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You will consider strategic approaches that the case study organisations could take to position themselves as employers in this evolving labour market; to plan to meet future skill needs and maximise employee retention.
You should give companies XXX and YYY an identity by selecting 2 gaming organisations which are licensed to operate in Gibraltar.
1.Labour market and trends ( 1.1, 1.2) You need to explain why the case study organisations are finding it difficult to attract and retain the talent required. You should undertake a PESTLE analysis to analyse the labour market
What specific skill sets are needed? You should specify what these are eg. good level of education, fluency in English, other language skills etc. Why are these companies finding it difficult to attract and retain talent with these skill sets?
Your PESTLE analysis will be useful in enabling you to identify relevant issues which could include residency requirements, geographical considerations, need for a strong supply of new recruits and cost of living etc.
What developments might change the current labour market for these organisations? PESTLE analysis will help you determine potential developments which could impact on this labour market eg the impact of increased regulation of the Gaming Industry, on-going tensions with Spain, potential changes to the EU and Eurozone.
Types of labour market you need to distinguish between tight and loose labour markets- describing their respective characteristics. Support your work with examples. Confirm what type of labour market best describes the scenario faced by these gaming organisations in Gibraltar? Explain why.
Labour markets in different country contexts Your analysis of the labour market for these competing organisations should include consideration of key labour market trends in different country contexts eg. levels of employment ; levels of workforce skill and education; levels of political stability; changing demographic trends (eg. ageing populations); Government regulation etc 2.Role of government, Trade Unions and employers in developing future workforce skills
(1.3) The development of workforce skills is critical for economic prosperity and competing in the increasing global market. Those with a vested interest in ensuring workforce skills development include Government, Trade Unions and Employers. You need to describe specific examples of how each of these key ‘players’ are involved in ensuring that future skills needs are met – see Lesson 1 of your workbook for guidance and identify examples which could be used for this scenario.
3.Examine why people choose to leave or remain employed by organisations (5.2) You need to explore reasons why people choose to leave or remain with their organisations. What are the key motivating factors which influence individual decisions to stay with their current employer? What are the key ‘push’ factors: influencing employees’ decisions to leave their organisations? What might be the key factors involved in this case study scenario?
explore employee retention issues
4. Maximising employee retention (5.1 & 5.3) • Costs associated with dysfunctional employee turnover What are the costs associated with high levels of employee turnover as being experienced in this case study scenario? You need to describe specific examples of costs, covering both direct (cost of advertising and recruiting) and indirect (productivity ‘down-time’ and low team morale). You should also explore examples of costing formulae which could be used to calculate costs eg. Recruitment Cost Ratio (RCR) and turnover indices
Short term resourcing strategies to improve employee retention what resourcing strategies could help to improve the retention of talent in the short term, for these case study organisations?
You need to confirm 2 examples of short term resourcing strategies which you feel would be best suited to the case study scenario to help improve retention levels. You need to clearly specify what your proposals are for improving talent retention in the short term. Examples of areas that you may decide are appropriate to focus on include: increase pay levels, improve opportunities for training and career development, develop and formalise HR policies, improve induction training and develop realistic job descriptions/profiles etc.
• Assess the strengths and weaknesses of your 2 short term approaches to retain talent You need to justify your 2 proposals to improve talent retention (in the short term) for this scenario by clearly assessing their respective strengths and weaknesses. You may find it useful to present this analysis in a tablewhere you will be able to clearly outline your reasons for justification of your short term proposals.
• Justifying the costs of your 2 short term approaches to retain talent You need to further examine your proposals to improve talent retention in the short term by indicating the general cost savings which could be realised if they were implemented. For example, you need to reflect on the costs involved in their implementation and show how these would be outweighed by any potential cost savings. You do not need to provide specific costingsbut rather an indication of the potential costs and savings eg. approx staff hours; additional resources needed to implement proposals weighed up against the projected reduction in the Recruitment Cost Ratio (RCR) as a result of reduced levels of turnover and impact of higher levels of employee job satisfaction etc. You could use a table to present this analysis using the following headings: Short term resourcing proposal: Potential implementation costs Potential savings Your justification example #1 example #2 5. Longer term resourcing strategies
(3.1 & 3.2) What longer term resourcing strategies would be appropriate for these case study organisations in order to meet future skills needs to take their businesses forward? You will have already explored the role of Government, Trade Unions and Employers (in section 2 above), in contributing to the development of resourcing strategies.
You will build on this by focusing on the development of effective people management and employee value proposition strategies in this section.
To help develop appropriate resourcing strategies for the longer term, it is important for you to assess the current situation by reviewing the labour market competitors and positioning: • Analyse the strengths and weaknesses of labour market competitors Select two examples of organisations which are licensed to operate in Gibraltar and evaluate their respective strengths and weaknesses from the viewpoint of a prospective employee. You will be able to do this by visiting the websites of your selected companies and reflect on how they present themselves to prospective talent by reflecting on areas such as: quality of information about the company and location; support offered to new staff to settle in; pay and benefits package; management style; organisation culture and opportunities for future training and career development. You can summarise your findings in a table.
• Strategic positioning in the competitive labour market You need to confirm your knowledge of the competitive labour market in which these case study organisations operate. You will be able to demonstrate this by applying Porter’s 5 Forces model to evaluate the level of threat from new entrants to this market; the level of threat of substitution; the level of threat of competitive rivalry and power of buyers and suppliers. From completing your analysis using Porter’s 5 Forces, you will be able to confirm the extent to which these organisations are strategically aligned (how similar are they in terms of the product/services offered; their customers and business need for talent?) and consider the extent to which their actions affect each other.
You need to confirm and justify at least 2 examples of longer term resourcing strategies which could be developed to help these organisations manage their labour market reputations and to develop more sophisticated recruitment and retention practices. Examples of longer term resourcing strategies which could be used here include: development of professional HR strategy; employee value proposition; employer branding; PR activities (building links with the local community); investment in training and development and effective workforce planning.
6. Becoming an Employer of Choice (3.3) Further to your analysis in Section 5 above, you need to explore how these case study organisations could differentiate (stand out from the competition) in order to survive and meet future skills needs.
One opportunity open to them is to explore becoming an Employer of Choice. You need to define what is meant by ‘Employer of Choice’ and outline the key characteristics of such an employer. You then need to outline the reasons why organisations would want to achieve this status and confirm the steps needed to become an Employer of Choice in this industry.