Samples for CIPD Level 5 Assignments - 5 RSTB

CIPD Assignment Help Samples for Level 5

5 RSTB Assignment Sample

5RSTB

1.What labour market trends might make it hard for a company to
recruit and retain the staff they need? (AC1.1) 

Organisations operate in dynamic labour market atmosphere. The labour markets are in a perennial declaration change demanding improved perspectives to human resources management. The following trends might make it hard for an organisation to recruit and retain staff:

Changing demographics: Entry of millennials and generation Z into the workforce results to increased distribution of prime-age individuals and possible growth rates. They consider flexibility in the workplace as a crucial value (Gaidhani et al., 2019). Millennials are vital team participants and highly cherish collaboration while generation Z are competitive and prosper by being independent. The fluctuating age distribution of employees influences the labour force growth and participation and the overall essential rate of unemployment. Organisations should have an effective approach to ensure it recruits the right individuals, which is a significant challenge due to the changing demographics.

Dynamism in demanded skills: Digital and technical skills are increasingly essential as the labour market is a frequent transitioning system. The substantial increase in skill demand entails cognitive, social, and organisation abilities. Individuals with low basic skills pose a significant challenge as they lack the minimum competency required by the labour market (Commander and Kollo, 2008). The highly dynamic workforce market involves sourcing for the right skills, in line with the company’s needs. The challenge is acquiring these skills, particularly from the competitive market.

Competition for skills: Skills are core for competitiveness and career advancement. The fundamental modifications such as globalisation and technological progress prompt for increased and more labour market applicable skills for productivity growth and employment. Possessing adequate skills levels is crucial for the young generation to access labour markets and companies retain employees. The skills may entail the ability to manage a diverse work environment, enhanced communication, and a global mind-set and knowledge of diverse cultures. The organisation should position itself as the employer of choice by attracting and retaining the best skills with desirable organisation culture, effective leadership, and individual engagement.

Employee preferences: Comprehending and delivering on employee preferences leads to favourable business outcomes such as successful hiring, reduced attrition, and increased client relations. It describes attributes that work applicants and current employees demand in their work relationships, including job characteristics, leadership and co-worker relationships, compensation, benefits, and flexible work schedules. These aspects define employee value proposition (EVP). Most firms actively manage and budget their EVPs to appeal to potential individuals and communicate offerings to prevalent employees (Arasanmi and Krishna, 2019). A significant challenge that companies face is the ability to identify and develop strategies to meet the employees’ preferences. 

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2.Explain the significance of 'tight' and 'loose' labour markets (AC1.3) 

Tight labour markets: This refers to when the supply for the skills is lower than the demand. It is characterised by a minimum unemployment rate and reduced resignation. This characteristic causes the current employee’s remuneration to increase since they now steadily possess a higher bargaining capacity (CIPD). The impacts of a tight labour market is to influence the key areas that the company should invest in, specifically to learning and development to ensure that the demanded skills are available.

Loose labour market: Loose labour market also referred to as labour market slack is portrayed when there are high unemployed individuals than job openings and positions. Its crucial indicator is the unemployment rate, which estimates the share of individual admission to employment but not able to find adequate work. Individuals seeking employment but the positions or openings are not readily available also fall under this category. The impacts on the labour market is to inform the policy development on addressing the unemployment levels.

3.Assess, including strengths and weaknesses of two differing approaches that could be
taken in the short term as a means of improving the organisation's ability to retain staff
effectively. (AC3.2) 

Growth and development opportunities: This entails enhancing and advancing existing skills and training new ones. It aims to structure combined talent that supports the firm's mission while designing highly engaged individuals. It should be centred around short and long-term goals, motivate and encourage individuals, accessible and available, and look at the needs and interests of workers based on organisational vision and the environmental needs (John et al., 2019). Understanding employee development and individuals’ needs assists in creating a program that effectively absorbs, develops, and retains exceptional skills. Leadership, coaching and mentorship, cross-training, and long-term assignments enhance growth and development strategies and process.

Strategic and total rewards: Strategic reward is established on the master plan and execution of reward policies and operations that are crucial to organisation and individual goals and employee desires. Total rewards carry all features of employment that are cherished by employees, including the monetary and non-financial, such as development opportunities. Strategic and total rewards are crucial for increased productivity and performance. An effective award strategy entails the combination of financial aspects and various benefits with chances for professional growth and individual development as a reward structure. Providing benefits helps support organisational change and drive profitability, thus outmatching competing firms. This also helps attract top and qualified talent. It results in a higher individual retention rate that is core for organisational growth.

These employee retention approaches’ strengths and weaknesses include;

4. Suggest reasons why people might choose to leave their organisation and explain the
costs associated with this. This could include direct and indirect costs. (AC3.1) 

Employee turnover is when individuals leave the firm over a specified period. This affects the organisational costs since the company has to recruit new individuals to fill the positions. It is associated with overwhelming results in both direct and indirect costs. The following are some of the reasons why individuals choose to leave the organisation:

Inadequate rewards: Acknowledging, rewarding, and distinguishing employees for their participation, accomplishments, and diligence are core to creating a positive work atmosphere. They feel appreciated and more confident about their abilities and skills and are prompted to contribute to the organisational growth (Kristine et al., 2021). Lack of feedback about performance, unfair individual award procedures results in employee turnover.

Lack of growth and development opportunities:  Growth and development within the organisational culture ensures employees are well-informed on business trends and best practices. It also equips them with new skills, boosts individual engagement, and attracts top talent. Lack of growth and development strategies makes individuals feel not supported and disadvantaged, thus quitting their jobs.

Poor leadership and management: Individuals with a recognisable and strong leadership from their managers and supervisors are more engaged, committed to organisational objectives, and are highly motivated. Excellent leadership entails good listening, acknowledging alternative viewpoints, and informed decision making (Gemini et al., 2021).  Poor leadership and management leads to catastrophic working behaviours, employee discrimination, and unappealing workplace culture. This negatively influences the workforce, leading to increased employee turnover.

Challenging work environment: Work environment is an essential aspect that influences how they carry out assigned tasks. The design of an appropriate environment determines the overall success of achieving the firm's goals. A conducive work environment allows individuals to deliver optimally, increases morale and encourages better performance. An unsupportive work environment leads to staff resignation.

The costs associated with employee turnover emanate from recruitment of replacements and training, which is a tedious process and requires vast resources. There is also loss of productivity associated with individuals assisting new employees and the disruption in the production process. Besides, the remaining employees loose morale.

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5. Explain how the organisation might position itself strategically within the labour
market and the implications of this. E.g. competition, branding (AC1.2). 

The organisation may position itself strategically within the labour market using various methods including the following:

Branding: It involves researching, development, and application of distinct characteristics to the organisation to assist consumers associate the brand with the products and services. Effective branding helps organisations distinguish themselves from their competitors and create a constant client foundation. It creates sales and generates revenue, leading to customer loyalty and trust thus positioning strategically within the labour market.

Leveraging social media: Organisations that successfully leverage social media have a direct line to clients and potential employees. The social media is a suitable environment for the potential employees.

Competition: The organisation should consider knowing its competitor's strengths and weaknesses. This assists in identifying areas of competition and where to improve. There is also a need to know customer expectations as it helps define the organisation target market. A competitive company positions itself as the employer of choice, particularly for the talented individuals.

Sufficient rewards: In a competitive business environment, attracting and retaining performers and improving individual productivity can be achieved through sufficient rewards. It bolsters employee engagement, increases productivity and motivation, lowers absenteeism, and promotes greater financial performance and business outcomes within the labour market (Janiera et al., 2021). The crucial aspects of developing sufficient rewards programmes include identifying organisational wants, describing the desired conduct and determining adequate benefits, and communication of the recognition programme effectively to individuals.

6.How might government, employers in general and trade unions (in a general sense) ensure that future skill needs are met? (AC1.4) 

7.What steps should the organisation take to ensure that future skills needs are met? To what extent and how might career and succession planning feature in the organisation’s strategy? (AC2.2) 

8.ADDITIONAL REQUIREMENTS: Please also comment on how you will transfer the new knowledge and skills gained during this assignment into working practices. You may also use this reflection for your CPD. 

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