The labor market analysis is important for the success and the growth of the organizations (Hall and Krueger 2016). They are important for finding the major trends in the labor market. It is important to perform surveys, which would include several number of well-constructed jobs in the labor market (Hall and Krueger 2016). The labor market analysis is concerned with the identification of the appropriate labor market, which is suitable for outsourcing candidates for different types of job vacancies. This report would discuss the different labor market analysis that are required for doing effective decision-making concerning employee planning. It would also discuss the performance criteria for measuring the effectiveness of the induction process of Wintons along with the performance management of the employees. The overall development of the Branch Managers would be discussed.
The labor market analysis is important to survey the market and determine the appropriate compensation level that must be paid for the job opportunities in the organization (Hall and Krueger 2016). It is also vital to measure the current trends in the market like merit, ancillary pay and the different pay structures. The labor market analysis is helpful in the establishment, adjusting as well as recommendation of salary (Ashton Maguire and Spilsbury 2016). The HR managers can formulate effective compensation structures after studying the trends of the market.
The labor market analysis is helpful for identifying the other employers in the market (Hall and Krueger 2016). It also helps in analyzing the number of candidates that are lined up for the competitor’s companies (Hall and Krueger 2016). The analysis of the labor market helps in the identification of the industry benchmarks and design the packages offered to the prospective candidates (Knights and Willmott 2016). It also helps in the identification of potential areas which are good recruitment sources. It is important for the HR managers to know the best sources of recruitment from where they can recruit good candidates (Ashton Maguire and Spilsbury 2016). They can also effectively do the workforce planning.
The labor market analysis helps in effective planning decisions regarding the recruitment and development of the employees (Kugler 2014). The employers need to make sustainable and practical decision making regarding hiring process and make sure that the employees are well fit in the organization (Kaas and Kircher 2015). It is also important to find the right number of employees at the right time so that the business goals are met. It is also important to identify the different resource implications for change (Ashton Maguire and Spilsbury 2016). The labor market analysis would help in understanding the different bottlenecks in the talent pipelines in a better manner (Benn Dunphy and Griffiths 2014). It would also help in the development of a more diverse workforce. There can be difficulties in the outsourcing process at certain part of the year, which can be well understood only through the analysis of the labor market in detail (Ashton Maguire and Spilsbury 2016).
Wintons Bookies have issues in the recruitment and selection process and there has been unprofessional conduct of these vital processes. This information has been gathered from different branch networks. The labor market analysis would be helpful in the analysis of the current market trends and secure the best manpower (Cappelli and Keller 2014). It is important to identify the local businesses which are being shut down and revise the recruitment policy accordingly. The shutting of new shops would imply that there would be less manpower required, unless and until there are no additional shops opened (Ashton Maguire and Spilsbury 2016). The analysis of the market shows that there has been significant increase in the different betting operations such as mobile betting, internet, private member clubs and others, which means that the company can hire suitable manpower in these alternative modes of business (Katsioloudes 2016). It is important to recruit candidates who possess the skillset of handling the alternate business modes.
The effectiveness of the induction program at Wintons needs to be monitored based on some performance criteria. As opined by Darling-Hammond (2013), the purpose of any organization is to have skilled and well performing staffs which would help the organization to satisfy their organizational goals. It is important to enhance the knowledge as well as skills of the newly recruited employees so that they can gain a broad organizational perspective. This would help them to perform their day to day job duties in an effective manner (Ashton Maguire and Spilsbury 2016). The first performance criteria that are used for the purpose of measuring the induction process effectiveness is the employer’s interest in determining what information needs to be communicated to the new employees (Lundgren and McMakin 2013). The organization should decide the actual valuable information that should be communicated to the new employees. The presentation of the information identified in the above process is equally important (Ashton Maguire and Spilsbury 2016). It would be evaluated whether the employer is using the right communication tool to assess the information presented to the new employees (Hanushek et al. 2017). The performance criteria would also check if the right instructor is used for imparting the training to the new employees.
The effectiveness of the performance management program at Wintons needs to be monitored based on some performance criteria. The performance process should take into consideration the correct parameters for evaluating the performance of the employees (Oliver 2014). It is important to give the correct words for the purpose of giving feedbacks of the employees. It is important to gather clear and reliable data (Ashton Maguire and Spilsbury 2016). The objectives of the performance management should be clear (Ashton Maguire and Spilsbury 2016). It is also important to design effective performance management system, which would be economical and consume less time (Van Dooren Bouckaert and Halligan 2015).
The effectiveness of the employee development at Wintons needs to be monitored based on some performance criteria (Ashton Maguire and Spilsbury 2016). The employee development programs should use effective learning tools as this would determine the degree of acceptance of the training (Ashton Maguire and Spilsbury 2016). The actual focus of the training program would also be evaluated so that it is aimed at addressing the real shortcomings of the employees (O’Neil 2014). The training programs should address the needs of the individual employees so that all the employees of the organization gain the desired skills. The learning environment should be informal and should reinforce on practical learning aspects rather than theoretical learning (O’Neil 2014).
Conclusion
The induction process, performance management and the overall development of the employees are important considerations for a business. These are also important for the business perspectives of Wintons. If the employees are motivated and their skills are enhanced, then they would be able to perform their job duties well, which would be beneficial for the organization in the long run. This would help the organization to fulfill its objectives. The labor market analysis is important for any organization as it would lead to the correct recruitment of the manpower required in the organization. It would not only lead to efficient process management but it would also lead to greater customer satisfaction.
I have performed the job interview exercise for recruiting suitable candidates in my organization. I have interviewed around 50 candidates for the position of Branch Managers, Branch Supervisors and Assistants.
I have found that my interview strategies are aligned with the needs of the organizations. The goals of Wintons Bookies are to maximize the process efficiency and increase the customer satisfaction levels. My strategy during the hiring process was to check the knowledge as well as skillset of the candidates so that they can fit in the organization well. I have also aimed to determine the communication skills of the incumbents so that they can interact well with the customers as well as internal stakeholders of the organization. As opined by Cummings and Worley (2014), the employees need to possess excellent interpersonal skills for sustaining well in the organization.
I have applied effective strategy that would be effective for the solving the issues of recruitment and selection at Wintons Bookies. I have given importance to the requirement gathering process before starting the recruitment process. I have also engaged in the proper selection of the questions that would be asked in the interview process. The questions check not only the knowledge and skills of the candidates, but also helps in determining if the candidate is able to fulfil the organizational objectives. The current recruitment strategy does not place importance to the psychological aspects of the candidates, which makes it impossible to determine the behavioral mindset of the incumbent. There have been instances when the recruited candidate has failed to fulfil his job duties and hence it has proved to be detrimental from organizational point of view. Hence, I have engaged in performing psychological assessments while evaluating the candidates. I also emphasized on the periodic performance of the employees so that constructive feedback can be provided to them. As opined by Speer (2017), the employees have right to know about their performance standards in the organization and guided about their career progression.
The interview and the employee performance appraisal went on well. I found that I am able to gain insights about the employee mindset and their knowledge. I was also able to gauge the potential of the candidates and decide if they would be able to meet the organizational goals. I was able to extract relevant information including background information about the candidates. I found some of them suitable for the job vacancies while some of them lacked communication skills, which made me decide that they are not fit for my organization.
I tried to ensure that the job interview is performed well, still there were certain problems, which made me realize that the job interview was not done well. I often made the mistake of grilling the candidates on the wrong questions, which are not that important keeping in mind the job role. There were times of fatigue during which I was unable to give my full attention to the interview process. The interview process covered an exhaustive set of questionnaires, however, there were certain things which could not be measured by the interview process. This included the intelligence, team skills, technical skills and attitude. There was lack of scoring sheets, which would ensure that the prospective candidates were evaluated uniformly. This often lead to incorrect assessment of the potential candidates.
The job interview could have done in an enhanced manner, which would improve the interview efficiency. The interview questions should be formulated based on the particular department vacancy. There should be inconsistent set of questions as every candidate cannot be asked same questions. It is also important to focus on the interview techniques and engage in taking notes while the interview is going on. The interview process should involve multiple interviewers so that the issue of interview fatigue can be avoided. It is also important to set the objectives of the interview first so that the outcomes of the interview can be measured easily. The interview process should not only comprise of face to face interaction but it should also comprise of the group discussion and role plays for analyzing the group behavior of the candidates. It would also help in evaluating the attitude and behavioral attributes of the incumbent.
References
Ashton, D., Maguire, M. and Spilsbury, M., 2016. Restructuring the Labour Market: the implications for youth. Springer.
Benn, S., Dunphy, D. and Griffiths, A., 2014. Organizational change for corporate sustainability. Routledge.
Cappelli, P. and Keller, J.R., 2014. Talent management: Conceptual approaches and practical challenges. Annu. Rev. Organ. Psychol. Organ. Behav., 1(1), pp.305-331.
Cummings, T.G. and Worley, C.G., 2014. Organization development and change. Cengage learning.
Darling-Hammond, L., 2013. Getting teacher evaluation right: What really matters for effectiveness and improvement. Teachers College Press.
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.
Hanushek, E.A., Schwerdt, G., Woessmann, L. and Zhang, L., 2017. General Education, Vocational Education, and Labor-Market Outcomes over the Lifecycle. Journal of Human Resources, 52(1), pp.48-87.
Kaas, L. and Kircher, P., 2015. Efficient firm dynamics in a frictional labor market. The American Economic Review, 105(10), pp.3030-3060.
Katsioloudes, M., 2016. The Strategic Planning Process: Understanding Strategy in Global Markets. Routledge.
Knights, D. and Willmott, H. eds., 2016. Labour process theory. Springer.
Kugler, A., 2014. Labor market analysis and labor policymaking in the nation’s capital. ILR Review, 67(3_suppl), pp.594-607.
Lundgren, R.E. and McMakin, A.H., 2013. Risk communication: A handbook for communicating environmental, safety, and health risks. John Wiley & Sons.
Oliver, R.L., 2014. Satisfaction: A behavioral perspective on the consumer. Routledge.
O’Neil, H.F. ed., 2014. Learning strategies. Academic Press.
Speer, J.D., 2017. Pre-market skills, occupational choice, and career progression. Journal of Human Resources, 52(1), pp.187-246.
Van Dooren, W., Bouckaert, G. and Halligan, J., 2015. Performance management in the public sector. Routledge.
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