(Solution) AC1.1 Explain how organisations strategically position themselves in competitive labour markets

Solution

According to Brown et al. (2019), a competitive labor market occurs when numerous companies vie for a small pool of potential workers. Attracting and retaining top talent in such a market requires firms to provide competitive compensation together with attractive benefits and working conditions. This motivates employees to keep or enhance their talents while also encouraging companies to treat them fairly. Both the employers and the job searchers usually come out ahead in the end.

Competitor Analysis – ParcelCare could start by analysing its competition to determine what they are doing right and where it falls short. What other companies do to market themselves as an employer and the salaries, benefits, and work environment they provide should be investigated. This will let ParcelCare understand their weaknesses and areas for improvement. In order to establish effective tactics, ParcelCare must have a thorough understanding of what drives employees and what makes them leave for competitors. To further improve their tactics over time, they should compare their employee value offer to competitors on a regular basis utilising indicators like as social mentions, time to hire/fill rates, and Glassdoor evaluations (‌ Black et al. 2016). Becoming an excellent employer requires constant effort to overcome staffing issues in competitive job markets.

Employer of Choice– Building an exceptional employee experience must be ParcelCare’s top priority to become a preferred employer. They need to look at the whole employee experience, beginning with hiring and continuing through performance reviews and advancement opportunities. Wage increases, more flexible work schedules, and other perks tailored to individual requirements should get priority. Employees will be more invested if they work for companies that value them and their contributions (CIPD, 2022)). Additionally, ParcelCare can cultivate a culture focused on people by actively encouraging diversity and inclusion. To attract and keep the best employees, ParcelCare must provide a pleasant workplace where they look forward to working every day.

Employer Brand– Building a solid reputation as an employer is just as critical. Based on their competition analysis, ParcelCare should identify what sets them apart as an employer. Their brand should truly convey the reasons why employees will flourish and find their employment fulfilling. This captivating brand message can be promoted to potential applicants through an employer branding plan that integrates all communication channels (CIPD, 2022a). ParcelCare can stand out in competitive talent marketplaces by staying true to its brand and making it a reality through exceptional experiences for candidates and employees. By implementing effective techniques, ParcelCare has the potential to revolutionise its employer brand.

Please click the following icon to access this assessment in full