Preparation of labour market trend and legislation in order to ascertain anticipated skills and trends which are exhibiting impact on Tesco.
- Analysis of labour market trends which are having impact on Tesco.
- Determination of skills which are required within Tesco.
- Application of research document in order to contribute in recruitment and selection inadequate manner.
- Examination of human resource life cycle in Tesco.
Resource and talent planning is concerned with the activities of HR whereby, it attract and hire employees who will help the company achieving its goals effectively and efficiently. It is beyond just recruiting, it involves succession planning. Planning is a continuous process which starts from forecasting of required talent, selection of proper hiring channel, delivery of resources on time, and maintaining adequate talent pool for future recruitment for attaining short and long term goals (Stredwick, 2013). The chosen organization in this report is TESCO, headquartered at England. The report covers labour market trends and various legal requirements which has impact workforce planning, determination of current and anticipated skills requirements, application of appropriate documents and processes which contribute to effective recruitment and selection, and examination of different environments that may foster or hinder entrepreneurship.
P1. Current labour market trends influencing talent management and workforce planning
Labour market is a place which consist of economic purpose of demand and supply of labour. It is a place where number of employees seek for a job and interact with each other. The market may limited to local or extend to national boundaries and sometimes, international market as well. There are various aspects such as qualifications, skills and geographical locations. Further, information about job opening is transmitted by employers to job seekers. The job seeker may also inquire about wage or salary, terms and conditions of employment, job location and many other related information. There are certain trends that prevail in labour market which keeps changing due to various forces of business environment. In addition to this, it is necessary to analyse organisational need and skills for the overall development and maintaining sustainability at market place. In contains various aspects such as workforce profile, it means organisation should maintain their workforce in ethical manner as it aids them to enhance their productivity for maintaining position and growth of their business in the market. Also, companies should follow governmental rules and regulations for smooth running of their business operations and activities. With reference to this, should changes their nature of work and fulfil the market demand and need, as it attract more new customers and retain old customers for longer period of time. Also, it helps businesses to create competition in the market and expand their business at global level with the motive of earning profit and capturing large number of market share. Along with this, The current trends in labour market that may have potential impact on TESCO's talent and resource planning are as follows:
- Demographic: It refers to population size and change in their age. This factor affect planning of HR as decline in population will shrink labour force in UK. Moreover, hiring more and more male will also dilute the balance and developed countries like UK are more likely to affect by it. The HR manager of TESCO has to take into account recent data about population size and the age factor. Further, the number of older citizen is growing in UK which is a serious threat for future, as there will not lack of fresh young talents. Hence, HR manager of should maintain adequate talent pool in order to meet future requirement.
- Globalisation: It is a factor which provide an organisation to operate their business operations in different geographical location but also affect them by creating so many competitors in global stage (Rothwell, 2015). It is important for HR manager of TESCO to further make modifications in their strategies with relation to laws and legislation of different countries. While on the other hand, it will benefit them to integrate their workforce structure and bring fresh talented workers in their organisational structure. Therefore, it is necessary for them to adopt required necessary modifications as per according to governmental regulations in their policies.
- Technology change: Technological change benefits and organisation to maximise their level of productivity and profitability at great extent by bringing new and advanced technological measure in an organisational structure. In context with TESCO it is essential for their managers to utilize modern and formative technological measures as to increase their overall organisational growth in a marketplace. For this it is required for them to provide effective training and developmental course to their employees as to achieve their goals and objectives in given time frame with great effectiveness. This will help them to reduce their cost in hiring new employees.
- Urbanisation: Urbanisation is a balance which depicts the balance of number of individuals residing in town and cities respectively. In modern scenario, people are turning their livelihood in urban cities which helps results in high rate of employment in urban areas. This will benefit benefit TESCO to increase their productivity and profitability by brining skilled and talented workforce in their organisational structure. It will not only help a country to raise their rate of employment and per capita individual income but also benefits TESCO to increase their overall rate of revenue.
P2. Different types of legal requirements an organization must take into account at the time of workforce planning
There are many regulations and rules that govern organization to keep its activities legal and avoid any legal consequences. Every business has to comply with laws that are applicable on it. There are certain legal requirements that HR should be aware of and abide by so that employees get a desired environment and legal backup. Each legislation provides specific actions which can be sought for any contravention or breach of provisions. The laws that HR manager of TESCO has to comply with are as follows: