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Identifies and explains 3 organizational benefits of attracting and retaining a diverse and global workforce
- Availability of different perspectives: A diverse workforce ensures the company to come up with very quick problem solving. Employees of different abilities and backgrounds come along with skill-sets different from each other (McCuistonet al., 2004). Different perspectives on a particular matter help in addressing the matter quickly. Experiences of long-term employees are hugely beneficial for both the firm and the other young employees. Moreover, different perspectives lead to smooth execution of business plans within a considerable time and budget.
- Increase in profits: When a company has a diverse workforce, it has different minds looking over a certain problem for solution which helps in quick decision making. This improves execution of strategies faster than their competitors and helps in achieving higher profit rates. Also, if a firm wants to deal in a certain region, then having an employee of that origin helps in creating a good reputation of the firm amongst the said community, thus increasing business engagements.
- Improves reputation: A company which has employed a diverse workforce will always carry a good reputation of being a good employer. As a result, customers feel more secure and valued and give projects to such companies (Podsiadlowskiet al., 2013). Also, having a diverse workforce helps a firm to carry it is business on a world basis.
1.2 Identifies and explains 4 factors that affect a global organisation’s approach to attracting talent
- One of the most important aspect of a global organization is to attract better talents within the organization to enhance the organizational workflow. It is also important to state that such attributes acts on several factors, which helps in further devising plans to attract talents, some of such factors associated with attracting talents are sated below:
- Employee turnover- one of the most important factor that affects the process of talent attraction is employee turnover rate. Employee turnover can be defined as the number of employees leaving an organization in a provided time scale. Furthermore, it is also important to state that such the higher the turnover rate of an organization the lesser is it’s chance to acquire better talents. Therefore, it is important for all organization to build up proper retention plans and decrease the turnover rate to attract better talents for the organization.
- Labor market- Another important factor affecting the process of talent resourcing is the labor market condition of the business location (Understanding Economy &Labour Market | Factsheets | CIPD, 2021). Depending on the type of the labor market, it is essential for all the organizations to strategize the process of recruitment. Furthermore, the labor market scenario also determines the availability of specific talents and therefore it is important for the organization to understand the labor market properly to ensure better talent acquisition.
- Economic environment- Another most important factor in regards to talent acquisition is economic environment. It is important to evaluate the economic environment of organization to understand the requirement of talents within it. It is also important to state that understanding the organizational economic environment will help in properly strategizing the recruitment process.
- Legal aspects- Legal aspect plays a major role for any organization, therefore, it is important to understand laws and adhere to it. Adhering to such legal aspects will be quite beneficial for any given organization to ensure better talents are attracted.
1.3 Describes 3 factors that affect a global organization’s approach to recruitment and selection
- There several factors in regards to recruitment and selection of employees within an organization, some of such factors are stated below:
- Unemployment rate: one of the major factors that determine the process of recruitment and selection is unemployment rate of the organizational location. Furthermore, in regards to UK the labor market is tight that meant that most there are availability of more jobs as compared to the number of employees present there. This important factor helps an organization to determine and strategize the process of recruitment and employee selection within an organization.
- Legal aspects- The legal aspect plays a major role for any organization and helps to state the process of recruitment and selection, which will further help an organization to grow and prosper in the competitive market scenario.
- Organizational polices- It is also important to understand organizational procedures and policies to define all the aspects of an organization. Furthermore, it is also important to state that these policies helps to formulate the selection and recruitment process to ensure better talent acquisition within an organization.
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