The Organizations Internal and External Labor Markets Assignment

The Organizations Internal and External Labor Markets - Assignment ExampleCompensation standards qualify in the system of rules are considerably grounded on the internal and external labor market conditions prevailing. For example, in this particular system, the remuneration standards for those skills and expertise which are found in teemingness in the labor fool are kept at low levels, while the rare skills which are rated highly by the organization but not found in abundance in the market need to be compensate above industry standards. This is done with the aim of attracting, retaining and developing potentiality talents from the industry which accounts for one of the most potential competitive strengths for the organization (Osterman, 2004, p.2-3). Thus, it is seen how wage rates in the organization are determined and influenced by the existence, abundance or scarcity of human resources in the market. Likewise, the existing internal labor structure and strength of the organi zation forms the basis on which aspects such as career development planning, succession planning etc are designed in the organization. For this, labor forecasts are done to portray the afterlife talents and skills which would be required for meeting organisational objectives. Long-term objectives of the firm might call for an increase in particularly skilled resources while a shrinkage in the demand for some other resources. It is crucial to determine or identify the gaps betwixt the existing level of talent in the organization and the expected future talents which would be required in the organization. The organization plans its training and developmental activities based strongly on the skills it desires to nurture for accomplishing future goals. anyways that, the present recruitment and selection strategies are also designed in a way which helps to the future workforce requirements in the organization.