Racial and ethnic inequalities in labor market result are well documented. Labor market analysis is the important process of recognizing the adequate labor market for different type of positions. There are two kinds of labor market that is internal labor market and external labor market (Christensen Hughes and Rog, 2008). It is a report which will focus on the labor market analysis on the context of Look Great Cosmetics Group which has the independent group of 20 cosmetic shops. I have been appointed there as a Human Resource Business Partner in the head office. This report will reflect the identification of performance criteria and my own experience of conducting the job interview exercise.
Look Great Cosmetics Ltd (LGC) is a small organization which is based in North London. It started its business in short way by involving family members in 1964. It has progressed progressively and has 20 physical shops along with an online shop. The time of uncertainty has come and LGC has to face some critical issue which should be resolved as soon as possible in the favor of organization (Armstrong, 2016). I have been appointed as a Human Resource Business partner to help them for making long term and short term talent and succession planning. As per my point of view there is a requirement of labor market analysis. It is essential for the LGC Company for employee retention and it has been analyzed through case study that UK withdraws from UK which brings the situation of crisis because the rate of tariffs are not clear that is why it is become the issue for the LGC company that in which rate goods should be export. The value of pound has decreased which refers that their supplies from overseas are already 20% more expensive than they were. The cost of staff has been enhanced unfavorably in the context of LCG Company.
Labor market analysis is the process of recognizing the adequate labor market for different kind of positions (Kugler, 2014). It is important for the LCG group because it involves the survey in which market is able to determine the salaries that are being paid for various positions or profiles. As it can be analyzed by case study that it has become difficult for the LCG Company to determine the cost and salary of the employees in that situation labor market analysis would be helpful for it to determine the cost of employees. Market trends can be identified in term of ancillary pay and pay practices (Klaus, Wilson, Bear, Leung, Van Houten and Chen, 2008). Staffs are required for LGC company to run the business progressively as before so labor market analysis involve establishment and recommendation of salary change and structure of the staff which would be helpful for the company to make new staff (Hyde, 2015). As a HR business partner, I would hire employees by checking their skills of handling customer in sophisticated manner. I will do analysis of labor market and consult with management of the LGC Company about workforce needs.
In order to make effective employee planning decisions, Labor market analysis play a vital role. It would be helpful to recognize the area where employers of LGC Company are competing for labor. Market surveys can be able to give proper information about the labor market to find out the salaries being paid for particular profile (Allen, 2008). The labor market is referred those area in which employers are competing for labor. The market is organized for those organizations from which LCG Company recruit or would logically hire on the basis of external and internal markets. Thus it is essential for the company to keep focus on labor market analysis for seeking requirement of labor and there are so many factors which are required to consider while establishing or adjusting salary ranges for the staff of the company (Hall and Krueger, 2016).
Generally, the talent planning procedure is made up of a certain elements involving the development training, talent assessment and tracking process. These steps are helpful to make sure that discussion of talent and action planning are aligned to grab the opportunity for potential growth. Talent and succession planning is the critical function that is able to include the coordination from the team of recruitment and business in several aspects such as analyze the required sources for forecasting, delivery of resources, maintaining the pool of talent for future and selection of effective training (Dainty and Loosemore, 2013). Along with that succession planning is the process for recognizing and expanding internal people with the potential to fulfill the need of the leadership skills in the organization. Succession planning is able to enhance the availability of experienced staff and with the help of succession planning I can recruit superior employees as per requirement of LCG Company.
Long term talent and succession planning can enhance the productivity of the employee within the organization because they have the knowledge about the goal of the company (Ramanathan and Gunasekaran, 2014). As HR business partner of LCG Company, I would like to describe the importance of long term planning of talent and succession so that the management of the company can be aware about the advantages of this. It has been analyzed that there are number of employees that have to be return their native place.Along with that it has been evaluated by me that LCG enhance its business and start online shop which required update with technology. I would hire employee for handling the online store and update with it latest technology. The long term planning for talent and succession would be helpful for maintaining the relationship with employees as well as customer for a long time and company can grow more rapidly. I will maintain the standards of given below in the context of sustaining long term planning.
Short term talent and succession planning is able to make satisfy the need of employees and the employer for a short period. LCG Company is facing some major issues regarding high cost of employees, lack of staff and lack of knowledge about the tariffs. It is necessary for the company to propose possible change which is required for temporary or short level. The short term planning regarding talent and succession for LCG Company as per my point of view is mentioned below.
I have been joined with LGC Company as HR Business Partner. There are so many challenges which can be the reason of lack of growth of LGC Company but despite the many challenges, LGC has determined plans for expansion. There is a requirement of change manager and I took interview of some candidates who are eligible for this profile. It is different from other employee strategy because it has certain condition such as the hiring of change manager will be applicable only for six month fixed term contract so that LGC Company can handle the condition of trouble in perfect manner.
Strategic planning is considered as the activity of the organizational management which is being used to set priorities, strengthen operations, focus energy and resources and make sure that employees of the company and all stakeholders are fulfilling their roles towards common goals (Smith, Ginger, Wright, Wright, Taylor, Humm, Olsen, Bell and Fleming, 2014). I described the long term and short term taken and succession planning in the context of LCG Company. My intensive strategy would be helpful for the company because it involves labor market analysis and the long term and short term planning. It is the strategy that needs intensive efforts if a competitive position of the organization with existing product needs to improve. I have taken an interview of candidate who had great experience of the change management and most qualified candidate. I have asked about his working style in previous organization and ask some questions related to manage the issues of LCG Company after that I asked for salary expectation and described each scenario of company so that he could understand each component of company.
People resourcing are considered as the element of the human resource management that is remarkable with the hiring and release of an individual’s along with their performance management. Talent management and people resourcing in the term of modern, rapid changing and turbulent environment is hard (Mathew, 2015). My strategy has reflected the issues in the context of LCG in the way of showing the lack of resources and training program in the company. my strategy is involved market penetration, product development and market development and it can be seen that due to withdrawal of UK from EU the tariff rate is unclear and the existing employees has to move which bring the situation of lack of staff and enhance the cost of employee due to introduction of the National living wage.
The process of interview was good and I told him about the possible change as per my concern. I described about the importance of online retail store. The annual growth rate of every retail store is expected from 1.5% and 3.5% per annually so I expected from him to reach the organization at before level where the position of the company is higher in comparison of other retail store. The plan has expanded and it is required for the change manager o make amendments in the organization with keeping interest of other employees in the mind and the change criteria should be proposed in front of employees so that in the case of any concern employee as well as employer of the organization could speak out (Naim, Tanveer, Gildea and Hoque, 2015).
I experienced that the contract based job is very tough and most of the candidate are not ready to job due to contract based job. Due to no knowledge about the tariff and poor performance of the company he was not ready for the job. I experienced that many employees do not have experience of the change management field.
The job interview could have been improved appropriately if I made aware about the strategy and the change requirement in systematic way. I have realized that I should have told him about the company reputation and the previous attainment prior. I could have shared the position of the company and the progress stage so that he could make his mind in the context of progress of the organization. Along with that the job interview could have improved if I set a written paper to analyze the knowledge of the employee.
Conclusion
It has been concluded that employee talent and people resourcing is essential for the organization. It is the assignment which is based on the case study and Look Great Cosmetics pvt. ltd has been mentioned in the case study. The importance of labor marketing analysis and long term and short term talent and succession planning has been discussed. As HR Business Manager I had to hire change manager for the purpose of handling the situation due to major challenges in the company. Along with that I shared my experience of job interview which would be helpful to improve the job interview session further.
References
Allen, D.G., 2008, Retaining talent: A guide to analyzing and managing employee turnover, SHRM Foundation Effective Practice Guidelines Series, pp.1-43.
Armstrong, M., 2016, Armstrong’s Handbook of Management and Leadership for Hr: Developing Effective People Skills for Better Leadership and Management, Kogan Page Publishers.
Christensen Hughes, J. and Rog, E., 2008, Talent management: A strategy for improving employee recruitment, retention and engagement within hospitality organizations, International Journal of Contemporary Hospitality Management, 20(7), pp.743-757.
Dainty, A. and Loosemore, M. 2013, Human resource management in construction: critical perspectives, Routledge.
Hall, J.V. and Krueger, A.B., 2016, An analysis of the labor market for Uber’s driver-partners in the United States (No. w22843), National Bureau of Economic Research.
Hyde, A., 2015, Working in Silicon Valley: Economic and legal analysis of a high-velocity labor market, Routledge.
Klaus, K., Wilson, A., Bear, M.E., Leung, C.H., Van Houten, M. and Chen, C.Y., 2008, Employee Talent Review Management Module. U.S. Patent Application 12/265,059.
Kugler, A., 2014, Labor market analysis and labor policymaking in the nation’s capital, ILR Review, 67(3_suppl), pp.594-607.
Mathew, A., 2015. Talent management practices in select organizations in India. Global Business Review, 16(1), pp.137-150.
Meyr, H., Wagner, M. and Rohde, J., 2015, Structure of advanced planning systems. In Supply chain management and advanced planning (pp. 99-106), Springer Berlin Heidelberg.
Naim, I., Tanveer, M.I., Gildea, D. and Hoque, M.E., 2015, Automated prediction and analysis of job interview performance: The role of what you say and how you say it, In Automatic Face and Gesture Recognition (FG), 2015 11th IEEE International Conference and Workshops on (Vol. 1, pp. 1-6). IEEE.
Pendrey, C.G., Carey, M. and Stanley, J., 2014, Impacts of extreme weather on the health and well-being of people who are homeless, Australian journal of primary health, 20(1), pp.2-3.
Ramanathan, U. and Gunasekaran, A., 2014, Supply chain collaboration: Impact of success in long-term partnerships, International Journal of Production Economics, 147, pp.252-259.
Smith, M.J., Ginger, E.J., Wright, K., Wright, M.A., Taylor, J.L., Humm, L.B., Olsen, D.E., Bell, M.D. and Fleming, M.F., 2014, Virtual reality job interview training in adults with autism spectrum disorder, Journal of Autism and Developmental Disorders, 44(10), pp.2450-2463.
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