Managing Talent Resources
Added on 2019-10-01
16 Pages5568 Words110 Views
Professional DevelopmentData Science and Big Data
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RESOURCING AND TALENT PLANNING
Table of ContentsINTRODUCTION...........................................................................................................................1Question 1: Labor market............................................................................................................1Questions 2: Future skills............................................................................................................2Question 3: Workforce planning.................................................................................................4Question 4: HR planning.............................................................................................................5Question 5: Legal requirement in relation to recruitment and selection.....................................8Question 6: Retention and turnover.............................................................................................9Question 7: Lawful practices for managing dismissal, retirement, and redundancies..............10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONResource and talent planning is being regarded as the systematic activity whereinanticipation are made regarding the total number of employees or the human capital that isneeded by the firm. Such type of planning is very significant for the firm (Oseghale, Mulyata &Debra, 2018). This is due to the reason that it is by complying with such efforts only firm is ableto meet its goals and objectives in an effectual manner. For this report, Tesco that is themultinational company of Britain is taken into consideration. Here, the operation of the companywill be examined in both the UK and Indian market. This report will showcase labor markettrends that are related to both nations.Question 1: Labor market Tesco is operating its operation in both the UK and Indian market. Thus, the labor markettrends of both nations are analyzed. The details of the same are depicted in below table:POINT OF ANALYSISUNITED KINGDOMINDIAWage levelIn the UK the average salaryof the sales associate is around73000 EuroHowever, in India, the averagesalary of the sales associate is2500 Euro. Private and public sectorThe UK is basically aliberalized economy in whichthe private sector has fullfreedom with regard to saleany good to any person. Thus,here interference of state isvery much low (Case, 2018). It is a mixed economy inwhich both private and publicsector works freely. But still,in many affairs intervention ofthe Indian government ismore. Demographics The aging population is beingregarded as one of the biggestproblems. Here, 18% of theUK population aged 65 ormore. Similarly, 2.4% of thepopulation aged 84 years andmore. In India there are more than50% of the population belongsto the age of 25 or less. Fromthis, it is very correct to saythat the respective country hasmore of the young population. Skill levelThe skill level in terms ofproblem solving and literacy isvery low But, people of India are verygood at problem-solving andliteracy skill There is a significance of tight and loose labor market condition. In this regard, it can besaid that the tight labor market is the type of market in which a number of jobs are more than1
labor. However, the loose labor market is opposite to the tight one. This is because hereorganizations have more pool of talented candidate but they do not have many jobs for them.Tight labor market means the employment condition of the country is good. Thus, the giventhing will tend to give the opportunity to the citizens of the nation with regard to get placed inany of the available jobs (Taylor, 2018). Thus, this improves the economic condition of thenation. However, the loose labor market is also called by the name of unemployment. But, thissituation has importance for companies like Tesco. This is because; in this condition, they havemany candidates for one specific job. Thus, this will give them an opportunity with regard to aselect the best possible candidate for their firm.Besides this, Stephen Taylor’s model of tight vs loose market conditions are also takeninto consideration with an aim to carry out the further discussion. Herein, it can be said thatTaylor has given the description about different tactics that need to be used by a firm with an aimto function effectively in both tight and loose labor market. For example, if working tight labormarket then manager of Tesco should focus on retention initiative, recruitment initiative, andreorganization etc. In a similar way, with an aim to operate in a loose labor market, Tesco shouldtake actions like managing cost and administration etc. It is through this way only firm caneffectively work in both markets (Ardichvili & Zavyalova, 2018).In a highly competitive labor market, Tesco should put a major focus on the type of HRrelated benefits that it is providing to its employees. For example, here firm can give adescription of its reward policy as well as career management plan that it is offering to itsrespective employees. It is through this way only firm can retain its existing employees in ahighly competitive environment. This thing will also attract new skilled and talented employeestowards firm in an effectual manner.Herein, it can be said that there are some ways examined with the help of which Tescocan establish itself as the employer of choice. In other words, it can also be said that there aresome benefits examined with the help of which company could become “employer of choice” forthe employees that it wants to attract. The benefit could be making investment in careerprogression and development. Such type of things from the side of firm will depict that employergives major importance to the needs and demands of its employees. Thus, through this way onlythey will get attracted towards the company in an effectual way. 2
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