Human Resource Management is quintessential for the smooth functioning of an organisation, which involves dealing with the employees of an organisation in order to achieve both individual and organisational objectives (Al Ariss, Cascio and Paauwe 2014). The success of an organisation largely depends on the selection and retention of talented individuals. Therefore, the ability to manage and develop talent has become one of the biggest challenges being faced by the organisations today (Farndale et al. 2014).
This report focuses on the strategies that should be adapted by the Human Resource Partner of Winston Bookies, an independent group of 25 betting shops located in the South of England. It examines the organisations current strategies concerning talent management and development and the required steps that must be followed in order to increase the company’s competitive advantages in a highly competitive environment.
The report firstly explains the importance of labour market analysis with regard to effective employee plan relates and is related to the given scenario. It also identifies the performance criterion used by Winston Bookies. Secondly, the report examines in detail the strategic importance of people resourcing and talent management along with the designing and development of talent management strategies.
Labour market is a crucial aspect of modern economy that involves the interaction between demand and supply of different categories of labour, which in turn determines the prices of the various categories of labour, that is, the salary rates of the workforce (Meyers and Woerkom 2014). Theoretically, the concept of labour market represents the idea of an organisation allocation and rewarding its human workforce (Cappelli and Keller 2014). The concept of labour market involves the complex of social and economic factors that influences the process through which organisations recruit employees and employees seek employment (Gallardo-Gallardo,Thunnissen and Scullion 2017).
Keynesian revolution has implied a significant meaning to ‘labour market’ in economic literature (Deery and Jago 2015). It reflects the increasing need for the allocation of human resource in order to maximize economic growth and welfare in consistency with the production structure. Labour market consists of the demand for workers, the supply of workers and salary determination. The main criteria of labour market is to set a co-ordination between labour and occupation and to determine the wages in a manner that would ensure both quantity and quality of labour supply and thus the efficiency of labour market is judged by the performance.
The economy of UK is on its path of sustained recovery after the recession, but due slow process of recovery, a considerable distance remains to be fulfilled. The fall in labour productivity remains to be the most troubling factor since the advent of recession and there is a significant gap between the productivity performance of UK and those of the advanced and leading economies (Oladapo 2014). The performance of UK’s labour market has however been much better than compared to other European countries and has relatively proved themselves efficient in keeping people employed. Nevertheless, this small increase in unemployment has mostly affected young people and those with low skills. For example, inspite of the recession taking a toll on the gambling revenue in UK, still a large number of major betting companies are continuing to recruit people and have expanded their operations.
Nevertheless, significant drop in the national betting market shares of High street based betting shops was perceived in the recent times. However, on the other hand, there has also been a considerable growth in the e gaming.com sites, mobile betting, betting exchanges, internet, telephone and private members club and are considered the largest growth areas in the betting industry. This has in turn leaded to the closure of many shop-based betting systems, which has become one of the major reasons behind the increasing rate of unemployment in UK. In addition to this, another reason that contributes to the considerable fall in revenue in the betting business is the, change in the pattern of employment. Though there has been a growth in the self-employment scenario, the income generated from it has been considerably low during the recession period, which again affected the growth of gambling business.
However, evidence from the recession period also proves that individuals with better qualification and higher skills were still employed and had higher earnings prospects, thus strengthening the critical role played by enhanced skills in a person’s labour market outcomes (Armstrong and Taylor 2014). The most common types of skill shortages that is prevalent among all occupations are job specific skills, technical and practical skills (Schiemann 2014). Most of these skills are best achieved in a work place setting and in this aspect; the employers play a critical role in overcoming skill shortages and in building a pipeline of skilled workforce.
Performance criteria are defined as the standards by which the performance of an organisation, employee or a product is evaluated (Buckingham and Coffman 2014). With the help of performance criteria assessors are able to inform the employees about their expectations as well as providing them with a goal or target for which they need strive and put in the required efforts. Performance criteria is applied by organisations in order to track the the progress of its employees. They are used as the basis for collecting information regarding the performance of the employee and are often used in order to predict their future performance and outcomes (Cummings and Worley 2014).
Managers of an organisation are considered the revenue generators and are thus subjected to performance evaluation (Gallardo-Gallardo and González-Cruz 2013). The salary, benefits and promotional opportunities of a manager depends on the appraisal of his performance outcomes that is his contribution to the organisation’s revenue collection, during his performance evaluation. Whether this review is a meaningful exchange or wastage of time depends on the implementation of a properly structured appraisal system that evaluates the skills of a manager in areas that include planning and employee supervision (Claussen et al 2014). In the case of Winston Bookies, the Human Resource Partner is able to evaluate the performance of his branch managers, depending on a number of performance criteria and though the result was satisfactory, some loopholes were still found to exist in the recruitment and selection process conducted in the past. Listed below are the criteria best suited to evaluate the effectiveness of Winston’s induction, performance management and development of Branch Managers.
Supervisory Skills – managers of an organisation or business should possess efficient supervisory skills in order to successfully guide and lead his subordinates. Since most of the branch managers are approaching their retirement age, the duty of the Human Resource Partner to recruit new managers has the ability to set appropriate goals, provide regular feedbacks and guide employees by fair implementation of rules. These characteristics of the branch managers would provide Winston Bookies with competitive advantages in a highly competitive environment.
Planning Skills – Branch managers should be able to identify the desired goals of Winston Bookies and thus specify the necessary steps to accomplish those desired targets. Therefore it is important for Human Resource Partner to rate a branch manager on his ability to organise, plan and control employees’ performance in order to meet the objectives of Winston Bookies. Therefore, managers should have the capacity to focus on performance, his ability to understand the company’s business plan, and his capacity to communicate the information through tactical and operational plans that aligns with the company’s strategy.
Leadership Skills – a branch manager must possess effective leadership skills. It is, therefore important to evaluate a manager’s ability to outline expectations, properly interact and communicate with others and provide direction to ensure that the performance of the worker meets the company’s expectations.
Level of Technical Knowledge – it is very important for the branch managers of Winston Bookies to have a considerable knowledge of current technologies, in order to stay at par with various innovative technological betting systems. A branch manager, equipped with sufficient technological knowledge would be able to guide the company, in the implementation of various technological betting methods. This in turn would help the organisation to face competition efficiently in a highly technologically competitive scenario, where the advent of e gaming sites , mobile betting and others have led to the closure of few branches of Winston Bookies; thus leading to a fall in its revenue collection.
Talent in general refers to the skills, capabilities or the art individual posses in a particular field. Therefore, the term talent management involves the idea of emphasizing on people as one of the major aspects for the survival and prosperity of an organization (Collings 2014). Such individuals are highly sought after in the market, as their contributions to a business add immense value to its competitive position. In an organization the word talent management refers to those important steps a company adopts in order to attract, select, motivate, develop and create a succession plan for individuals with abilities and aptitudes, to fulfill not only the current organizational needs but also the future requirements (Collings 2014).
In the recent market scenario, the scarcity of talent has become one of the greatest challenges for the organisations to successfully recruit, develop and retain talented workers. There are numerous benefits of talent management, such as engagement and retention of employees, increase in productivity, environment of excellence and many others. The demand for talented employees for key positions is high because it is the responsibilities of these individuals in helping the organisation reach the peak of success. For example, in the case of Winston Bookies, it is necessary to appoint and develop talented Branch Managers, who would help the business to flourish and stay steady in times of situational crisis such as recession and thus prevent it branches from shutting down.
According to most authors the main factors that affect talent management in an organisation are as follows (Base 2016) –
Globalization – provides both the employees and the organisations with new opportunities. The competition here becomes more intense, extremely widespread and multi-faceted.
The Knowledge Economy – knowledge is the most important asset that an organisation posses and uses in order to gain competitive advantage. Hence, it is extremely important for companies to hire employees with the required knowledge needed for a particular task.
Demographic Changes – refers to the accruing in the diversified age profile of an organization’s work force, for example, the ageing staff members versus the younger generation of employees, and the structure of the staff members that is, increasing diversity, varied expectations and different skill sets.
Technology – is another important aspect that has made connection and communication faster across the world and at the same time has a significant influence on the organisation and its employees.
However, it should be noted that the above mentioned factors are all inter-related with each other and do not represent all the factors influencing the process of talent management. They also varies across organisations and it is the responsibility of a company to take into account those factors that best suits the structure and requirement of an organisation (Dries 2013).
In the case of Winston Bookies, it is important for the Human Resource Partner to recruit branch managers by taking into account their technological skills, the knowledge required for the delivery of a particular task and the current market scenario. Selection of employees done on these factors would help Winston Bookies to gain competitive advantages by the implementation of technology based betting system, whereas on the other hand, the knowledgeable branch managers will be able to formulate a properly structured guideline and efficiently lead his subordinates to perform effectively. This recruitment process would help Winston Bookies to expand its business and collect revenue, which would help the company to stay steady even in the face of recession.
Conclusion:
Thus, it can be concluded that employee management is a crucial aspect for most organisations and the success of a company mainly depends on its recruitment, training and development procedures. Efficient and effective human resource management helps an organisation to meet its desired goals along with fulfilling employee expectations. Talent management involves a range of activities that includes selection, development and retention of best individual talents in their strategic roles. Moreover,Winston Bookies need to improvise their process of employee selection and retention through the implementation of proper policies and procedures.
References:
Al Ariss, A., Cascio, W.F. and Paauwe, J., 2014. Talent management: Current theories and future research directions. Journal of World Business, 49(2), pp.173-179.
Armstrong, M. and Taylor, S., 2014. Armstrong’s handbook of human resource management practice. Kogan Page Publishers.
Base, M.K., 2016. Talent management.
Buckingham, M. and Coffman, C., 2014. First, break all the rules: What the world’s greatest managers do differently. Simon and Schuster.
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.
Claussen, J., Grohsjean, T., Luger, J. and Probst, G., 2014. Talent management and career development: What it takes to get promoted. Journal of World Business, 49(2), pp.236-244.
Collings, D.G., 2014. Toward mature talent management: Beyond shareholder value. Human Resource Development Quarterly, 25(3), pp.301-319.
Cummings, T.G. and Worley, C.G., 2014. Organization development and change. Cengage learning.
Deery, M. and Jago, L., 2015. Revisiting talent management, work-life balance and retention strategies. International Journal of Contemporary Hospitality Management, 27(3), pp.453-472.
Dries, N., 2013. The psychology of talent management: A review and research agenda. Human Resource Management Review, 23(4), pp.272-285.
Farndale, E., Pai, A., Sparrow, P. and Scullion, H., 2014. Balancing individual and organizational goals in global talent management: A mutual-benefits perspective. Journal of World Business, 49(2), pp.204-214.
Gallardo-Gallardo, E., Dries, N. and González-Cruz, T.F., 2013. What is the meaning of ‘talent’in the world of work?. Human Resource Management Review, 23(4), pp.290-300.
Gallardo-Gallardo, E., Thunnissen, M. and Scullion, H., 2017. Special issue of International Journal of Human Resource Management. A contextualized approach to Talent Management: Advancing the field.
Meyers, M.C. and van Woerkom, M., 2014. The influence of underlying philosophies on talent management: Theory, implications for practice, and research agenda. Journal of World Business, 49(2), pp.192-203.
Oladapo, V., 2014. The impact of talent management on retention. Journal of business studies quarterly, 5(3), p.19.
Schiemann, W.A., 2014. From talent management to talent optimization. Journal of World Business, 49(2), pp.281-288.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download