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5HR02 - Talent Management and Workforce Planning
5HR02 - Talent Management and Workforce Planning
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An organization should look into other competitors and put together a list of all
competitors to see how they are positioning themselves in the market. Competitors
should be divided into three main categories: Local Competitors, Industry Competitors,
and Aspirational Competitors. Local competitors simply means that you see who you are
in direct competition within the local market. Analyze what things are they doing to
attract and retain their talents. Industrial competitors are to look at the bigger brands in
your industry and see what tools and trends they are using to attract new talents.
Aspirational competitors are competitors that might not be a direct competitor to you or
not even in the same industry you are in, but they are organizations that you are aspiring
to be like them. Examples of aspirational competitors are companies like Apple, Amazon,
and Microsoft. Once we have a list from the three main categories, we can then create
Employer Competitive Analysis. Employer Competitive Analysis is the assessing and
understanding of how an organization position itself in the market in relation to its
competitors. One of the tools we can use is the Employee Value Proposition (EVP). It is a
set of offerings, benefits, and values that an organization promises to provide to its
employees for their skills and capabilities. It discusses all aspects that are important to the
employee and the employer. According to the Corporate Leadership Council’s research,
A well-structured EVP plan can decrease the annual employee turnover by 69%
(Sundberg, 2017).
2. (AC 1.2)
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On a different note, Labor laws play a crucial role in shaping resourcing decisions
for businesses by establishing legal frameworks that govern various aspects of
employment. These laws can have a significant impact on how companies recruit, retain,
and manage their workforce. For example, labor laws prohibit discrimination based on
protected characteristics such as race, gender, age, disability, and religion. Employers
must adhere to the anti-discrimination laws in their recruitment practices to ensure that
hiring decisions are based on merit and qualifications rather than discriminatory factors.
Compliance with anti-discrimination laws influences recruitment strategies, job
advertisements, candidate selection processes, and interview procedures.
In the United States, the minimum wage laws have an impact on the resourcing
decisions for businesses. Many jurisdictions have minimum wage laws that establish the
lowest hourly wage rate that employers can pay their employees. Compliance with
minimum wage laws impacts compensation decisions, salary structures, and budgeting
for labor costs. Employers must ensure that they pay employees at or above the legally
mandated minimum wage. It can impact labor costs for employers, particularly those with
large numbers of low-wage workers. Employers may need to adjust their budgeting and
financial planning to accommodate higher wage expenses.
3. (AC 1.3)
The role of government, employers, and trade unions in ensuring future skills
needs are met is important for the development of a workforce that can adapt to evolving
economic and technological landscapes. The responsibility of the government includes
offering educational opportunities that enhance the technical skills of citizens and raise
individuals' awareness to meet current and future workplace demands (Bishop, 2023).
On the other hand, employers can collaborate with educational institutes to design
curriculum and training programs that align with industry needs. Employers can provide
opportunities for on-the-job training to employees to help them acquire new skills as
technologies and job requirements evolve. Lastly, employers need to invest in the
development of employees by offering career development programs and encouraging a
culture of continuous learning.
The role of the trade unions is to act as advocates for employees’ rights and
ensure they have access to ongoing training and education to stay relevant in the job
market. Also, in negotiations with employers, trade unions can prioritize and negotiate
for training opportunities and professional development as part of employment contracts.
Trade unions can act as a feedback mechanism between employees and employers (TUC,
2021).
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4. (AC 2.1)
5. (AC 2.2)
One technique used to support the process of workforce planning is the Managerial
Judgement technique. The managerial judgment technique is a widely used method for
demand forecasting, used by all kinds of organizations, be it small or large. This approach
encompasses two distinct methodologies: the “bottom-up approach” and the “top-down
approach”.
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forecasting the human resource requirements for both the entire organization and its various
departments.
A more comprehensive strategy involves a combination of both approaches, referred
to as the “Participative Approach”. In this method, top management collaborates with
departmental heads to collectively determine the future human resource requirements. This
collaborative effort ensures a more unified and agreeable forecast for human resource
demand.
Another technique used to support the process of workforce planning is the “Work-
Study” technique. It is particularly applicable in situations where the anticipated workload
can be easily quantified. In this method, the projected total production and activities for a
specific upcoming period are anticipated. This data is then converted into the number of
man-hours necessary for producing each unit, taking into account the workforce's
capabilities. Leveraging the management's past experience aids in translating workload
estimates into the required number of man-hours.
6. (AC 2.3)
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natural disasters. Then we develop scenarios for each identified risk, considering various
levels of severity. After that, we create response plans tailored to each scenario, outlining
actions to be taken in the event of a disruption. The benefits are that it enables proactive
identification and preparation for potential risks.
7. (AC 2.4)
Strengths:
2. Control: Managers have direct control over the hiring process, from reviewing
applications to conducting interviews, providing a sense of ownership and
responsibility.
Weaknesses:
1. Limited Reach: Depending only on the organization's website may limit the reach
to a specific pool of candidates, potentially missing out on diverse talent.
Strengths:
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cultural fit.
3. Faster Hiring Process: Since referrals come from trusted sources, the recruitment
process may be faster as there is already a level of pre-screening.
Weaknesses:
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These tests are standardized and scored objectively, minimizing subjective biases in the
assessment process.
On the other hand, the weaknesses of psychometric testing are that it is limited
scope. This limited scope may not capture the full range of an individual's capabilities.
8. (AC 3.1)
There are push and pull factors that make people want to stay or leave a company.
The decision of whether to leave or remain in a company is influenced by a variety of
factors that can be categorized into two main groups: push factors which are reasons to
leave the company and pull factors which are reasons to stay. The push factors can be the
career advancement opportunities. Employees leave a company if they feel their current
role lacks opportunities for growth, promotion, or skill development. They seek positions
with clearer paths for advancement or more challenging responsibilities. Another push
factor is the compensation and benefits. Dissatisfaction with salary, bonuses and benefits
can prompt employees to seek better-paying opportunities elsewhere. If they feel
undervalued or underpaid compared to industry standards or peers, they may be more
willing to leave. On the other hands, an example of the pull factors is job satisfaction and
engagement. Providing meaningful work, autonomy, and opportunities for employees to
make a difference can enhance job satisfaction and engagement. Employees who feel
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connected to their work, team, and company mission are more likely to stay long-term.
Another example of pull factors is work-life balance and flexibility. Employers that
prioritize work-life balance and offer flexible work arrangements, such as flexible hours
and generous leave policies, are more likely to retain employees. Flexibility allows
employees to manage their personal and professional commitments effectively.
9. (AC 3.2)
Employee retention refers to the organization's efforts to retain its employees over
a certain period. It involves strategies and practices designed to keep talented and
productive workers within the company, reducing turnover rates. Effective employee
retention initiatives typically focus on creating a positive work environment, fostering
employee engagement, offering competitive compensation and benefits, recognizing and
appreciating employees, and promoting a healthy work-life balance (Baker, 2022). To
develop an employee retention strategy, we need to focus on some elements. Why are
employees leaving the company? Are more employees leaving from one department than
others? And what is the impact associated with employees leaving the company? If one
department has more resignations than the other departments, then it might be that the
management of that department is the issue or that the salaries are low compared to other
departments.
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find and attract talented candidates to the company such as career fairs, second-choice
applicants, and employee referrals. Career fairs are an excellent opportunity to find fresh
talented candidates who are willing to join the company immediately. Second-choice
applicants is an important step to find talented employees after they join other companies
and gain some experience that our company could benefit from. Employee referrals
might be a suitable way to find talented candidates because the candidates will have an
idea about the company, the work environment, salary pay, and other benefits.
1. Identify key skills and competencies. We need to define the specific skills and
competencies required for different roles within the organization. We also need to
conduct regular skill gap assessments to identify areas where the organization
lacks expertise. Based on the skills and competencies we need in the company, we
can divide out jobs to entry-level, mid-level, and senior-level positions.
2. Internal talent development and Succession Planning. Since the company has
already talented employees, we need to implement robust training and
development programs to nurture existing employees. By providing opportunities
for employees to upskill and reskill, we align their capabilities with evolving
business needs. Also, succession planning identifies employees with high
potential and create succession plans to ensure a pipeline of talent for key
positions. Developing coaching and mentoring programs to transfer knowledge
from experienced employees to those in line for future leadership roles.
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diversity in problem-solving approaches is crucial for adapting to changes, navigating
uncertainties, and staying competitive in dynamic industries.
Another benefit of diversity in talent pools is the ability and adaptability to market
demands. In a rapidly changing business landscape, we need to be agile and adaptable. A
diverse talent pool allows us to be more responsive to evolving customer needs, market
trends, and global shifts. Employees from different backgrounds bring a wealth of
knowledge about diverse markets, helping organizations tailor products and services to a
wider range of customers. At Nesma & Partners, we have over 40,000 employees from
different races, ethnicities, cultures, ages, religions. This helps us to be more inclusive
and open to new ideas from different perspectives which contributes to the well-being,
profitability, and success of our company. According to Joakim Karlsson, he states that
“Businesses with more culturally diverse executive teams are 33% more likely to see
above-average profits” (Karlsson, 2020).
There are direct and indirect costs related to dysfunctional turnover. For the direct
costs, it has a negative impact on recruitment and onboarding. For recruitment, hiring a
new employee incurs expenses, involving costs for background checks, screening time,
and other related processes. Additionally, there is a financial outlay for online job ads and
advertising. For onboarding, these encompass expenses related to paperwork and
administration, setting up workspace, providing welcome kits, as well as covering travel
and relocation costs. For the indirect costs, dysfunctional turnover causes a reduction in
productivity and a negative brand image and reputation.
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The type of contractual arrangement we choose for the workforce will depend on
various factors, including the nature of the work, the duration of the project, the level of
control you need, and the preferences of both the employer and the workers. Three
examples of common types of arrangements and when they might be suitable are:
Express terms, by definition, are those terms that are explicitly stated and agreed
upon by the parties involved in the contract. They are clearly set out in either written or
verbal form (Powell, 2023). These terms are communicated directly and consciously by
the parties during the negotiation or drafting of the contract. The scope of work,
conditions for payment, and the timeline for delivery are examples of subjects that must
be established as explicit terms within the employment agreement. Express terms are
generally more easily enforceable because they are clearly articulated and agreed upon by
the employer and employee. Explicit terms rely on verifiable information that can be
legally enforced, whereas implicit terms rely on observable information. therefore, the
utilization of precise and thorough express terms contributes to increased legal stability.
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On the other hand, implied terms are terms that are not expressly stated in the
contract but are inferred from the circumstances, the nature of the agreement, or the law.
Implied terms are not explicitly discussed or written but are assumed to be part of the
contract based on the presumed intentions of the parties or legal requirements. Examples
of implied terms are mutual trust and confidence and business loyalty. They do not need
to be in the contract because it is assumed that both parties know them beforehand. It is
worth mentioning that implied terms are legally binding in the court of law (Peninsula
Group, 2021).
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Reference List
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Bahr, E. (2020). 10 Benefits of an Effective Onboarding Plan. [online] Click Boarding. Available
at: https://www.clickboarding.com/10-benefits-effective-onboarding-plan/.
BasuMallick, C. (2021). What Is Employee Retention? Definition, Strategies, and Ideas, With
retention/articles/what-is-employee-retention/.
Bishop, G. (2023). What is the government’s role in education? [online] Medium. Available at:
https://medium.com/@gemma_athey/what-is-the-governments-role-in-education-e0f6aa3881fb.
https://www.cipd.org/en/knowledge/factsheets/talent-factsheet/.
Cosentino, J. (2022). Dysfunctional Turnover & 9 Ways to Fight It. [online] AIHR. Available at:
https://www.aihr.com/blog/dysfunctional-turnover/.
Gudell, S. and Terrazas, A. (2023). Indeed & Glassdoor’s Hiring and Workplace Trends Report
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2023-Hiring-Workplace-Trends-Report-Glassdoor-Blog.pdf
Holliday, M. (2021). The What & Why to Employee Turnover. [online] Oracle NetSuite.
turnover.shtml.
Janza, N. (2020). Part-time work: the Definition, Pitfalls, and Pluses | Spica International.
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Kaikhosroshvili, K. (2024). 6 Expert Ways to Integrate Performance Management and Talent
management-and-talent-management.
Karlsson, J. (2020). Diversity Matters: Why diverse talent is the future of your workforce.
matters/.
Maylett, T. (2016). Managing Your 4 Key Talent Groups. [online] DecisionWise. Available at:
https://decision-wise.com/resources/articles/managing-your-4-key-talent-groups/
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guide.
Peninsula Group (2021). Implied terms of a contract | Peninsula UK. [online] Available at:
https://www.peninsulagrouplimited.com/resource-hub/employment-contract/implied-terms-of-a-
contract/.
Powell, M. (2023). Express & Implied Terms in Contract Law | Commercial Contract Solicitors.
#section-1.
Sundberg, J. (2017). The Benefits of a Clear EVP. [online] Link Humans. Available at:
https://linkhumans.com/benefits-clear-evp/.
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TUC (2021). Learning and skills. [online] TUC. Available at:
https://www.tuc.org.uk/resource/learning-and-skills.
Warner, D. (2023). Differences between onboarding and induction. [online] Available at:
https://legislate.ai/blog/onboarding-vs-induction-differences-importance-and-more.
Works, Richard (2017). The impact of technology on labor markets : Monthly Labor Review:
https://www.bls.gov/opub/mlr/2017/beyond-bls/the-impact-of-technology-on-labor-markets.htm.
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