how the organisation can position themselves to be the employer of choice in the future. • explain the importance of positioning a company strategically in a competitive labour market • key activities to ensuring a strategic position of the company are 1) Competitor Analysis 2) Organisation Positioning ” as employer of choice” 3) Employer Branding • Main source Book: Human Resource Management: People and Organisations edited by Stephen Taylor, Carol Woodhams https://books.google.com.sa/books?id=rwjGDgAAQBAJ&pg=PA60&lpg=PA60&dq=%22competitor+analysis%22+%2B+%22organisation+positioning%22+%2B+%22employer+branding%22&source=bl&ots=tllMlF1BvD&sig=ACfU3U15o0ND3pZjODENJGP8Wlnx8v37fg&hl=en&sa=X&ved=2ahUKEwj6nfaJ9NzgAhUBZVAKHaKpCq4Q6AEwAHoECAIQAQ#v=onepage&q=%22competitor%20analysis%22%20%2B%20%22organisation%20positioning%22%20%2B%20%22employer%20branding%22&f=false * Sources for employer branding: • https://www.cipd.co.uk/knowledge/fundamentals/people/recruitment/brand-factsheet • http://www.whatishumanresource.com/employer-brand • https://www.talentlyft.com/en/blog/article/117/employer-branding-strategy-in-5-steps-infographic • https://www.ere.net/9-steps-to-a-successful-employer-branding-strategy/ *Sources for employer of choice: • https://www.thebalancecareers.com/are-you-an-employer-of-choice-1918112 (Question) AC 1.3) Explain the significance of tight and loose labour market conditions Discussion can evolve around tight and loose labour market conditions. *Book source: People Resourcing, By Stephen Taylor • https://books.google.com.sa/books?id=6f-Yk35qMqcC&pg=PA41&lpg=PA41&dq=%22tight+and+loose+labour+market%22&source=bl&ots=Enqjfv0JGQ&sig=ACfU3U1MB_cU1APD3xEY-jDhyt0BdNufxA&hl=en&sa=X&ved=2ahUKEwiZ4ojmld_gAhUFDOwKHTqrDeYQ6AEwDHoECAMQAQ#v=onepage&q=loose&f=false * Other Source: • https://nscpolteksby.ac.id/ebook/files/Ebook/Business%20Administration/Human%20Resource%20Management%206th%20edition%20(2005)/Chapter%204%20-%20STRATEGIC%20ASPECTS%20OF%20RESOURCING.pdf • (Question) AC 1.4) Describe the role of government, employers and trade unions in ensuring future skills needs are met. Elaborate on 1) The role of Government (check: https://www.peoplescout.com/how-to-create-a-workforce-equipped-with-the-skills-of-the-future/ ) 2) The role of Employers (see: https://www.tandfonline.com/doi/pdf/10.1080/13596740400200181 ) (also: https://www.huffingtonpost.com/dr-tracey-wilendaugenti/how-employers-can-empower_b_1819755.html ) 3) The role of Trade Unions (see: https://www.unionlearn.org.uk/case-studies/unions-investing-workforce-future ) (see: https://www.ilo.org/skills/pubs/WCMS_585697/lang–en/index.htm ) (check: https://www.tuc.org.uk/sites/default/files/Towardsahigh.pdf ) In ensuring future skills needs are met.
