Assignment on Resourcing and Talent Planning
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Added on 2020-04-15
Assignment on Resourcing and Talent Planning
Added on 2020-04-15
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Running head: RESOURCING AND TALENT PLANNINGRESOURCING AND TALENT PLANNINGName of the University:Name of the Student:Authors Note:
1RESOURCING AND TALENT PLANNING(AC 1.1) Comparison of Labour Market Condition in UK and India: Economic Growth: In the recent times, UK is recognized as the successful employment performerinternationally. Since the financial crisis, the labor market of UK is rapidly improving ascompared to the rest of Europe. The unemployment rate has decreased recently and thenumber of employed people has increased. UK economy has performed better in the last sixmonths. The labor market has been tightened as demand for skill and talented employees willincrease in the near future. UK organization needs to attract the potential employees and trainthem to match its international competitors. Whereas, the Indian economic condition isincreasing but still the bigger challenge is to ensure the reforms in labor market condition dueto economic growth. The majority of workers in India are still related to informal jobs(Thomas 2015). The regular pay of the employees has considerably increased but largeamount of workforce relies on the agricultural sector. Majority of workers are in employmentfield and self-employed in nature.Inequalities in Wage-Level:Every citizen of UK around the age of 16 and above is either employed oreconomically active. Due to the changes in the state pension regulations, the employmentrate for women has also increased (Wilkinson 2013). Since July, there are 31.80 million ofpeople in work. People relying on government supported agencies and training EmploymentProgramme reduced from 39,000 to 65,000 (Burrell 2016). Whereas in India the vital factorfor rising income inequalities is globalization and rapid urbanization. Employment has grownfaster for people in urban areas. The spatial disparities between urban and rural region leads
2RESOURCING AND TALENT PLANNINGto inequalities in income. Most of the jobs created in India are informal because the workershave no access to the social security or employment benefits. The employment rate ofwomen participation is the lowest in the world (Kapsos, Silbermann and Bourmpoula 2014).The labor market in India is mostly unorganized sector. In India, the labor market conditionsare loose in nature.Public and Private Sector Differences:In the current scenario, several educational institutes were turned into private sectors.The royal Mail group and Lloyd’s banking group is reclassified as private sector since June(Atkinson and Storey 2016). Labour dispute has been further lowered down. Theredundancies rates have also decreased since last year. India’s economy has gone rapidchanges in the last few decades. Recently, the huge fiscal imbalance has forced thegovernment to impose privatization in the economy. Privatization strategy is now adopted inthe form of government’s equity disinvestment in the public sector undertaking. TheEmployees Provident Fund act has ensured that employees are provided financial security bysystem of compulsory savings. According to the ILO that is, India Labour Market latestUpdate (2016-17) more than 90 percent of the labor market is employed in the agriculturalsector and approximately 70 percent of the labor forces works under the non-agriculturalcategory. (AC 1.2) Employer of Choice:In the current scenario, every business organization large or small now wants to becomean employer of choice. It is collaborative in nature that means that a great working environmenthas been created within the organization and the very best people want to be hired in the
3RESOURCING AND TALENT PLANNINGorganization (Baker 2014). The business culture created due to employer of choice is helping inchanging the employment relationship in a positive manner. Through benefits and careerdevelopment opportunities, the business can position themselves in better manner (Ulrich 2014).The employers are adopting employer of choice strategy nowadays. The new employmentrelationship model is based on:Flexibility- it is the technique of working that matches with the employees need, forexample working from home or having flexible time for starting and finishing the work.The employer should be willing to work in different business role and settings. Whereas,the employer should encourage the employees to perform various other organizationalroles. Customer Focus- the employee should be more focus on the customer and serve thembefore their manager. Moreover, the employer should more give more emphasis onproviding information, incentives and skills externally. Branding- as the labor market condition has tightened it has become quiet hard to recruitand retain the employees. All the business organization has an employer brand throughwhich it differentiate in the labor market. A strong employer brand allows the businessesto compete for the best available talent and thus establish credibility (Viktoria, Rampl andKenning 2014). Employer brand is essential to recruit talents and mergers in theorganisation. Moreover, employees’ value proposition in the organisation is discussedthrough branding. It helps in segmenting employee's value proposition idea for variousemployment groups as it engenders loyalty and encourages familiarity (Rosethorn 2016). Training and developments- the employees should be able to develop skills to excel intheir jobs and eventually reach the career ladder.
4RESOURCING AND TALENT PLANNING(AC 1.3) Impacts of tight labor market in UK:Both loosing and Tightening have strong influence on the condition of labor market.Loosing labor market leads to the effective process of employee retention and recruitment withinthe competitive sector of the labor market. Loose labor market indicates that there are plenty ofpotential supplies in the competitive market. While tight labor market leads to fierce competitionfor the talented and skilled labors within the labor market sector (Friedli and Stearn 2015). UKfaces tight labor market condition whereas; India faces loose labor market condition. In India, thelabor market condition is loose, the organizations like Tata Motors all the compensations relatedissues are now being solved with the workers, and they are provided long-term settlements. Theway an organization uses its work force resource is crucial for its future growth. The tight labor market condition helps in obtaining generous stock options and highwages. The opportunity cost of entrepreneurship also increases due to the high level ofcompensation. The labor market condition further influences the selection and recruitmentpattern of the employees within the organization.Role of Trade Union:Trade unions are the organization created by the workers who are the members. The mainaim is to protect and give job security to its members. The trade unions negotiate with theemployers on securing pay rise, to benefits all the employees in the work place. They alsoprovide the member with legal and financial advice. In UK, downsizing of the public sector hasled to decline in the number of trade unions. Moreover, since 1980, the right to take strikeactions by the trade unions has been completely restricted. Collective bargaining is also practiced
5RESOURCING AND TALENT PLANNINGto grant the workers equal bargaining power as compared to their employers. Trade unions helpin improving relation within the organization because of these union representatives.(AC 1.4) Role of Government: In UK, the enforcement of employment right is in hybrid form. Alongside governmentenforcement, employment tribunals have a majority of rights. The right enforced by thegovernment includes national minimum wage, employment business standards and 48- hourworking. It is the duty of the Government to enforce employment protection against theemployers, who seeks on gaining unfair advantages by misconducting and mistreating the staff.The creation of Pay and Work right Helpline has helped much the different employmentagencies. Infrastructure investments and apprenticeship schemes are done by several governmentagencies to reform the labor market. Whereas, In India, several Government initiative has beenlaunched like Make in India, labor reforms, Skill India so that the labor market is formalized andall leads to the overall development of the country.Role of Employers:Collaborative approach is used to reform the labor market structure by the employers.Funding and sponsorships are also made to improve the employment structure of the business. Inthe current scenario, various professional standards have been developed by the employers toensure that the future skills and talent needs are met.(AC 2.1) Workforce Planning:Workforce planning is the systematic approach to have the right people with perfect skillsand at right time and right cost to make the business run successfully and efficiently (De
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