Question:
Write a report about the manage work panning.
Labor supply is defined as the number of labors who are willing to work for a particular job for a given time duration and the amount of wage (May, Peetz, & Strachan, 2013). The supply of labor might vary depending on the type of job and the economy of the country as well as the company.
Workforce turnover is defined as the duration of the association of the employees with the organization and the frequency of the replacement of the employees in the organization (Buchan, O’May, & Dussault, 2013).
The workforce turnover rate is calculated by dividing the separations of the employees by the average number of employees (Massey, 2013). When an employee leaves an organization then that action is called a separation.
The strategy applied by an organization to retain the employees in an organization is called staff retention strategy (Carswell, & De Neve, 2013). Various strategies that could be applied by an organization to retain the employees in the organization are:
Workforce analysis is the evaluation done by the higher authorities of an organization to manage the human resource of the organization (O’Neil, 2014). The analysis involves identifying the present and the future supply of labors and resources in the organization. Understand the need of the future competencies. Analysis of the situation of the present and the internal resources is called the supply analysis. Predicting the demand of the future is called the demand analysis. After the evaluation between the present and the future, a gap can be identified between the two. The higher authorities can carry out a gap analysis and take further steps to fill those gaps for the enhancement of the organization.
The turnover rate of the staff determines the business success of Woolworths in the competitive market. The employee turnover rate lowers down due to several reasons:
Reward and Recognition – The reward and recognition strategy help the business to develop the motivation and encourage factor towards the employees and helps in a success of the business as well (Thite, 2012). This helps the business to encourage more employees and helps the Woolworths in sustainability as well.
Incentive – The incentive scheme for the overtime work or incentive for the performance also helps the employee to improve the skill and potentiality of the employee and thus helps the business to increase the rate of growth of the company as well. The incentive also helps to get motivated employee as the remuneration scheme always helps the business to attract more employees and helps in increasing the productivity and profitability rate of the employee as well (Rego et al., 2012).
Performance Appraisal – The performance appraisal of the employee also helps in improving the profitability of the organization as a whole. The analysis of the performance of the employee helps in encouraging the employee more towards the business and helps in improving the productivity rate of the Woolworths as a whole in the competitive scenario (Bevir, 2012).
According to the abs.gov.au, since November 2014 until November 2015, the full-time adult average weekly ordinary time earnings has grown by 1.7% and the present figure is $1,499.30 (abs.gov.au, 2016).
According to the Australian bureau of statistics, the number of employment increased to 11,933,400 from 8,300. Another positive side that was identified is that the number of unemployed individuals decreased from 725,900 to 200 (abs.gov.au, 2016).
Wesfarmers is one of the largest companies in the land of Australia, and the business operations of the company cover departmental stores, office equipments, supermarkets, convenience store, hotels, liquors and home improvement. Another part of the business includes the industrial materials like fertilizers, chemicals, industrial safety products and coal. It started its functioning in the year, 1914 and currently functions with 210,000 employees (wesfarmers.com.au, 2016). The present stakeholder base is around 500,000. The main aim of Wesfarmers is to give good amount of returns to the stakeholders.
Five factors that would affect the workforce supply are:
Wesfarmers is a huge company with around 21,000 employees working for the organization. In such a situation, if the employees are given promotion within the organization, the employees will not need training and they can perform efficiently. The employees will have an idea about the number of working hours in the organization and they will be able to adjust themselves accordingly (Stirpe, Bonache, & Revilla, 2014). Thus, the workforce supply will be affected positively if the organization indulges in promoting the employees.
If the economy of the country is in a downturn, then chances will be high that the employees will go away from the country in search of work (Suedekum, Wolf, & Blien, 2014). As a result the organization will suffer from negative workforce supply. However, as Australia is a developed nation, hence, chances of economic downturn will be less for Wesfarmers.
Availability of a particular talent in the market hugely affects the workforce supply. If there is excess of talent, the workforce supply will rise (Carayannis, & Grigoroudis, 2014). On the other hand, of the there is scarcity of talent in the market, and then the workforce supply will decrease. Wesfarmers will have to change their pay structure and the place of search accordingly.
If the competition among the workers and the companies are more, it will become tough for Wesfarmers to get the workforce supply (May, Peetz, & Strachan, 2013). Wesfarmers suffer from constant competition but its market presence helps the organization to get the proper workforce supply
The educational institutions will be able to produce more skilled labors for Wesfarmers. Hence, the workforce supply will increase for the organization if they are able to tap the students to join their organization (Buchan, O’May, & Dussault, 2013).
Wesfarmers are in the need of both skilled as well as diverse workforce. Wesfarmers has grown and always growing, hence it needs a workforce who is ready to adapt to any situation and work accordingly. If there is diverse workforce in the organization, it will help the organization tom grow and immediately get settled in the new environments (Carswell, & De Neve, 2013). The employees will be able to help each other even in tough situations and especially when the company is emerging
On the other hand, the necessity of skilled labors is also necessary in the organizations. Australia is a place where there is a settlement of diverse people and hence the requirements of the people are also various for the organization. Hence, Wesfarmers need skilled labors that have a proper idea about the industrial relations as well as the demands and the needs of the customers. However, there are different types of skills that would be required by Wesfarmers for their operations:
Only those labors can be termed skilled labors that have a minimum of two years of experience in the field (Stirpe, Bonache, & Revilla, 2014). In addition to this, skilled cannot be hired in contract or temporary basis. They should be permanent and should be under the payroll of the organization they are working
Here the word ‘factory’ not only means the industrial jobs but also the jobs that require some kind of technical knowledge (Suedekum, Wolf, & Blien, 2014). As Wesfarmers is a well known organization, hence it will require people who have a proper knowledge of technology so that they can multitask at one point of time
Imports and exports are a part of the business for Wesfarmers. Hence, they need skilled labors that have thorough knowledge of the laws of such trades (Carayannis, & Grigoroudis, 2014). In this way, the job of Wesfarmers will become easier as they will be able carry out the job. In addition to this, there a be other trade jobs that require apprenticeship training like, painters, welders, carpenters and other types of workers.
The government of Australia has implemented a ‘General Skilled Migration (GSM)’, which was implemented on 22nd September 2015 (border.gov.au, 2016). There are many workers who come to Australia due to unrest in their country. They search for work. The workers can then apply for visa for the fooling cases:
Labor force is defines as the number of people who are either employed or are not employed abut are extensively looking for job (Massey, 2013). Forecast is the prediction made by various companies regarding the labor force of a particular place. The calculations and the predictions are done by comparing the economy of the country and the world economy. The number of employees available in the nation and the number of employees already engaged will help the company to understand the workforce supply. Depending on that the organization decides whether to launch the business in that location or change the location.
Specific activities that should be undertaken are:
Market research not involves the gaining knowledge about the competitors; it also involves research regarding the techniques used by the competitors (O’Neil, 2014). The action and techniques incorporated by the competitors in the market to tap the employees for the organization and the plans they have made for the employees. The better plans that will be made by organization, the workforce supply will rise accordingly.
Partnerships at times help the companies to tackle difficult situations in a better manner (May, Peetz, & Strachan, 2013). Hence, even if the present situation of the company or the economy is not right, merging with another organization might help in dividing the risks. The experts from the both the companies can then predict the labour force for different places and even of the labour force is not strong, the contributions of the partnered companies will help them to tap some of the best workers from the market. The labour force will turn in favor of those companies as they will get better payments from them than other organizations.
Reference List:
6202.0 – Labour Force, Australia, Jun 2016. (2016). Abs.gov.au.
6302.0 – Average Weekly Earnings, Australia, Nov 2015. (2016).
Anheier, H. K. (2014). profit organizations: Theory, management, policy. Routledge.
Appelbaum, S. H., & Fewster, B. M. (2014). Safety and customer service: contemporary practices in diversity, organizational development and training and development in the global hotel industry. Management Research News, 27(10), 1-26.
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