This sample will guide you through:
- Importance of labor market analysis
- Understanding of labour market and their benefit
Employee talent and people resources are the concepts of managing the performance of employees of an organization. The main aim of this project report is to provide an understanding of performance management. In this project report, various issues and examples are identified from the given case study which states various new methods of evaluating the performance of employees. The case scenario is concerned with the usage of new techniques instead of the typical year evaluation of employees using ratings and rankings. The importance of labor market analysis is determined in this project along with strategies of recruitment and selection. A self-reflection is reported is also produced in order to ascertain the importance of people resourcing and talent management (Dessler, 2013).
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1. Importance of labor market analysis and its contribution to recruitment and selection process, succession planning, and workplace planning
According to C. L. Carmichael, labour market analysis is a process of evaluating labour market place where workers and employees interact with each other and employers hire the best workers. Labour market analysis is a process which includes activities such as identification of appropriate labour market, surveying the market, identifying market trends and establishing staff positions (Labour market analysis, 2018).
Importance of labor market analysis:
Labour market analysis helps organisations and employees to interact with each other. Analysing labour market place is important for organisations as they can evaluate ways which can be result as appropriate for performance management. From the view point of the case study, various importance of labour market analysis are mentioned below:
Labor force survey
By analysing labour market, employer or management of a company can conduct a survey about availability of labour force. This can help organisations to fulfil their demand of employees for their business operations. For example: Issue mentioned in case study of excessively subjective can be resolved by conducting a practice survey about labourers (Fecheyr-Lippens, Schaninger and Tanner, 2015).
Labor market analysis enables employer to conduct a survey of skills of their employees due to which they can ascertain problem areas and can appraise employees which are their valuable human assets. Along with employees, management can even check skills of employers. It is mentioned in the case study that organisations find it difficult to effectively measure performance of their employees and by labour market analysis this problem can be resolved.
Understanding societal demands
Another significance of labour market analysis is understanding demands of society when it comes to employment and job requirements. An organisation such as Microsoft can analyse labour market to identify demands and jobs in society in order to fulfil them (Festing, Schäfer and Scullion, 2013).
Understanding of labour market and their benefit in various short term and long term functions:
Recruitment and selection
These functions enables an organisation to hire suitable employees by following step by step procedure of selection. By analysing labour market, employers can identify candidates which are in immediate need of employment and on the basis of skills, suitable candidates can be selected. Selecting appropriate and qualified employees will help an organisation to receive better performance of their employees which can further lead towards profitability and higher productivity.
Mass production of Moussaka Zone
This is a process of identifying and developing new leaders in order to maintain efficiency in a business. Labour market analysis helps an organisation to conduct a skill survey of employees as well as of employers. Issue which is identified in the case study about excessive time consumption in performance management can be resolved by conducting skill survey as it helps in ascertaining contribution of all the employees towards organisational operations (Kim and et.al, 2014).
This is a process of managing all employees of an organisation. In order to effective plan workplace, organisation like Netflix can use labour market analysis as it helps them to ascertain effective employees and ineffective employees. Workplace planning is a continuous process which requires long term planning and in order to effective conduct this planning, business firms are advised to use labour market analysis.
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2. Two strategies which can be adopted for HR functions
HR are the one responsible for hiring right people in the company, they are also responsible to analyse the performance of other employees and improve them in any situation. HR are also responsible for motivating employee and making them comfortable to work within the organisation. There are two strategies that are adopted in the HR function of recruitment and selection, performance management or reward management to improve their people resourcing and talent management that are discussed below:
It ensure that the organisation obtain and retains employee they need and appoints them immediately. The primary objective of resourcing strategy is to ascertain the most faithful team as well as individual employee that will be benefited for organisation and have proper knowledge, appropriate qualities, capabilities and potential for improving performance and productivity of company. This strategy of human resources management is related to make sure that a business firm achieve competitive advantages by giving work to more capable workforce than its rivals. The resourcing strategy is important in any company as it includes general strategy of HR and understand the main direction in which the organisation is going. There are various determine of good resourcing strategy that have been applied by HR of company such as;
- The number of people that are required to attain business objective must be chosen (Lavigna, 2013).
- The skills and capable workforce that is needed to support the achievement of business strategies.
- Plans to make changes in the culture of company in some particular area such as ability to deliver, performance standard, team working and flexibility that indicate the people with different attitude, beliefs and personal characteristics (Majeed, 2013).
This resourcing strategy have various components, analyse the present situation related to workplace and the existent employee, the uncertain character of a business and its capabilities and to maintain a flexible human resource manager that is liable to face all kind of fluctuations arsing within company. For example, in Microsoft the HR manager of company is planning to make a resourcing strategy that will be beneficial for them to employee skill and capable workforces as it is one of the biggest IT company that provide quality services to people. If you are worried about nursing assignment help UK from experts. Contact now.
Human capital management (HCM)
It is one of the most important strategy of HR which comprises the tasks like obtaining, analysing and reporting on data regarding the human employed and their workings that inform the direction of value adding people management, strategic, investment and operational decisions. It is set of practices related to human resources management. These organisation focuses on the organisational goals and analyse the human capital employed and their workings in the right directions to achieve the desired goals. This strategy implemented in form of three categories namely, workforce acquisition, workforce management, workforce optimization (Reilly and Williams, 2016). Although the the human capital management pertains and supports the the following tasks that are discussed below:
workforce planning means forming a plan regarding the the direction towards the desired objectives, accordance with the human workforce of the organisation will work in order to accomplish the desired goals or objectives.
competency planning refers to that planning which is set up according to the market conditions means according to competition prevails in a market.
Performance management pertains to the work of evaluating the performance of the workers in an organisation and comprises with the performance appraisal task.
Compensation planning and strategy
compensation planning refers to the plans set up to compensate the employees of the organisations according to their performance, grades, levels, experience etc.
Time and expenses management
The time and expenses planning comprises with the planning and implementing the planning in effective and efficient manner or time and cost effective manner (Sparrow, 2013).
Ways in which exercise address important people resourcing and talent management needs of the organisation
Performance management is a process of assessing performance of employees of a company. This process is conducting by me in order to identify resources of people and management of talent. Performance management of a small firm is assessed in which various issues were highlighted due to which issue of low productivity was raised. According to me assessing performance management is the most important aspect of people resourcing and talent management. As this process helps to ascertain most efficient employees and workers which are not suitable for our organisation. With help of this management, organisation is enable to identify key problem area due to which they are suffering low profitability issues. Talent management is a process of managing all the employees which are working in an organisation. In order to effective manage all the talent or employees, it is important to assess their performances. In order conduct effective assessment, I classified the whole process into smaller segments. The first segment was concerned with identification of all aspects used by that firm such as method of performance review, method of appraisal and many more. Another segment conducted by me was concerned with people resourcing which including sources from here employees were appointed such as campus placements. In the last segment of assessment, issues and solutions for performance management were identified. Get Cheap essay writing help from our top essay writers!
Aspects of the exercise which went well
A small business firm was analysed by me in order to ascertain importance of performance management in people resourcing and talent management. After conducting this assessment or exercise it has been analysed that there were various elements which went well. These aspects are, due to the small scale nature of the business firms there were less complexities in the company from which an efficient evaluation assessment was conducted. Another positive aspect which went well is accuracy of documents. All the formalities of employment letters and contracts were provided by the management of the company by which it was easily ascertained that from which of the source employees are appointed in this company. The main issue which was identified from the case study by me was that in the process of performance management, a lot of time is required due to which management does not support this practice. By after conducting this exercise it has been ascertained that time can be managed if all the documents are reliable and timely provided for assessment. Another aspect which went well while performing performance management of a small company is time management. Whole process of performance management was classified into various segments and each segment was allotted a time limit due to which time was effectively managed by me. Whole process was completed within the pre decided time.
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Aspects which does not went well
Exercise which was performed by me was assessment of performance management of a small business firm. The main aim of this evaluation was to ascertain importance of performance management in people resourcing and talent management. Despite of numerous positive aspects, there were also some negative aspects which were not went well. The first negative aspect is that company conducts their internal performance review annually due to which conflicts between employees and employers occur. I studied the given case study and it was analysed that typically companies are engaged in reviewing performance on annual basis. Due to this practice, employees suffer low appraisals. This issue can be resolved by companies by practising this process monthly or on quarterly basis.
Another negative aspect which does not went well is contribution of employees. In order to conduct effective performance management evaluation it is important to communicate with employees in order to manage talent in the firm. But due to high targets and work pressure, employees were not able to give relevant time towards this assessment. It is important to ask various questions from employees in order to acquire their feedback, which was not possible due to un availability of their time.
How exercise helped in perform well similar exercise in real life
Evaluation of performance management is a lengthy and time consuming process due to which it became important for me to analyse all the aspects and segments of this evaluation so that it can be easier for me to conduct similar exercise in future. This assessment helped a lot to understand that this evaluation can be done in different segment to ensure effectiveness and time completion of task. Different segments requires different time limits and in order to perform tasks in stimulated time it is important to pre plan every tasks. This segmentation and classification can help in conducting same exercise in real life. Besides these positive attributes there were some negative aspects too. Real life is far different than theoretical one due to which there is a major possibility of various issues. These issues can be lack of guidance form management of the company, lesser knowledge about performance review methods and many more. Looking for assignment writing help? Take experts help!
From the above project report, it has been concluded that employee resources and talent can be managed by performance management process. In this project report a reflective report has also been produced from which it has been observed that assessment of performance management can also help in conducting same exercise in real life. Various importance of labour market analysis is also ascertained in their report to determine solutions of the issues in case scenario. Main issues which were observed are excessive time consumption in performance management process, lack of satisfaction of employees and inefficiency of this process.