Strategic planning of human capital assets - Myassignmenthelp.Com

Question: Discuss about the Strategic planning of human capital assets. Answer: Introduction The right people, the best company. This assignment relates to the study of how a company can manage its people in such a way that it proficiently fosters the growth and status of the organization as well as the economy. Workforce planning has been considered as the key to the development and building a prosperous future for the entity. In core sense, workforce planning is the process of identifying and analyzing the requirements of the business in terms of experience, capability, knowledge and quality of the employees. The below summarized report has been focused on the management and workforce planning for Wesfarmers. Current data on staff turnover and demographics Staffing relates to putting right people at the right job, in other words, it is confined to having the best person for the best suitable position in the organization. For consistency in such operations, the company makes some suitable strategies which are as follows- Strategic plans This consists of the all the strategies which are to be used while managing the workforce. Operational Plans Every company has its operations for which it makes plans about how to bring the action in the organization (Starkey, 2018). Plans and Workforce planning How many people are required, who will be assigned what etc. are under this section. Job characteristics Job descriptions and other responsibilities have to be identified under this section. The Australian Bureau of Statistics The government authorized agency which assesses data on the basis of samples so as to reach a conclusion. The Economy Definitely, if a business is operating under an economy it will contribute to it in direct and indirect ways. Factors that may affect workforce supply Employment forecasting This is a process of forecasting the rate of employment which a company would require in future. This factor directly affects the workforce supply as we cannot accurately assess the future and its requirements. The requirements may vary from time to time. Hence, workforce supply is hindered. Supply and demand Sometimes the supply and demand curve does not compliment each other which create a problem for the company in getting the required amount of workforce for the operations of the organization. Organizations requirements for a skilled and diverse workforce A leading organization like Wesfarmers needs to compete with its rivalry for which it is necessary for it to have best people appointed at the operations. The requirements of a company are defined by its work ad structure it posses. Eventually, it leads to many more upcoming challenges for which people are required in order to fulfill the goals. Hence, Wesfarmers require a completely skilled and diverse workforce as it has very extended operations which are also worldwide where expatriates are also needed. The working structure of a company is very large so it needs to have highly skilled, semi-skilled, as well as labor as well depending upon the work which it is assigning to people according to their skills. Organizational strategy retention of the workforce Retaining workforce is a task in a 21st century where there is the ample number of competition. To be at a stage where there are a lot of options available to choose from is a task. For which there are certain criteria where Wesfarmers has to lead and they are as follows: Specific objectives for the organization on recruitment Wesfarmers have to make certain and clear goals for the organization in order to function properly by this employees will also be retained for a longer period of time as they will know what has to do. Training Proper training about the operations which has to be performed should be there so as to avoid any kind of confusions. Redeployment This is a major tool which can be used to retain employees that if they dont fit any ob they can be redeployed to a job according to their skills in order to have them for a longer period of time (NYAWIRA, 2017). Redundancy This is the major factor where employees are concerned so Wesfarmers have to make appropriate changes in this. Triple bottom line The three factors such as social, financial and environment for the employees must be taken care by Wesfarmers in the more attractive way to retain employees. Strategies to address unacceptable staff turnover It is always good to talk about topics which are controversial and it is always good to solve controversies so as to be the best player in the market. Wesfarmers, in order to address unacceptable staff turnover, can use exit interviews strategies which will help in knowing the reviews if the employer as well as employees so as to address the loopholes. Also, the goals or in other words standards have to be set for the exit interviews on the scale of which they will be measured and also the appropriate solution on the basis of which can be encountered. Define objectives to retain required skilled labor It is always justified to have employees for a long term in an organization (Knoke, 2018). This is a factor which helps the company to increase its goodwill as well as the satisfaction of people who are dedicating their time and efforts towards goals of Wesfarmers. The main objectives in order to do this activity are as follows: Cost Cutting Cost of internal and external sources which are used in recruiting new candidates is minimized. Secrecy is maintained Already working employees know about the process of a company so their retaining is equally retaining the secrecy. Increase in goodwill The company gets hampered in a market as it has most old working who is working with it. Objectives for workforce diversity and cross-cultural management Wesfarmers is a leading enterprise which has a very big channel of work. So workforce diversity is a huge concern and is majorly available in companys operations. There are many employees working as well as the existence of cross-cultural managements there due to its worldwide operations (Chang, 2016). There are several-legislation upon which the country is working variedly like the law of discrimination, equal opportunity act etc. upon which every state in Australia has to work and all the companies like Wesfarmers have to follow them. Diversity completely relates to the employees who are working in Wesfarmers are different from each other and they have different values, race, beliefs, religion, caste etc. but the company makes an environment to work for them in a proper manner (Cronin and et. al. 2018). As a whole, they are representing Wesfarmers which is a most common objective of all. Strategies to source skilled labor The ways through which Wesfarmers can source skilled labor are as follows: Internal Recruitment This is process through which a Wesfarmers can recruit its existing employees by promoting them, job rotation and various other internal ways of hiring potential people for suitable profiles (Byrd and Scott, 2014). External Recruitment This is a process of hiring people from outside of the organization by posting jobs on several portals, newspapers etc. Internal V/S External Internal recruitment is less costly than external. The complexity is both the process also varies internally is much more sorted than external. Internal help in retaining the existing employees and external brings a new blood in the organization. Objectives and rationale for stakeholders Stakeholders are the people who are associated with an organization directly or indirectly (Gabriel and Bennett, 015). They are affected by the operations of the company. Likewise, Wesfarmers also consists of a number of stakeholders like- shareholders, customers, employees, owner etc. The objectives of Wesfarmers are clear and firm which are to generate more and business and growth for the company. For the accomplishment of these goals , Wesfarmers will take the help of its employees which is quite obvious because a company(Trevino and Nelson, 2016)y is known by its people. For this Wesfarmers is trying to manage the manpower in such a manner that it leads to the fulfillment of the goals and objectives which are set. Obtain agreement and endorsement for objectives and establish targets It is very important for the company like Wesfarmers to gain the agreement of employees on the objectives which it has set for future goals accomplishment. So a proper channel of communication has to be used for it and also the established targets must be justified by the team of Wesfarmers. This will further eliminate the possibilities of hindrances from the side of the people who are associated with the business of the firm in a direct or indirect way (Dixit and Bajpai, 2015). Contingency plan for extreme situations The plan which is to be formed in order to deal with complex situations which may occur in future is what a contingency plan is. There are several situations which might be encountered by Wesfarmers while operating its business because the environment is dynamic and ever-changing (Jobling, 2017). So for this the company, first have to forecast the future in order to have a complete scenario about what extreme situations may occur in future, upon this after that a plan has to be developed so as to cope up with the situations, accuracy and accountability of the situations must be measured by various techniques which will help in conserving the time. Action to support agreed on objectives Recruitment can be initiated in Wesfarmers through an internal source and for this, the company has to measure the performance of the existing customers on the basis of certain criteria specified. This will help in promotion. Training to the existing employees is least necessary as they are aware of everything but an induction to the new role has to be done (Collings, Mellahi, and Cascio, 2017). Redeployment is a good strategy by which cost of recruitment reduces and the employee which is hired can be given a different role for which he/she is capable. Redundancy will help in creating job security awareness among the employees who are working with Wesfarmers. Strategies to assist workforce to deal with organizational change Organizational change is inevitable which has to be taken care by the company. For employees, time to training session and awareness to them about the changing environment must be provided on priority by Wesfarmers. This will help the employees to cope up with the changes (April et al., 2014). There is a procedure of unfreezing, change and refreeze through which company may get a feedback on any kind of change which is trying to implement in the company. The employees must be made aware of the changes which are happening. Strategies to assist organizations workforce diversity goals In order to implement the goals related to workforce diversity Wesfarmers has to make sure some basic steps as follows: Cost Wesfarmers has to set aside a budget for implementation of the diversity goals. Communication This is a way to make the employees aware of how to work in a diverse environment with various kind of people. Training A proper session of training in order to deal with the various complications while working in a diverse environment will add up to healthy relationship building with employees Rules Strict rules for the diverse culture must also be implemented by Wesfarmers to have a proper functioning (Ramos Sanchez, 2018). Succession planning The company can further develop its succession planning to ensure the durability by the following ways: Feedback Employees themselves can be asked about their development and retention. This will help in getting a proper feedback et al., (Hajkowicz, S.A., Reeson, A., Rudd, L., Bratanova, A., Hodgers, L., Mason, C. and Boughen, N., 2016). 360-degree evaluation On the basis of several factors, the employees can be assessed this will help in getting an outcome whether the strategies which are implemented are proper or not (April et al., 2014). Performance Also on the basis of the performance employees can be judged for whether the changes are positively impacting or not. Employer of choice After providing various facilities to the employees on various sections Wesfarmers will definitely be choosing the best employees of its choice (Humphreys et al., 2017). The company can develop a plan which makes sure while recruiting the employees for firm all the terms are specified and met by the selected candidate. Retention strategy for the company must be there in order to retain the employees for example exit interviews etc. Workforce plan Management The management of Wesfarmers can take action on the fact that why employees leave the organization. This will help in developing a plan to cope up with the challenges in the same field. Lack of rewards The company can increase the rewards and work upon its previous incentive policies in order to have more motivational enthusiasm for the employees to work for it. Over managed or undermanaged A proper investigation of the strategy of workforce management will help in knowing the loopholes of the organization. Labor supply trends There are changes when the external environment has problems in and at times it gets very much abnormal that demand does not compliment the supply in an organization for the employees. Likewise in such a situation when there is under or oversupply of workforce the company must utilize both the opportunities well (Oakley, 2018). In case of oversupply it must retain candidates according to its future forecasting for the manpower requirement. In undersupplying it must not hire any candidates from among the external environment. Effects of labor trends on demand for labor There are a lot of effects of labor trends on the demand for labor. The demand by a company like Wesfarmers is fulfilled according to labor trends (Rothwell et al., 2015). Sometimes there are ample of candidates and employees are available at the same time there is not a single one. So a proper strategy in order to deal with both has to make by the company. This directly affects the companys recruitment policy of getting the best candidate at the best possible position in the company. Organizational climate Wesfarmers is one of the best organizations. There is no doubt that it must be providing best organizational to gauge worker satisfaction (Steingold, 2017). The climate justification can be done on the basis of employees feedback, leaders justifications, planning and process survey etc. this will help in reaching a conclusion that the climate of Wesfarmers is appropriate for the worker satisfaction. Internal and external The process of refining includes various factors which are external and internal. Wesfarmers can evaluate its external environment where it can analyze the strategic plans and strategic actions which have to be implemented (Goetsch and Davis, 2014). These can be redefined in accordance with the changes in the environment. Internal changes may include changes in the vision, mission or goals of the company which can be refined according to the need and demand of the environment in which the company is operating. Globalization is also a factor is required to be considered as significant, as the company is operating worldwide so the factors and trends of it have to be analyzed. Government policy on labor demand and supply There are several legislations which have been passed by the government and these legislations have to be taken into account while a company is operating in an environment. Minimum wage act is one of the best example of policies imposed by governing authorities. So, these legislations keep on varying from time to time which has to be updated by the organization (Arkhipov, 2017). For this company have to remain updated with the external environment changes. Effectiveness of change processes The change process can be evaluated through various methods of evaluation such as surveys, feedbacks, 360-degree evaluation, and observation; reviewing the actions etc. this will helps in knowing whether the whole process is working properly or not. Conclusion In the limelight of the above-executed analysis, it has been concluded that the workforce is one of the most valuable assets of the business organization and hence there is a need of managing the workforce in an appropriate manner. The above report is focused on managing the workforce of Wesfarmers. References April, J., Better, M., Glover, F., Kelly, J.P. and Kochenberger, G., 2014. 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