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L5-7 Staffing Strategies (LIFE CYCLE of Organisation (L5) (Risks of…

- - - - 1) Threat of NEW entrants:
        
        Economy of scale,
        
        Product differentiation,
        
        Capital Requirement,
        
        Access to distribution channels,
        
        Gov. policies
      - 2) Bargaining Power of Customers:
        
        Relative price of substitute,
        
        Relative quality of substitute,
        
        Switching costs to buyers
      - 3) Threat of substitutes:
        
        No. of buyers v.s. seller,
        
        Switching cost to other products,
        
        Buyers' use of multiple sources,
        
        Buyers' volume.
      - 4) Bargaining power of Suppliers:
        
        Supplier concentration,
        
        Availability of substitute inputs,
        
        Importance of Suppliers' input to buyer,
        
        Suppliers' product differentiation.
      - 5) Competition Rivalry Within industry:
        
        No. of competitors (concentration) ,
        
        Relative size of competitors,
        
        Product differentiation,
        
        Diversity of competitors.
  - - - PREVENTION:
        1) Use Decision Making Tools (Nominal Group Technique,
        2) Why-Why Diagram,
        3) Other Strategies
        4) Rational Decision Making
    - - 1) Career paths have become less predictable & more fluid. (Trend)
        2) Deal with increasing mobility (Lab. Mkt)
        3) Expect collaboration in teams (Teamwork skills)
        4) Decline job security & org. commitments
- - - - Step 4 (& 5): Develop & Implement Action Plans, (5): Monitor, Evaluate & revise forecasts & action plans:
    - - EXTERNAL FACTORS:
        1) GOV: Legislations: - Employment Act, - Wkplc Safety & Health Act, CPF Act, Retirement & Re-employment Act, - Employment of Foreign Manpower Act
        Other employment programmes & incentives: SkillsFuture
        2) Labour Mkt: Demand v.s. availability for manpower due to skills mismatch / aging labour force, physical limitations, pay issue?
        3) Industry: Work hour expectations mismatch, need for Physical strength, Shiftwork, Conduciveness of Wk envmt >> Solve by Benchmarking to maintain equity / gain advantage.
        4) Shareholders: Shareholder's influence influences HR decisions on types of hires.
        5) Technology: Automation, New wk arrangements (telecommuting / IT system reduces admin work, source via social media platform.
      - INTERNAL FACTORS:
        1) Organisational Need - Depends on Strategic Objective, Nature of Biz & Biz Operational Needs,
        2) Management Culture - Beliefs & Priorities of management gives direction for HR practices.
        3) Resources / ROI (availability of $, time & manpower, worthwhileness of doing it) - e.g. Pay high salary for talent v.s Financial position of biz, Check & Reimburse Transport claims or give monthly transport allowance?
        4) Employees - E.g. Demographics, Skill sets & job expectations of employees, Union's negotiation for certain level of compensation & benefits,
        5) Structure- Size? Structure? Local / International Org determines simplicity / complexity of HR practices.
      - CHANGES that IMPACT Future of Work / Drivers for Change:
        
        1) Extreme Longevity (AGING society & Young demographics emerging markets) -
        
        2) Computational World - Massive increase in sensors & processing power makes the world a programmable system. ROBOTICS, AUTONOMOUS TRANSPORT, ARTIFICIAL INTELLIGENCE, ADV. MANUFACTURING, 3D PRINTING. CAUSING GROWTH & DECLINE of certain Industry's Job Families
        
        3) Super-Structured Organization - Social Technologies drives new forms of production & value creation
        
        4) Rise of Smart Machines & Systems - Workplace robotics replaces people doing repetitive tasks. CHANGE of SKILLS DEMAND & COMPOSITION
        
        5) New Media Ecology - New communication tools require new media literacies beyond text.
        
        6) Globally Connected World - Increased global interconnectivity puts DIVERSITY & ADAPTABILITY @ center of organisational operations. SHARING ECONOMY, CROWDSOURCING, DISRUPTED JOB MKTS,
        
        7) SKILL DISRUPTION: 35% of CORE SKILLS will change between 2015-2020. (Financial svc & investors, basic & infrastructure, Mobility, Info & Communication Tech, Prof. Svcs, Energy, Consumer, Health, Media Entertainment & Info.)
        
        8) Ethical Issues of Human + Machine Future - Control, Competition, Connection & Transcendence
      - PERCEPTUAL ERRORS: - Stereotype / Horn Effect / Halo Effect / Recency Effect / Similar-to-me Effect / Self-Serving Bias / Fundamental Attribution Error / Primacy Effect / Contrast Error.
    - - FOCUS of TALENT MGMT:
        1) Id Current & Future org. needs
        2) Match those needs w/ nec competencies
        3) Id & recruit, develop & retain talents w/ those competencies for long term.
      - 4) Assess accurately the competence of applicants,
        5) Stay competitive & attractive as an organisation to Talents, in the competitive global job market. (Greater mobility & decline job security)
        6) Company Experiences shortage of talents / WAR OF TALENT due to:
        
        Retirement of baby boomers (next 10-20 yrs),
        
        Skills shortage due to globalisation,
        
        Competitive pressures
        
        Improving eco. conditions.
        
        Scarcity of ppl w/ skills required for new emerging roles,
        
        Younger skilled workers seem less interested in traditional roles (change of values & perceptions)
        
        Companies look outside for talents (instead of inside)
        
        Insufficient work to engage & retain talented employees
        
        Current emphasis is not effective (top-driven and insufficient employee engagement)
      - Companies can overcome skills & talent shortage by:
        1) Incentives for Employee Referral (Also to Build +ve Org. Culture)
        2) Build Employer Branding
        3) "Boomerangs" - Rehire those who left the company
        4) Use of Tech tools as an aid in recruitment process
        5) Accelerated internal movement
        6) Address talent needs of ALL employees
        7) Focus on developing clear career paths
        8) Don't leave HR to do all the Talent Mgmt
        9) Invest in lifelong learning of staff
        10) Redefine success
        11) Build Agility & versatility than specialisations.**
      - Talent Management:
        1) Remain current w/ changes & adapt to evolving needs of orgs. >>> STRATEGIC IN WORKPLACE PLANNING PROCESS
        2) Focus on lifelong learning, employability & talent mgmt.
        3) Shift from know-how to learn-how, from specialist competence to general competence.
    - - 3) Staffing Required to fulfil Biz strategy - Biz has internal staff / need to use external labour market to meet the biz strategies? / Use Contingency Workforce?
      - 2) Economic / Industry Conditions: Growing / declining economy? Degree of industrial competitiveness?
      - 1) Biz Strategy - growing / declining? expanding into new
        area?