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Practical steps
SN: In this competitive marketplace, strategic positioning has become the key source for business growth. ‘RML Beverage Drinks’ in this context can take some practical steps in order to strengthen their market positioning. The strategy of being employers of choice helps the organizations not only to incline revenue within a short period of time but also meet the strategic objectives of the organization.
Competitor’s analysis
|
Factors |
Description |
Impact |
|
Threats of new entrants |
? Growing a brand overnight is impossible in the beverage industry due to the restricted availability of capital. ? Besides the build of consumers, loyalty also needs effective time. |
Low |
|
Bargaining power of buyers |
? It has been seen that due to the availability of product variety the low switching cost has resulted in that makes the buyer's bargain power high (Ogbari et al. 2018) |
High |
|
Bargaining power of suppliers |
? The bargaining power of suppliers has optimized in this industry due to the availability of various suppliers that in turn provide benefits to companies |
Low |
|
Threats of substitutes |
? There are various substitutes offered by the competitive company. ? Besides due to low switching costs the threat of substitutes became high for companies |
High |
|
Competitive rivalry |
? Beverage industry is a highly competitive one in the market of UK (Ons, 2020) ? Price competition is intense due to the presence of competitive brands such as Diageo, Coca-cola, Abi Uk holding and others (Ansar and Baloch, 2018) |
High |
SN: It has been seen that with the rising competition in the beverage industry the market has become saturated over the years. The principal area of competition includes packaging, pricing, flavors, marketing and new product development. The presence of various competitors such as Diageo and others created peer pressure on the market operation of ‘RML Beverage Drinks’.
Organizational positioning
SN: The assessment of the organizational positioning not only helps the organizations in order to build a competitive strategy but also helps to bring a flow in operation as well as performance increment.
Impact of resourcing decisions
SN: The best utilization of the available resources makes an organization competitive in terms of market competition. Resourcing decisions help to foster competitive advantages in the business.
Changing labour market
Figure 1: Labour market growth in the UK
(Source: Ons.gov, 2020)
SN: It can be stated that the change in the demand and supply pattern in the labour market has regulated the labour market graph. Pandemic outbreaks also contribute to that highlighted areas.
Types of resourcing decisions
SN: Various resourcing decisions are applied by the business organization including retention, long term, recruitment and contingency methods. In this context, the provision of motivation to employees can be an effective one.
SN: In the way of future skills met and need the government plays an effective role that includes budgeting for apprenticeships and provides regulatory support.
Employee role
SN: It has been seen that employers also play a potential role in terms of ensuring the skills needed for the organization for future.
Unions' role
SN: Trade unions help to provide support to the HR personnel of the organization in terms of meeting the training needs effectively.
Figure 2: Employees turn over in beverage industry
(Source: Jones, 2022)
SN: It has been seen that due to the lack of employee’s satisfaction, the rate of employee’s turnover has been growing rapidly.
Two Trends
SN: It has been evident that the two trends that are influenced the employee retention include the pandemic outbreak and the consumers changing demand.
Two Factors
SN: The factors including job satisfaction lacking and toxic working culture influence the employee’s turnover.
The study includes workforce planning, talent management, and on boarding and contractual arrangements. Additionally, functions of various tools provide a chart that is directly embedded with the scenario of “RML Beverage Drinks”. This chart is beneficial to provide a combined view related to planning data of demand and supply across time. A tool that can be used for graphical representation of demand and supply gaps in companies can also be used for the stated company to identify the gap.
Effective workforce planning consists of specific impacts on business operations of firms and companies such as reducing costs of labour in favour of workforce flexibility and deployment. Additionally, it is conducive in case of responding to and identifying the change in customer demands in “RML Beverage Drinks”. Forecasting labour demand is related to finding an appropriate number of people with proper skills at right time. Companies similar to “RML Beverage Drinks” do not require surplus workers and also a gap in employee pool and this situation can result in reduced profitability, productivity and performance. As per views of Brucker Juricic (2021), over-staffing is expensive, on the other hand, understaffing leads to critical issues in serving clients and consumers. Strategies that can be used to identify gaps between supply and demand are “Supply/demand analysis tool” and this can be accessed from analysis of the scenario of “RML Beverage Drinks”.
Organizational strategies can also be used by “RML Beverage Drinks” as workforce planning processes. This technique refers to a guide that has qualities of a workforce planning tool. Top-line strategy of organisations similar to “RML Beverage Drinks” needs to be selected by management teams and HR teams of companies need this technique at their disposal. HR must possess a strategic role and need to use the strategy in governing strategic planning of workforce. This is worthwhile in case of understanding market trends, identifying rival competitors in market areas, determining service and products fitness, and others.
Workforce planning procedures utilize several techniques such as monitoring and evaluating actions, identifying workforce gaps against future demands, determining needs of future workforces, and others. Techniques that are included in supporting workforce planning are supply analysis, demand analysis, solution analysis, and gap analysis. As stated by Hosseini et al. (2019), supply analysis is beneficial in case of determining skill and labor sets, factors regarding workforce demographics, and others. These provide benefits to companies similar to “RML Beverage Drinks” to examine its efficiency of supply-related operations. On the other hand, supply analysis fails to highlight issues faced by suppliers and consequences of those issues in supply of the company. The supply analysis possesses both negative and positive elements and it is moderately suitable for the aforementioned company.
(Source: Brucker Juricic 2021)
Demand analysis refers to forecast composition of future workforce of an organization. The forecast of demand must be taken into consideration a wide range of issues of business such as competitive forces, expansion in global markets, and lines of new products. It is beneficial in order to anticipate workforce availability within a certain geographic boundary and myriad different issues. Demand forecasting includes fewer disadvantages such as a low level of valid prediction in certain situations. It can be stated that forecasting demand analysis is a suitable case for supporting the process of workforce planning in “RML Beverage Drinks”.
Succession planning approach can take various shapes however, goals of the approach are similar that aim to ensure a successful transition of “leadership” while advancing strategic priorities and mission of organisations. As stated by Ali (2019), succession planning includes development of strategic leaders with the help of defining vision of companies and identifying managerial skills and leadership skills that are necessary for an organization. On the other hand, it is conducive in case of “emergency succession planning”. Approach of succession planning is beneficial in case of departure-defined succession in companies similar to “RML Beverage Drinks”. In this scenario, leaders take initiatives in case to prepare organisations and employees for leadership transition. This provides a beneficial impact on employees and can eradicate risk to workforce.
Approach related to contingency planning in order to mitigate risk to workforce in an organization includes analyzing scenarios, triggering the plan into action, providing responses to events, taking key responsibilities, maintaining timeline, and others. As opined by Fishel (2020), these approaches to contingency planning need to choose a scenario that shows disruption in the company business and takes several steps to mitigate the risk to employees and workers. Development of talent pools through approaches of succession and contingency planning include certain steps such as reviewing strategies of organisations, assessing current talent of companies to identifying skill gaps, and monitoring progress and making adjustments. Identification of skill gaps through these planning includes starting with strategies of companies and identifying roles needed for reaching desired goals. “RML Beverage Drinks” can take these approaches to mitigate issues related to workforce.
Direct advertising refers to a method of recruitment of employees in organisations by placing adverts on career sites, social media, and publications in industry. As per its advantages, it can be added that it can provide exposure to employer branding as well as boost reputation of companies. On the other side, weakness of the method includes external advertising is expensive for companies. It provides a low level of opportunity to increase effectiveness of workforce as there is a low opportunity to choose employees based on their talents. As per views of Sipa (2019), “talent pool databases” give opportunities to companies to select from numerous interested candidates through analyzing candidate profiles. It provides a beneficial impact in case of offering opportunities to draw employees on a talent pool and search for a means of “profile-matching” with appropriate candidates. It is conducive as it can offer a chance to increase efficiency of workforce by recruiting skilled employees. It includes weaknesses such as the method being time-consuming as recruiters spend plenty of time analyzing candidate profiles.
Selection methods such as “curriculum vitae” can be also used by organisations to select employees. CV provides a beneficial impact as it can recruit workforce through analyzing their skills and experiences. As per views of Teixeira da Silva et al. (2020), a CV consists of beneficial impacts such as offering a piece of knowledge about skills, experience, and qualifications of candidates. On the other hand, an application form is a method of selection that can be utilized by “RML Beverage Drinks”. It generates strengths as it provides brief information about applicants’ perspectives on their efficiencies in a particular job role. However, it includes certain weaknesses as it is time-consuming, more paperwork, and unsuitable for various creative roles.
Various strategies and approaches in the context of retaining as well as developing the talent are adopted by the companies on both group levels as well as in individual’s level. One of the best approaches includes filling gaps in the communication between the management body and employees. It can be added that communication plays a mediator role in terms of building a good relationship among workers that is purposeful in terms of offering motivation as well as meeting the employee's demand in business (Collings et al. 2019). The approach of suppressing the communication gap by making an effective communicational strategy helps the business organization in terms of engaging more skilled workers within the workplace.
Another effective approach for developing as well as retaining employees includes the provision of the necessary training to the employees at the group level and individual level. The approach lets the business firms create strong networking and empower the workers. It has been evident that the training helps the employees to understand their job responsibilities which in turn boosts their motivation and enhanced their performance (Haak-Saheem, 2020). Thereafter business organizations can able to benefit from employee engagement in their various operational processes respectively. In addition, staff retention is indirectly accelerated by the investment in staff training. Business companies need to embrace time and prioritize financial commitment towards the offering of training to their workforce. Although based on the organizational approaches business firms are taken into consideration the employee's approaches towards retention and development.
Talent pools are the responsible foundations behind planning for the organizational future. Diversification in the way of building talent pools has become a considerable parameter in the modern-day operation as it helps to foster effective decisions as well as ensure employees' empowerment correspondingly. A well-executed or thought out talent pool strategy can help ‘RML Beverage Drinks’ in order to recruit as well as offer integrity in employability. The organizational approach includes segmentation, sourcing, and others that need to be followed by business organizations in terms of support and building a talent pool.
The first approach includes sourcing talent pools in order to gain various talents from different sources such as interviews, applications, recruitment agencies and others. Segmentation is another effective one that can be used by ‘RML Beverage Drinks in terms of identifying talent. Depending on the demands and target objectives, segmentation can be done for the building of large talent pools. Sometimes the strategy may act time-consuming for the organization. On the other hand, recruitment from the pool is the other chosen approach that helps the business firms in terms of outlining the professional personnel and connecting various passive applicants intelligently (Jooss et al. 2021). In addition, the approach helps the business firms to stay on with forward-thinking track as well. Talent management systems and the use of social media platforms can be effective for ‘RML Beverage Drinks’ to find as well as keep skilled workers in the workplace.
Diversity in the supporting and building of talent pools is essential to foster more innovation as well as boosting a collaborative learning environment in business operation. ‘RML Beverage Drinks’ can retain and attract top talent by drawing a culturally diverse pool that in turn benefits the organization to broaden more profitable opportunities in their business. Diversity makes an organization marketable in terms of enlarging the product specification and enables the firm to be more capable of meeting consumers' demands (Ahammad et al. 2018). Thereby company can able to grab the economy of sales and derive competitive advantages for their business.
On the other hand, diversity in the talent pools helps to offer the opportunity for individual empowerment for the employees as various backgrounds possess different viewpoints. It has been seen that people nowadays choose to work for those organizations that include and support a diverse workforce as it is considered the best place to learn something new. Besides diversity also allows the business firms to be more productive as well as enhance their market reputation (Dahshan et al. 2018). In simple notes, businesses with a diverse talent base can able to offer more adaptive services and products, opportunities for professional as well as personal development for employees and ranges of viewpoints that lead to greater productivity in business operation.
Employee’s turnover can be denoted as the percentage of workers that are left during a certain period of time staying in an agreement. Dysfunctional turnover indicates the left of high performing employees of their own volition. Such turnover has created an adverse impact on the business organization by hurting the organizational morale and productivity (Alkhateri et al. 2018). It can be stated that the presence of Dysfunctional turnover costs the business firms both the time and money. Due to the going down in the performance and production, companies have to deal with operational disruption along with financial constrain.
Apart from that, Dysfunctional turnover also creates a negative impact on the consumer's mind regarding the organization thereby ‘RML Beverage Drinks’ can face a reduction in their profitability opportunities. It has been also seen that businesses lose skilled workers with the minimization of growth opportunities (Lazzari et al. 2022). The high turnover rather than standard affected the operational sustainability as lack of talent created a loss in resource utilization thereby leaving a bad impact on the market respectively
Different companies and firms use different types of contractual arrangements including contracts of permanent employment, fixed-term contracts, contracts of casual employment, and others. According to Cregan et al. (2021), contracts of permanent employees focus on people who can work for regular working hours and pay with salary or per hourly rate. These contracts are capable of fulfilling of needs of employees and workforce as these protect employment rights such as basic rights of employees, human rights, job security, and others. Contracts related to casual employment are suitable when companies hire individuals committing to work with companies. For example, WorkPac Pty Ltd uses a casual contract of employment that is less suitable for focusing on employee demands. The contract provides appropriate rules and policies to workforce regarding minimum working hours, working patterns, and other details of job roles. This contractual arrangement is beneficial as it can use transparency in providing information about job roles. Workforce needs to know about their job roles, responsibilities, scheduled working hours, and others that can be informed to employees with the help of this contractual arrangement.
A fixed-term contract provides a similar type of offerings to a workforce of organisations and employees are protected with certain employment rights. For example, employees of Deloitte are recruited for fixed durations and the company uses fixed-term contracts. According to Huysamen (2019), as per consideration of employee and workforce needs, fixed-term contracts, and contracts of permanent employees are suitable for organisations to satisfy employee demands. “RML Beverage Drinks” can utilize these contractual arrangements to focus on fulfilling employee and workforce needs.
The contractual terms are comprised of implied terms and written down terms in the contracts. Terms that are written down are communicated either verbally or in a written contract whereas; the implied ones are comes from the things that are shared understanding (Ran and Xu, 2019). In a contract, various types of terminology are used in order to bind the contract with minimum legal standards. Conditions, in nominate and assurances terms are the common types that are widely used in the contract agreement.
Condition refers to the contract premises that specify the responsibilities of involved contract parties. The terms also indicate that if one party fulfils their agreed responsibilities then the other must meet the other commitment. Besides, assurance in the form of a warranty is made up of the consented pre-conditions by both entities that act as a guarantee. If one party violates the warranty then breeches naturally do not constitute the grounds of agreement. Furthermore, in any agreement, the in nominate phase is a stated precondition that helps the authorities to find a solution to satisfy the determined responsibilities (Bruce et al. 2019). It can also be useful in terms of suggested parts or facts of the law itself. An example includes overtime that is not included in the contract but need to be compensated in the combined process
Onboarding programs in organisations include certain key components such as welcoming new hires prior to their first working day and setting up workstations of new employees in advance. Additionally, on boarding programs include other components such as fostering positive “peer relationships”. Effective on boarding is beneficial for employee management in a more mannered way. Organizational climate, check-in, job enrichment and others influence the on boarding process and result in the development of a positive experience for workers. The components of effective on boarding include orientation, role clarification, functional training, team integration and assessment of leadership.
Benefits of orientation include the clearing of the job overview, structure, activities and others among employees that in turn contribute to organizational productivity growth. The clarification of roles not only helps the employees to bring interest in their job role but also provides a road map to the management body to palace new work as per the demand (Smith et al. 2021). Apart from that, team integration is also helpful in empowering the personnel as well as developing their leadership ability. It is also useful in fostering a sharing culture within the workplace.
The potential benefits of a proper on boarding program include offering comfort to the newly engaged workers so that they can quickly fit into the team or the required segment. It is also effective in order to build employees' values through clearly defining the organizational objectives and goals thereby it became easier for the business firms to stay competitive in their business market with the support of abilities (Davidson, 2018). In addition, with the embedded of effective on boarding, ‘RML Beverage Drinks’ can able to facilitate a relationship building with its employees as well as acclimate new hiring, both of which are fruitful for the selected company's success and growth.
On the whole from the above discussion it can be stated that it's both science and art to build as well as sustain the talent pools. Effective workforce planning gives rise to employee retention and improves quality outputs and productivity. Forecasting of labour demands in case of businesses assists to make productivity assets, and maximizing revenues and profits. ‘RML Beverage Drinks’ thereby able to foster the strategic objectives in their business by focusing on the hiring new talent as well as making a robust strategy.
Task 1
Journals
Ansar, N. and Baloch, A., (2018). Talent and talent management: definition and issues. IBT Journal of Business Studies, 14(2), pp.213-230. http://ibt.edu.pk/assets/custom/journal/jbs/14.2/14.pdf
Drummond, C., O'Toole, T. and McGrath, H., (2022). Social Media resourcing of an entrepreneurial firm network: Collaborative mobilisation processes. Journal of Business Research, 145, pp.171-187.https://doi.org/10.1016/j.jbusres.(2022).02.046
Jones, M., (2022). COVID-19 and the labour market outcomes of disabled people in the UK. Social Science & Medicine, 292, p.114637.doi: 10.1016/j.socscimed.(2021).114637
Ogbari, M.E., Onasanya, Y.A., Ogunnaike, O.O. and Kehinde, O.J., (2018). Talent management as a determinant of firm performance: A conceptual approach. Business & Social Sciences Journal, 3(1), pp.21-32. https://journals.co.za/doi/pdf/10.10520/EJC-105865ef90
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