Explain the significance of ‘tight’ and ‘loose’ labour markets (AC1.3) (approx. 150 words)

5RSTB

2.

Explain the significance of ‘tight’ and ‘loose’ labour markets (AC1.3) (approx. 150 words)

These terms “loose” and “tight” market are often used to describe in detail the balance between labor supply and demand in markets. From a modern perspective, a “tight labor market” can indeed be defined in terms of its impact on the share of labor income. This is due to the understanding that the labor market is tight or loose when there is a mismatch between labor supply and demand, which actually puts up or down pressure on actual unit labor costs as well as on part of the job. In addition, the words “tight” and “loose” indicate some degree of imbalance or inconsistency. It has been argued that the labor market can be viewed as narrow or free only because of the stable situation, and this has two vital implications (Finch, 2015). First, no shock can make the labor market shrink or relax unless it takes it out of a stable state. In practice, this is not too restrictive, as sufficient types of stiffness are present in the most popular macro models. Second, it cannot be said that any shock that changes the constant value of the share of labor has made the labor market permanently tense or permanently weakened. This is due to the fact that movements in the state of equilibrium do not entail a change in the balance between demand and supply of labor.

This is too muddled and abstract – you do not actually explain what is meant by each of the two terms, and what this means for an organization (the significance). Please delete and rewrite. You need two separate sections – :

1. ‘A tight labor market is where…. which means that…..;
2. A loose labor market is where…. which means that….

3.

Assess, including strengths and weaknesses of two differing approaches that could be taken in the short term as a means of improving the organization’s ability to retain staff effectively. (AC3.2) (approx 300 words)

Miller (2016) asserts that retention refers to the degree to which an employer retains its employees and can be measured as the share of employees with a certain length of service and expressed as a percentage of the total number of employees in the organization. Retention approaches are based on questions such as why employees are leaving, who is leaving, and how this may affect the organization. Two different approaches to retaining talent in an organization in order to reduce employee turnover are developing reliable job advertisements and designing effective programs for career and employee advancement.

1. Job Previews

Miller (2016) states that it is critical and highly imperative for the business organization to provide a practical and a realistic job previews to the candidates during the recruitment stage itself so that the candidates or the potential employees knows and understand their roles and responsibilities within the organization and in terms of the job. Moreover, it is also important for the HR managers to not to oversell the specified job or minimize the aspects of the job or the roles of the candidates for the job.

2. Career Development and Advancement Process

If an employee finds that the organization is working towards developing career development and advancement programs for the employees so to enhance the employability of the employees and to provide a cushion for the employees in their skills and knowledge development for their career progression, the employees will stay with the organization as it is a vital motivational factor for the employees (Miller, 2016).

Strengths and Weaknesses of the Specified Methods:

Source: (Miller, 2016).

We can accept your second point, with regard to training and development, but the example of job previews cannot be accepted delete and replace it with appropriate approach. The task is asking you to consider how you can retain existing, employed staff – job previews are about potential applicants for a vacancy, and this is not relevant here. Please delete the example of job previews and replace with a more appropriate one – also, remember that this is about short-term strategies

7.

What steps should the organisation take to ensure that future skills needs are met? To what extent and how might career and succession planning feature in the organisation’s strategy? (AC2.2) (approx 250 words)

It is important for an organization to retort to right forecasting process for estimating the demand of the human resources for the future staffing needs of the organization as it will help the organization in assessing their needs in terms of quality and numbers. In this regards, it becomes important for the focus organization to properly and procedurally conduct the job analysis and job design process to accommodate the future capabilities of the employees. In this regards, following techniques can be utilized:

• Delphi Model
• Managerial Judgement
• Ration Trend Analysis
• Econometric Models
• Work Study Technique

Organizational career and succession planning has become an integral part of the overall organizational strategy due to the aging society in the broader external business environment and labor markets, resulting in fewer changes in a strained labor market, less recovery, and less employee loyalty in terms of the organization of their work and the complexity of the working environment.

Your narrative is valid, if rather abstract, but it is too brief, at only around 150 words. Please add some more specific ideas for actions that could be taken to contribute to career and succession planning. What can organisations actually offer to staff with regard to these aspects? You also need to say how important these actions might be.