In this assignment on Impacts of Labour Market Trends, several critical issues are addressed. There has been rampant technological advancements, shifting demographics, rise of individual choice and consumer sophistication. Thus, there is an urgent need to change our thinking concerning the labour market. As a result, Organizations need to be at per with the changing labour market trends to ensure that they maximize on every benefit that could come from it. These trends affect resourcing and talent management strategies both directly and indirectly. For example, the changing trends in the labour market require human resource departments to develop the necessary skills and competencies of all the specialists. This, in turn, ensures that the supply of talented and competent labour is satisfactory to the demand. Organizations are constantly trying to retain their best employees to ensure high competency levels among all employees.
Key Factors Affecting Labour Market Trends
In order for organizations to adjust according to the current labour market trends, it is important to, first of all, understand the key factors influencing the changes. These factors include; firstly, shifting demographics whereby the workforce is dominated by the aging population. Secondly, the rise of personal choice whereby individuals shop around for work and can pursue multiple careers. Furthermore, people are focusing more on being employable, gaining experience and building on their skills. Also, the technological revolution characterized by artificial intelligence means that now companies face shorter business cycles. Also, client sophistication has made resource and talent management strategies to evolve from being an art to a science. Consequently, organizations are applying huge data and chain complexity to retention and recruitment of labour. The evolution of the labour market has made business environments harder to predict, thus, hindering opportunities for growth.
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Forms of Resourcing and Talent Management Strategies
The rapidly changing labour market trends call for a better understanding of resourcing and talent management strategies. This ensures that the labour market remains highly effective and efficient. Resourcing and managing talents ensure that people will remain to be the major contributors to organizational excellence. Moreover, managing talents and resourcing improves the business value and makes it possible for organizations and companies to attain their goals. Strategies in resourcing and managing talents include everything that is done to recruit, retain, develop, reward as well as make people perform. All these aspects form a part of talent management and strategic workforce planning. As a result, these strategies link other business strategies to perform appropriately. Resourcing strategies, on the other hand, ensures that companies obtain and retain necessary individuals and employs them efficiently.
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