Supply, Demand and Diversity Factors in the Workforce of Australia Free Essays

1. Labour Supply Analysis (to determine if the number and types of employees required are available when and where they will be needed). You should analyze current workforce’s capacity to meet current and predicted demands for business goods and services. We will write a custom essay sample on Supply, Demand and Diversity Factors in the Workforce of Australia or any similar topic only for you Order Now The process begins with the internal analysis of existing employees in the company. If the number or mix of staff are not sufficient or not meet the requirements, the search for external information is required. Theses information can be obtained through the intranet, policy documents, divisional reports and etc. The beginning is made a list of current employees to identify future skills. This analysis includes an audit of current skills of each employee. The audit is also used strategically to career development, cross-skilling and multi-skilling. Even with the availability of these resources, the greatest challenge is also to establish a dialogue with the staff to meet the goals and aspirations them and also if they want an opportunity to grow within the company. According to new research, companies are not giving the right support to their staff. Without opportunities, employees are going away. For this reason the skills shortage and staff turnover still are being a problem. People need to feel purposeful and valued about where the organization is going. The companies need to create strategies to retain their talent and this is the main feature that ensures competitiveness, much more than material resources, financial and technological. The ANZ bank has a supply intensive with over 15. 000 suppliers providing good and services that keep their operations. Their focus is on strengthening their relationship with local suppliers in all markets and their supply chain is located in Australia, New Zealand, Singapore, Hong Kong and India. 2. Labour Demand Forecasting (estimating the number and type of employees needed to meet organisational objectives). Using (not just repeating) the labour supply data or demographic and economic data: explain how this data will be used to forecast human resources supply within ANZ Bank Australia. The Human Resource Planning will be affected according to the level of business development. If the company is starting now, the HRP will hire only candidates with skills that sustain the operations of the company. But if the company is growing, the HRP will focus on the hiring of experts. And if the company is in decline or challenge in the face of economic climate, the focus will be the restructuring. With the globalization, the advance of technology and the concept of sustainability, the companies need to adapte to these challenges. These challenges influence the vision and objectives of the companies. The strategy used by the bank is to nurture leadership team in regions where business is growing. Today this strategy is being implemented in Asia and the Pacific. ANZ bank seeks to avoid redundancies. 3. Balancing Supply and Demand Considerations Review of diversity in the Australian workforce – how would this affect/apply to ANZ Bank Australia. One of the problems that it has been affected the workforce in Australia is the redundancy and many employees have left their jobs for fear to lose the work. According to a survey, 76% will be looking for a new opportunity in the next 6 months. The main reason is that they are seeking a career development and wage growth. If the employee feels that is purposeful, valued, that have some support and rewards necessary, the employee remains in the company. An example that expresses this problem is with receptionist position because over half 54% of administration and office staff a new job and it have proven that receptionist are the most unhappy. This position is easily filled and employers don’t have to invest in these staff, even the reception staff are the face of an organisation. The challenge has been also finding people who are prepared to develop their skills and match the current needs of the companies. The qualities that employers are looking for today in candidates are: resilience, strong leadership, ability to seek ways to remain competitive from a business development standpoint and the ability to be more productive with limited resources. Employers are looking for who are make an impact on profitability today. The balancing supply and demand is based on recruitment (shortage) such as: full-time, part-time, job/work design, career management, remuneration practices. And also Reductions such as: Dismissals, retirements, retrenchments. 4. How to Formulate Staffing Strategies to meet Organisational Needs Define ow the article information will be used to define objectives and staffing strategies in ANZ Bank to retain required skilled labour. According to ANZ bank the staff strategies are used to create a new leadership team in which region that they are included. Others staffing strategies used are: open communication with staff (people need to feel purposeful and valuated); is impo rtant to communicate a clear vision to the employees and the goals and objectives of the company and also where the company is going to; provide some coaching and training; provide some salary package. How to cite Supply, Demand and Diversity Factors in the Workforce of Australia, Papers