Assessment Answers : Employee Relationship Management IRHR2270

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Managing Human Capital Entrepreneurship
Student Details:
HRM 1
Question 2 – It is clear that the Australian population is ageing, meaning
that many older employees with experience and expertise are likely to leave
their organisations within the next decades, over the next few years.
Discuss this statement and what governments, companies and HR
professionals can do in order to effectively address the looming labour
shortage
Based on the above statement, its clear that managing old age employees at the workplace are
hard to manage at the workpl ace while considering the looming labour shortage aspects of the
businesses. For that matter, the reports and studies suggested that the company’s attempts to
boost productivity, turnover, and profitability might be hampered if it does not have enough
qual ified specialists on hand ( Crowley , 2020 ). Even in a market where there is a dearth of
qualified workers, these statistics show that many organisations do not always use the most
effective methods for attracting employees who will contribute to their company’s growth.
They also imply that traditional strategies, such as paying larger salaries, may no longer be
effective in attracting the finest individuals. 36 percent of organisations report that staff
morale has been negatively impacted by talent shor tages, and 46 percent report that they are
having a harder time achieving timelines and customer expectations as a consequence. By
investing in automation, he believes that the best approach to deal with the shortage is to do
so. Business investment in man ufacturing equipment is expected to rise by 42 percent in the
fourth half of 2022 ( Muradzikwa , 2021 ). Some of the strategies and initiatives taken by the
government, companies and HR professionals to address the looming labour shortage are
described below in a detailed manner:
(a) By way of looking for talent in house
To combat the impacts of a talent scarcity, many recruiting managers concentrate their efforts
on maximising the potential of already -hired staff. More than three -quarters of employers say
the y’ve implemented flexible work schedules and training options for their employees,
according to a recent survey (Westerman et.al., 2020 ). Overall, this is a good method for
keeping employees and avoiding new labour shortages from developing. Providing work ers
with the opportunity to learn and grow is a great way to keep them loyal to a business or
brand.
HRM 2
(b) By Adjusting the companyâ€s hiring criteria
In the face of a lack of skilled workers, 22 percent of hiring managers are reluctant to employ
people who d on’t satisfy all of the job requirements. Vacancies may stay open for weeks and
even months if the best -fit individuals aren’t found in a timely manner. This implies that
current workers will have to work longer and harder to fill up the gaps, which might have a
negative impact on performance and employee turnover ( Joseph and Southcott , 2019 ).
Changing the criterion for recruiting and selecting less qualified people may frequently
provide a multitude of advantages, such as increasing the diversity of the wo rkforce and
adding new viewpoints to issue solving.. As a result, it encourages the development of new
ideas by bringing together people with various backgrounds and viewpoints.
An effective way to keep a lid on wage inflation is to draw from a variety of sources when
selecting new employees. Many job seekers choose a new challenge over a significant
income increase when wanting to advance their careers.
(c) By way of reducing the time to hire
The attitude and ideals of a firm may be seen early on in the re cruiting process via a fast and
efficient procedure. Everyone involved in the hiring process must agree on a predetermined
recruiting timeline. Greater capacity in interview hours and accommodating candidates’
requirements will help sell the organisation (Forsyth and Molinsky , 2021 ). As the economy
improves, organisations who do not shorten the time between interview and offer risk falling
behind more adaptable rivals.
(d) Transferring of Employees
If companies are facing a talent shortage, you may want to consider moving staff across
borders or inside your organisation. Not only does this make it easier to find qualified recruits
who are familiar with the company’s mission, vision, and values, but it also helps the
industry’s current workers in a variety of ways.
For many professionals, relocating overseas is a way to improve their job prospects and
acquire worldwide exposure, as shown in a recent poll. More than two -thirds of the
organisations questioned employ foreign transfers as a means of addressing tal ent shortages
(Lain et.al., 2019 ).
HRM 3
Hence, these are all the approaches and initiatives taken by the companies and HR
professional to manage the looming labour shortage at their workplace and to manage the
growth and success of the business in an effective way.
HRM 4
References
Crowley, M.Z., 2020. Foreign labor shortages in the malaysian palm oil industry: impacts and
recommendations. Asian Journal of Agriculture and Development , 17 (1362 -2020 -1833),
pp.1 -18.
Forsyth, A. and Molinsky, J., 2021. What is aging in place? Confusions and
contradictions. Housing Policy Debate , 31 (2), pp.181 -196.
Joseph, D. and Southcott, J., 2019. Meanings of leisure for older people: An Australian study
of line dancing. Leisure Studies , 38 (1), pp.74 -87.
Lain, D., Airey, L., Loretto, W. and Vickerstaff, S., 2019. Understanding older worker
precarity: the intersecting domains of jobs, households and the welfare state. Ageing &
Society , 39 (10), pp.2219 -2241.
Muradzikwa, T., 2021. To what extent is the skills shortage debate instrumentall y informing
policy makers in the private sector? (Doctoral dissertation, University of Leicester).
Roberson, Q.M., 2019. Diversity in the workplace: A review, synthesis, and future research
agenda. Annual Review of Organizational Psychology and Organizatio nal Behavior , 6,
pp.69 -88.
Westerman, J.W., Rao, M.B., Vanka, S. and Gupta, M., 2020. Sustainable human resource
management and the triple bottom line: Multi -stakeholder strategies, concepts, and
engagement. Human Resource Management Review , 30 (3), p.10074 2.