Importance of Labor Market Analysis for Multicultural Workforce and Communication Proficiency
The business communication in business requires a proper reflection of diversity in workplace that will allow them to portray the image of a diversified organization in front of customers. The labor market exercises control on the different demand and supply of labor which helps in highlighting on specific skills and abilities. Hence, the employee retention and proper planning requires the companies to handle the compensation decisions and the plans which are related to how the feedback given to the employees can be helpful for them to improve their work.
The importance of labor market analysis is that there are multicultural work force and a better communication proficiency that is important for the success of the business. It is important for the business to be proficient with the written and the oral communication where the labor market works on the adoption of communication technologies. The employees need to be skilled in using the technologies so that they are able to effectively communicate. With the changing time, the problems of time consumption, demotivation has become a major issue for the employees. Hence, it is recommended to work on improving the work flexibility with easy access to information, and tools for improving information. The efforts are needed to enhance the operations with the shift from the traditional concern of hiring. The job recruiter also need to ensure about hiring the most skillful and the best person so that the company does not miss opportunities due to them. A better effort for hiring will be needed if the demand is less. The managers and staff view performance management as a major time consuming, subjective and demotivating factor which does little for improving the employee performance (Eweistein, Hancook & Komm, 2016). There are more positions which require employees with deeper expertise and better skills of problem-solving. The companies are working on evaluating the employees by testing their new ideas which helps them giving a constant feedback with coaching practices. Google has successfully transformed the way it is able to compensate a higher performer at different level. The changes are different, and the patterns are beginning to emerge, considering the employee performance by focusing on individuals. The understanding of labor market helps the organization with:
- Recruitment & Selection: There are different recruitment incentives to the existing employees with labor force population that has made up all individuals available for selection of recruitment strategies. The recruitment methods results in a different group of applicants who might be applicable if there are employers to advertise about the management trainee openings (Armstrong, Landers, Collmus, 2016). The unemployment rates and the applicant population rate is high in a given market and there is a major difference of labor markets which affects staffing.
- Succession Planning: According to the case study, the companies like GE and Microsoft work on long epitomizing the stack and rank approach which has been helpful in blowing up the annual systems. Netflix has no longer measures for the people who are seen to be against any annual objectives. This is mainly because they are seen to be fluid to handle the changes rapidly (Albrecht, Bakker, Gruman, Macey & Saks, 2015). The succession planning is important for achieving the goals and missions or initiatives. Here, the focus is on the ongoing processes that are mainly used to identify all the important employee competencies, development and retaining a pool of talented personnel. This is for ensuring the continuity of leadership at different critical positions. The effective planning includes the enabling of organizations to properly assess the talent needs with making use of the competency and the job description. It will also allow the leaders to properly identify the people who are capable of undertaking different future needs. This will help in handling and deciding on competitive advantage that can easily be gained when organizations ensure that they have an in-depth of leadership which is for handling the contingency planning (Fuchs, Kronenberg, Kuhne & Rieder, 2016).
- Workforce Planning: The performance data needs to work on setting down the compensation, where the companies are linked for proper evaluation and compensation. The linking is done at a comprehensive level to match the high and low ends of performance. A better backup of the data will help in shifting the emphasis from the backward-looking evaluations. In the labor market, there are right people who are working on delivering the proper business goals and identifying the resourcing implications of change. The performance of the labor markets depends completely on the supply and the demands which includes the specific occupations and the other flexible working patterns. It is important for the organizations to manage with location decisions and then to resolve the recruitment, retention or other skills difficulties.
It is important for the human resource management to focus on vertical integration of overall strategy where the high-performance management, corporate social responsibility are important factors to retain the employees. Hence, the enhancement of the flexibility will help in properly focusing on the talent management decisions as the different people in a team would be involved in discussing about the ideas (Jennings & Stadler, 2015). The HR policies like the lack of efficiency and lower morale could easily be overcome through long-serving employees and alienation. But for this, the companies like Microsoft and Google have to be involved in the discussions with their team and analyzing the performance of the employees, so that it becomes easy for them to evaluate them (Sheehan, 2014). Certain technical companies like Atlassian have been working on the automation of the evaluation activities which are performed by the managers, manually. But considering the importance of employees, the harmonizing of talent development programs have to be consistent in the corporate world.
Efforts Required for Hiring the Best Candidates and Evaluating Employees
The second strategy could be to maintain a time framework and a competitive edge which not only depends on human resources but also HRM strategy. The goal alignment is important for job roles along with resource management in the organization. For this, a proper communication between the strategic business objectives will help in allowing managers to access and properly view the goals of different departments. It will tend to reduce the problem of redundancy and improve the goal sharing that is for better support (Stone, Deadrick, Lukaszewski, and Johnson, 2015) . The objectives are set for the directions where organization can attain feasible corporate goals. The performance with a better data backup will help in shifting the emphasis from backward looking evaluations to a proper performance which is fact-based. The companies tend to make use of approaches which are working on holding a hardwired target for the team of sales. The companies like Netflix have to focus on the easily communication with reinforcement of talent management programs with fair objectives. The use of models and systemization of activities aims to eliminate any type of shortcomings and there is a randomness in organization. There is a need to make note of identifying the needs, with specification of ways to support the corporate strategy which will help in designing a program and a talent selection criteria. The management and development of exceptional employees with focusing on different activities can help in performance-oriented approach (Paillé, Chen, Boiral, and Jin, 2014). The alignment of goals are depending upon strengthening the leadership which creates the organizational ability to allow managers:
- To focusing on efforts of employees.
- Understanding the clear responsibilities which are related to specific goals.
- The accountability is defined through assigning the measurable parameters with articulating goals that are for visible company-wide.
- The exercise has been effectively able to highlight on different parameters where the focus is on generating a better performance score for the employees. As discussed, the companies like GE and Microsoft are working on improving their system of evaluation. They have proposed their employees to come up with new ideas every now and then so that the company can work towards the betterment. Apart from this, Netflix has also worked on talent and resource management effectively, through focusing on changes rapidly and becoming more fluid. Google has been able to transform the ways in which it is able to compensate the higher performers are different levels. The performance has been effectively mapped by the companies by real time analysis of data through systems. It has helped in proper backup of data with emphasis from the backward-looking evaluations (Jackson, Schuler & Jiang, 2014). According to me, it is important that business leaders must work on performing faster with flexibility, knowledge and experience that would help in driving to success. The cultivation of a collaborative atmosphere, with aligning to the metrics for success is based mainly on the individual performance. Hence, to drive for a better collaboration, the employees and management needs to properly access the rich employee data with experiences, interest and certain special skills which are beneficial to the company.
- Some of the factors related to performance management seems to go well where the positions in the company were open more for the employees with deep expertise and independent judgement. They hold a better responsibility to interact with customers and the business partners (Manvi & Shyam, 2014). The performance management system work on identifying the compensation decisions where employees are emerging with great ideas and continual feedback. There have been goal alignments with rewarding people for the 360-degree feedback.
- There are certain issues related to handling the performance management, when it comes to time consumption, demotivation and unhelpful nature of the team members. There is a problem of undermining the performance as the people tend to struggle with ratings and then also worry about the compensation (Budworth, Latham & Manroop, 2015). These are the major issues that the employees are facing with working on interactions with customers and business partners to create value in ways that the industrial era performance is finding it a struggle to identify. The problem is about preventing the manager’s dissatisfaction with processes and the uncertainty which leads to revamping the performance management system (Kuvaas, Buch & Dysvik, 2016). Hence, it is important to focus on the different factors where coordination with the employees is important along with collaborating and making use of informed talent management decisions effectively.
- In real life, the exercise could be helpful for the employees where they can strategize by focusing on different approaches to performance management, with holding on to the hardwired targets for the sales teams (Patki et al., 2015). There are changes in the company which are seen to be new and varied for certain instances. Hence, the company needs to focus on attracting, developing and retaining a high-quality people. It will help in providing acquisition and superior performance, productivity and flexibility of personal customer exercise. The talent management is important for working environment through core values, leadership and work-life balance that will help in setting a clear vision of integrated values (Ogunyomi & Bruning, 2016). The job and work design also help in providing individuals with stimulating the plans with enhancement of job satisfaction and flexibility. The learning and development is for enlarging the skill base and then developing higher levels of competence which are important for encouraging the discretionary learning practices. The focus is on the organizational learning where companies like Microsoft and Google are working on improving the “stack and rank” approach that has been for setting the annual systems of rating and evaluating employees.
Conclusion
The case study also highlights on how the companies are working on rethinking of employee performance at the high or the low end. Many of them are collecting the data through systems which will help in automating the real time analysis. Hence, the measuring of essential factors tend to mark a major difference between success and failures of specific jobs, where organizations need to put the right person in every position. The business also need to outperform the competition along with strategic talent management that is important to build the right workforce for precise business execution.
References
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