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[Solved] Labour Market Analysis

Table of Contents Introduction Analysis of Current Labour Market Trends Labour Market Trend of the United Kingdom Labour Market Trend of Human Resource Profession Impact of External Factors Influencing Work and Career Patterns PEST Analysis Political Factor Economical Factor Social Factor Technological Factor Analysis of Advertising, Recruitment and Selection Methods Hiring and Selection Practices Analysis of Relevant Professional Standards and Competences Conclusion References Introduction The aim of this paper is to analyse the labour trend of a particular profession in a certain country. In order to analyse this aspect, the United Kingdom is selected is the appropriate state because the employment trend of the company has improved. The paper is divided into four different tasks each of which is illustrating a view related to labour market analysis and trend in the profession of human resource management

Analysis of Current Labour Market Trends

Labour Market Trend of the United Kingdom

It is noticed that in the current trend of the labour market of the United Kingdom is increasing rapidly as increased number of people are in employment. The government of the UK has made efforts in decreasing the level of unemployment due to which their labour market trend has improved a lot (Michie & Sheehan‐Quinn, 2001). The statistics show that in the period of May to July 2015 there were 31.09 million people who had been working which are 413,000 higher than the previous year and 42,000 more than February to April 2015. This shows that the labour market trend of the country is increasing massively. While on the other hand, it is observed from another statistics that 22.74 million people in the UK were working full time which is again higher than the previous year (Labour Market Statistics, 2015). With the help of this, it is analysed that many of the people have been shifted towards employment due to which unemployment rate has been controlled and the labour trend has been improved.

Although the problem of unemployment has been controlled but another issue has taken rise that is inactivity due to which the trend is being impacted adversely. Under the problem of inactivity, great numbers of individual of working age are not interested in working. However, it is observed that in February 2015 the inactivity rate was 22.3% which has declined and reached to 22.1% by May 2015. This shows that the country has been working strongly to control their problem so that labour market is not affected in a negative manner. This depicts the fact that the United Kingdom has potential to deal with their labour problems effectively due to which the pay level of the country has also increased. Individuals of the UK are searching for employment in different professions due to which the unemployment rate is declining; labour market trend is enhancing which is ultimately making the economy more stable (Gangl, 2002).

Labour Market Trend of Human Resource Profession

The labour trend, particularly in the profession of human resource management, has also improved because the number of specialist in this field is increasing rapidly. The development of the new concept in the human resource management, the importance of training for employees, and changes in the legislations are the major reason behind this changing labour trend of the human resource profession (Bratton & Gold, 2012). Moreover, in the recent era, the students are taking more interest in the field of human resource management due to which the number of employment in this field is increasing rapidly. Furthermore, the awareness of the importance of field has also been introduced due to the introduction of new concepts and themes such as E-HRM which is the major reason behind this changing labour market. Therefore, based on this, it is evaluated that the labour market of the UK is changing in a positive manner due to which employment opportunities in the profession of human resource management is growing (Lengnick-Hall et al., 2009).   

Impact of External Factors Influencing Work and Career Patterns

PEST Analysis

Political Factor

The United Kingdom is the constitutional monarchy that illustrates that the main head of the state is monarch but the powers used by him or her are limited with the help of constitution. The political system of the state is a multi part system in which two political parties are there such as labour party and conservative party. Both the parties in the UK are strong enough and enjoy their rights in relation to their functions. It is known as the country that low risk in terms of political instability, which the major reason behind the improved trend of the labour market of the United Kingdom (Beaverstock, 2012). The human resource profession is intensely linked with the political system because they have to make sure that employees are provided with their legal rights and the business is not violating the political aspects due to which economy can get hurt adversely. Therefore, based on political analysis, it is noticed that political factor has the massive influence on the career and work patterns (Bierema, 2009).  

Economical Factor

Many of the migrants from different countries come to the United Kingdom in search of best employment opportunities. This is due to the fact that economic condition of the state is stable because of which they are provided with higher wages in comparison to those offered in their home country (Nickell & Jackman, 2005). Moreover, due to increased migrants, the size of the total labour market of the United Kingdom increased because the economy gets improved with increased migrations. This means that economic factor can influence the career and work patterns immensely because labour opportunities are highly dependent on the economic situation of the country (Dessler, 2009).

Social Factor

The flow of workers in the United Kingdom has been increased because of various social factors. One of the major social factors that influence the career pattern of human resource management is the demand of migrant workers. This is because without immigration the labour force would get shrink due to which the economy would be impacted adversely (Escott, 2012). Work and career patterns in the human resource are impacted widely through language barriers and inadequate knowledge related to rules and regulations as migrant workers do not know to communicate in the English language effectively. They are also not aware of the laws and regulations related to employment and other matters which are important for an individual to know when working in the profession of human resource (Snell et al., 2015).

Technological Factor

Rapid technological changes have taken place in the recent era due to which working and career patterns are impacted. Automation in the organisation and use of technological tools such as the internet has changed the method of working in a firm. This means that employees working in human resource management have to be aware of the different technologies so that working process of the association can be made fast and competent. Technological factors are an important concern in human resource management because it helps the employee in conducting the important business task easily (Dessler, 2009).

Analysis of Advertising, Recruitment and Selection Methods

The world of work is changing rapidly due to which it is important for the human resource management to prepare for and analyse the impact of the change on the working method of the organisation. For instance, the individual working in human resource department has to understand the consequences of workforce diversity, globalisation, changing skills, improvement initiatives and others (Guest, 2011). This means that trend of the human resource management keeps on changing as new concepts, theories and technologies take birth after a passage of time. Moreover, the demand for professionals of human resource is also increasing widely because almost all the organisations are now hiring human resource department to make sure that their functions and operations are effective and in line with the important changes (Hendry, 2012).

Furthermore, the jobs of human resource are also advertised on different internet sources so that competent and skilled employees are retained. Various social media such as twitter, Facebook and others are used by organisations for advertising the job opportunities of human resource (Mangold, 2009).  Two different sourcing methods are used in the profession of human resource management for advertising job opportunities. These include internal sourcing and external sourcing. In internal sourcing, the new or vacated position is advertised to the existing employees. While on the other hand, external sourcing is the human resource advertising technique in which employees are searched by making use of external recruitment tools such as newspaper advertisements, job boards, and others (Farndale et al., 2010).

Hiring and Selection Practices

The hiring and selection practice that is commonly used in human resource includes identification of vacancy, evaluation of need, searching most appropriate candidate, reviewing applicants and creating a short list, conducting interviews, selecting hire and finalising recruitment. This is the best method to be used because it makes the selection and hiring process effectively and less time consuming (Roulin & Bangerter, 2015). With the help of evaluating need, the organisation gains the idea about the requirement and desire of the candidate on the basis of which further decisions are made.  Moreover, appropriate candidates are selected which are further shortlisted for the interview process. The shortlisted candidates are then called for interviews who are then interviewed for the position in the human resource department. After this, the individual that passes the interview is selected and their recruitment are finalised by making discussion on expected salary, accommodation and joining date (Bierema, 2009).

Analysis of Relevant Professional Standards and Competences

It is noticed from the standard of human resource of UK that there are four main areas that must be followed by the professionals of human resource management. These include gaining knowledge about business, demonstrating the expertise of HR, acting as a change agent and creating personal credibility. These are the four aspects that need to be achieved by the professional of human resource as mentioned in the standards (Guest & Woodrow, 2012). This depicts the fact that all these qualities must be present in the individual that is going to be hired by the organisation for the field of human resource. For instance, an employee of the human resource must have adequate information regarding business because they have to keep record about the position of the company (Wilton, 2011). They are also responsible for ensuring that organisational objectives are achieved for which knowledge about business is essential. In addition to this, the creation of personal credibility is also necessary as per standard because the human resource knows all the secrets, financial matters and others concerns of the business. Therefore, a person who enjoys strong credibility in the society is appropriate for this profession (Hendry, 2012).

Moreover, it is essential for the human resource employees that frank and friendly attitude is the part of their behaviour because they are means of interaction between employees and management (Kearns, 2013). The human resource department has to interact with all the employees of the organisation regarding their concerns and issues due to which it is highly important for them to ensure that comfortable and professional environment is maintained. Apart from this, it is observed that human resource employees must also possess ethical behaviour because he or she has to ensure that the business is following the basic rules and regulations (Evans, 2011). However, there are some of the competencies provided in the standard that must be present in the professionals of human resource. These are as follows:

• Ability to make decision instantly
• Skilled influencer
• Expert in managing commercial and HR issues
• Must be able to work with group of different people
• Emphasis on delivering the results that are best
• Has the potential to accept challenge
• Has the personality of being a role model
• Curious (Dessler, 2009)

The above-mentioned competencies are the common features that must be present in an individual for conducting the work of human resource. These attributes make the HR professional expert in their field of work because they have to deal with both the employees and management. They also have to become the communicational bridge between them in order to make sure that goal and objectives are achieved.

Conclusion

It is concluded on the basis of discussion provided above that human resource is the complex profession has it entails various different features and attributes. The labour trend, particularly in the field of human resource, is increasing massively as organisations are hiring HR as essential part of the business. Moreover, there are some of the external factors such as political, economic, technological and social due to which the work and career patterns are influenced. Apart from this, due to increasing trend, the HR jobs are advertised on internet sources so that awareness can be increased