Analysis of Labor Market Trends, Organizational Strategies, and Skills

This report provides a comprehensive analysis of contemporary labor market trends, focusing on a comparative study between the UK and Greece. It examines key aspects such as employment rates, wage disparities, and the impact of economic conditions on different sectors. The report further explores how organizations strategically position themselves in competitive labor markets, emphasizing employer branding, employee value propositions, and the application of the Higgs Model of Employer of Choice. It delves into the significance of tight and loose labor market conditions, detailing their impact on employment levels and wage pressures. The report concludes by outlining the roles of government, employers, and trade unions in ensuring future skills needs are met, alongside an examination of effective workforce planning principles and tools. The role of HR and relevant legislation like the Equality Act and Data Protection Act are also discussed. Finally, the report touches on recruitment methods, including the use of recruitment agencies.

Running head: BETTER UNDERSTANDING OF THE MANAGEMENT
BETTER UNDERSTANDING OF THE MANAGEMENT
Name of the Student:
Name of the University:
Author note:

1BETTER UNDERSTANDING OF THE MANAGEMENT
1.1Labour market trend in UK and Greece
It was being assumed that the UK labor market rate is about 76.1 percent higher in
comparison to the last year (Crisp, R and Powell, 2017). The studies clearly state that the
employment rates for both the men and the women have been progressing since the year 2012.
The participation of the women in the labor market has been due mainly because of the changes
to the pension authorized by the state. The studies that have been conducted clearly states that
there are a very few numbers of unemployed people in the UK from October to December 1975
(Fenwick and Goethem 2017). Since the comparable records started in the year 1971, the
inactivity rate for the people from the age group of 16 to 64 years has been fall. This is also
because of the economic inactivity rate for women. It has been noted that the hiring market is
highly competitive where the workers who are pursuing new roles often have many offers which
they can consider. The studies that have been done indicate that the workers who are not given a
raise in their pay tend to leave their job and search for a different job. The competitive base of
the salary and the bonus related to that of the performance is affecting the labor market
competitively. On the other hand, the unemployment and the higher amount of the reduction of
the wages which characterized the labor market in Greece are changing. There are certain sectors
in the economy of Greece which are showing a stronger sense of growth in employment. This
actually hints at the broader recovery of the economy. The study shows that there has been 7.5
percent or more employees in the trade, transport and in the sector of tourism (Theodoropoulou
2018). Apart from this, the industry, professional services and information and the
communication services also tend to record a substantial gain in the jobs. However, the financial
and insurance activities like that of agriculture are considered to be the weakest.

2BETTER UNDERSTANDING OF THE MANAGEMENT
There has been a great difference in the wage market between the UK and that of the
Greece. As per the national living wage in the UK, those whose age group is 25 and above gets
£8.21, people who are between 21 and 24 the rate per hour is £ 7.70 and people with the age
group of 18 to 20, the rate per hour is £6.15. However, the pay has increased by about five
percent in 2019. In Greece, the national minimum wage is around 758.3€ every month which is
9,100 euros per year.
The UK is considered as the world’s fifth-largest economy. 80percent of its economy
comes from the service sector. The financial industry of the service is also very significant here.
Greece which is considered as the developed country, 85% of its economy depends upon the
service sector and 12% from its industry. The significant industries of the economy in Greece is
that of tourism and merchant shipping.
1.2. How organizations position themselves in the labor markets
To position themselves in the labor market, it is very essential for the organizations to
implement a strategy which is resourcing. It will help in attracting the correct people and will
even help the organization from getting differentiated in the competition. The best form of
initiative is the security of the employment, high wages, ownership of the employee,
harmonization, long term perspective, etc. it is very important for the organization to value the
employee who is already a part of the organization. The organization can help them through both
the financial and non-financial factors. This is known as the employee value proposition. The
non-financial factor is the way an organization is open to diversity and the financial factor is the
way in which the employees are being retained. The main aim of the organization to be the
organization in which everybody wants to be a part of.

3BETTER UNDERSTANDING OF THE MANAGEMENT
According to the Higgs model, the four organizational patterns must be followed
Employer of cash: the employees are treated here very harshly but compensation is being made
(Geller and Telem 2015).
Employer of values: though high wage as per the market value is not being given, the
organization tends to behave very well with the employees (Pappadopulo, Thamm and Torre
2013).
Employer of churn: payment is very low and generally have a high turnover of the staff (Brower
2016)
Employer of choice: the practices, policies, benefits and the general working conditions attracts
and even retains talents
1.3 Significance of tight and loose labor markets.
A tight labor market is characterized by the low rate of employment, the higher ratio of
quits to employment, brief unemployment spells on the average and even the higher pressure of
the wages (Kroft, Lange and Notowidigdo 2013). It can also be said in such scenarios, the
economy of the country is full of employment and the process of recruitment becomes very
much difficult. It indeed puts an upward pressure on the wages. Consequently, this demand tends
to cause rise in the existing wage of the worker as the worker tend to hold greater power of
bargaining.
Contrastingly, the loose labor market is considered as the market of the employers where
the organizations have more employees who are capable enough to get hired as there is a scarcity
of jobs and the seekers of a job competing with the others for recruitment of the same position

4BETTER UNDERSTANDING OF THE MANAGEMENT
(Bernstein 2014). It is also considered as the buyers or the employer’s market since the
organizations have a bigger pool of capability and employees who are available to get hired for
positions as the jobsare very much scare. However, Taylor has recommended some changes in
the labor market. According to him, the economy must be balanced with the right amount of
flexibility (Davis and Haltiwanger 2014). According to him, all the companies must balance the
need for flexibility and even high levels of employment which I against the protection of the
workers.
1.4 Describe the role of government, employers and trade unions in ensuring future skills
needs are met.
The government is playing an active role in ensuring the future skills of the employees.
They are focusing on the reskilling of the employees in the labor market. The government is
focusing on education for the development of the skills for which the government is even given
some sort of sponsorships. The government is thus encouraging for the further education of the
individuals. New guidance of the career is also developed by the government which helps the
individuals in being up to date with the latest form of technology. The role of union learning
representatives is very significant. They work with the colleagues, members of the office, line
managers and the department of the human resource to make sure that the proper training and
chances of development are being provided to every individual for their development (Fukuda-
Parr and Lopes 2013). Programs in which the employees tends to learn about the advanced form
of technologies are being conducted by government so that instead of changing the employees,
the employees can be retained. This will be helping the employees to develop and even use their
skills for the future growth of their career.

5BETTER UNDERSTANDING OF THE MANAGEMENT
2.1 Describe the principles of effective workforce planning and the tools used in the process
Workforce planning includes the process which makes sure that an organization has the
present as well as the future entrance to the human capital that it needs to perform sufficiently.
The key principles for the effective workforce planning area s follow:
 Involvement of the good management, employees and other types of stakeholders for the
sake of developing, implementing and communicating the plan of the strategic workforce
(De Bruecker et al 2015).
 Regulate the critical talents and capabilities that are required for acquiring the present and
the future results.
 Development of the strategies that are designed to identify the gaps for the purpose of
enabling and even sustaining the assistances of critical talents and skills
 Establish the potentiality that is required to identify the educational, administrative and
other sorts of requirements that are considered important for the support of the workforce
planning strategies.
 Monitoring and evaluating the progress of the company towards the goals of human
capital.
The workforce planning has two tools like workforce strategy maps and scenario
planning. The workforce strategy maps help in understanding the goal of the company. it,
therefore, helps in understanding the objectives that are needed for the purpose of

6BETTER UNDERSTANDING OF THE MANAGEMENT
achieving it. cross functioning is one of the best benefits that is gained through the
strategy mapping.
On the other hand, scenario planning is making particular assumptions about the
future of the company. it is through the assumptions the strategies for the progress of the
company is being made.
2.2 The career development framework or plan will be providing the customer data directly from
all the corporate channels into a single purpose sales procedure (Gould, 2017). It is also known
for helping the Human resource management for looking into the personalized employees
(Simmons et al 2014). The framework lies in the abstract or the appendix below.
2.3 The role of HR is very significant in an organization. The main function of HR is to educate
the employees with the terms and policies of the company (Lo, Macky and Pio 2015). The HR
communicates to its employees the main objective or the goal of the company. It helps in
maximizing the productivity of the employees (Dash 2013). The employees tend to give their
best results when they get the proper training and are rightly developed. It is the role of HR to
develop and train the employees of the organization as well (Srimannarayana 2015). The HR
also makes sure that inequality is being practiced among the employees of the organization rather
the employees have equal rights (Zatz 2017). Along with this, the HR is totally involved with the
strategic planning process of downsizing. They tend to work with the managers in order to
create and document the criteria that they will be using to decide on whom they shoukd be
terminating. Maintain the productivity as well as the morale of the employees is also one off the
important task of the HR.

7BETTER UNDERSTANDING OF THE MANAGEMENT
2.5 The Equality Act is the bill that was being passed by the United States on May 17, 2019
(Nikolaidis 2014). According to this act, no discrimination should be made on the basis of sex,
orientation, identity, pregnancy, childbirth or even through the related medical condition of an
individual. Equality must be prevailed among the organization (Burri 2018).
The Data Protection Act was passed by the United Kingdom Act of Parliament in the
year 1998 (Regulation 2018). It was being designed for the purpose of the protection of the
personal data of individuals that are beings stored in the computers or in ten paper filling system
(Carey 2018). It is the duty of the HR to ensure that the data of the individuals are being
protected and not misplaced (Ismail and Cieh 2013).
2.6 One of the methods of the recruitment process is through the agencies of recruitment. It is
possible for the company or the organization to outsource the process of hiring to the agencies of
the recruitment. It is the responsibility of the agencies to ensure and complete the full cycle of
recruitment on behalf of the organization. Though the agencies take a lot of money for the
purpose of recruitment and also takes money from the employees on the behalf of the job, it
becomes very easy for the organizations to focus on other issues which are more important rather
than focusing on the process of the recruitments (Gilani and Jamshed 2016). The agencies of the
recruitment are a significant option for the organizations to fulfill the positions which are very
hard for filling. On the other hand, it is also very significant for the companies that do not have
their internal resources of the HR who could focus on the process of the hiring. Though it has
many advantages, it has various other disadvantages as well. One of the disadvantage of this
form of recruitment is that they do not have control. It becomes very much difficult for HR as
well as for the hiring managers to give up their own control over the process of hiring to the

8BETTER UNDERSTANDING OF THE MANAGEMENT
others. One of the other disadvantages of this type of recruitment process is that there may be
huge problems with communication. Each individual works in a different kind of away and if the
organization and the agency do not follow the same policy and goals, then it might be very
difficult to come to mutual agreement.
Another kind of process of recruitment is that of employee referrals. This employee
referral program is being performed in all the companies. Employee referrals are a mixture of
both the internal as well as the external recruitment, the existing staff of the company or the
organization is being motivated and even encouraged to refer people or known ones whom they
know for the vacancies in their organization or in their company. One of the benefits of this type
of recruitment is that it is very much cheaper and cost-effective. The process is very quick and
not at all slow. One of the significant benefits of this recruitment process is that the organization
can trust that their own employee won’t refer to some other employee who is not suitable for the
job or the vacancy in the organization. However, this recruitment process also has a huge number
of disadvantages. Since the employees who are being recruited in the company are known to
each other, the company tends to become a place for playing among the employees.
Professionalism may not be so much in the company anymore. The workplace becomes a place
for hangouts. It thus becomes a place where there is a high risk of getting isolated from the other
members of the team.
3.1 One of the reason for which the employees tends to remain with the organization is that they
are made to remain engaged within the organization or the company. The involvement of the
employees in the organization makes the employees stay within the company for a longer time.
On the other hand, if the employees are respected the employers feel like working within the

9BETTER UNDERSTANDING OF THE MANAGEMENT
organization for a longer time (Terera and Ngirande 2014).Therefore the managers must give
more love and share understanding with the employees so that the employees remain within the
organization. When the employees are being treated on a personal level rather than on a
professional level, the employees tend to remain within the organization for a longer period.
When the employees are being given the bonus and even encouraged for their work, then the
employees tend to remain within the organization.
Contrastingly, the employees leave the job when they do not get the respect that they
think they deserve from the organization or the company. one of the reasons for which the
employees leave the job is when they do not get the money or the wage in comparison to the
money or the wage that they actually deserve. one of the significant reasons behind the
employees leaving the job is when the employees find that there is no growth in the career. A
bad relationship with the boss, manager or the people from higher management is another reason
why the employees leave their jobs. When the employees face great difficulties with the other
employees of the company, they tend to leave their jobs as well. The bad working conditions or
environment also makes the employees leave the job. However, another significant reason why
the employees leaves the jobs from the organizations or the companies is when they do not get
the opportunity or the skill to show their own talents or skills. The financial instability like the
lack of the sales, layoffs or the work hours which are reduced, freezing of the salary, successful
competitors that are being highlighted in the news, bad press, turnover of the employees all takes
the employee’s feeling of instability and lack of trust for the company. These are some of the
specific reasons for which the employees leave their jobs.

10BETTER UNDERSTANDING OF THE MANAGEMENT
However, when employees leave their job, the company faces a huge number of
problems. The company has to spend a huge amount of money in the process of recruitment
again when the employees leave their job. Instead of focusing on the main goal of the company,
the company focuses on the process of recruitment. Much of the money also gets wasted in the
process of the selection. Therefore, it is the responsibility of the organization as well as the
company to retain the employees so that they do not have to much of its resources and money in
the recruitment process of the employees.
3.2 One of the methods in which the employees of an organization or a company can be retained
is by providing them with the flexibility of working hours. it helps in the improved wellbeing of
the individual. On the other hand, it also helps in the reduction of the cost. The flexible working
hours of an organization helps in the retention of the employees. It also helps in attracting new
kinds of talents and skills. One of the significant advantages of flexible working hours is that it
helps in the easiness of management. It also helps in the progression of the production. Another
method that can be implemented in order to retain the workers is by creating a better workplace
environment (Coetzee and Stoltz 2015).The organizations or the companies which have a greater
workplace helps in making the workplace better for the employees which eventually attracts
more people. it, therefore, increases more employees for the organization. It helps in the
reduction of the cost of health care. it also helps in increasing the productivity of the employees.
When the workplace is good, the employees tend to get motivated to work more. When the
workplace of an employee is nice, it automatically creates a responsibility among the employees
to do better work and have greater productivity for the organization. It, therefore, enhances the
performance of the business of the organization or the company. As a result of the good working

11BETTER UNDERSTANDING OF THE MANAGEMENT
environment, the employees do not fall sick quite often. This prevents pressure from falling into
the other working employees of the organization or the companies.
4.1 The legal steps that should be taken before dismissing an employee from an organization or a
company is that the employee must be one month of the notice period in which the employee can
search for other jobs. Before the employee is being dismissed from an organization, a meeting
must be conducted with the employee about the dismissal (Siddiqi 2016).The performance of the
employee on which the employee is being dismissed must be discussed by the employer and the
employee. The payment that the employee gets must be cleared before the employee is being
dismissed. The rules and the policies must be equal for the employees engaged in the
organization or the company. However, the employee must be given a handbook on which the
instructions must be written about the violation policies of the company. The goals and aims of
the company must be written in the handbook so that the employee does not violate them and the
employer can show it to the employee during the time of the dismissal. However, one of the
important legal steps that must be followed during the time of the dismissal of the employee is
that a thorough investigation must be taken to decide whether the employee must be terminated
or not. If the employee does not improve even after giving a notice of dismissal then the
employee must be dismissed. However, it must be done in a very professional manner. The
employee must be dismissed in the witness of somebody else of the organization or the
employee. However, the meeting for the dismissal must not be conducted in front of all the
employees of the organization.
The legal steps that must be followed in terms of retirement are that after a certain age the
employee is being asked to take the retirement. The employee must be given money for serving