+ 44 20 8144 3706Introduction
Tesco is the one of the largest retail chains in the UK. In the report, varied resources strategies are evaluated in a broad manner from multiple sides. Further, retention paradox is discussed and reasons are given due to which firm must not try to retain an employee who resigned from the job. At the end of the research study, varied approaches are given by following which in ethical and professional manner workforce retrenchment can be done at the workplace.
Effectiveness of resource strategy:
Every firm prepares its own resource strategy because filling of vacant positions with the right candidate and retaining employees become a hard task in the current time period. By preparing appropriate resource strategy firms make sure that they will have talented employees in the firm for the long term. Varied resource strategies are explained below.
• Reallocate tasks: In this sort of strategy whenever any position become vacant by the time it do not get filled by new employee task related to it are performed by the other employees. By doing so it is ensured that Tesco business operations are performed without any interruption (Xue, Dong and Shi, 2016). Demerit of this strategy is that if often individual job role will be changed as done in many firms employees will remain inefficient and will not learn sufficient in the workplace. Thus, employee’s job roles must not be changed frequently.
• Reallocate employees: In this strategy, employee is transferred from one location to another. This is followed when a position becomes vacant and there is no individual who can do tasks related to the vacant position. In such case relevant employee that has required skills is transferred from one geographical location to another (Sandford. and et.al, 2017). In this way, vacant position is filled by the firm.
• Recruitment of new staff: In this resource strategy for a vacant position candidate is hired from multiple sources like employment agency and collages. Demerit of this strategy is that many times HR department only does short interview and select wrong candidate for the job. This lead to development of inefficient workforce in the business.
• Financial incentives: In this strategy Tesco tries to keep a long term relationship with the employee by giving him financial incentives. For employees these incentives become extra income and this motivates individuals to continue their job for long term. Demerit of this strategy is that everyone does not feel motivated after receiving financial incentives (Lin and et.al,, 2016). Some employee gives more priority to the level of pressure they have on job than money. To such kind of employees financial incentives have no value. Hence, every employee must not be motivated by using same approach.
Conclusion:
It is concluded that there are a number of resource strategy and the firm must select the appropriate one considering its positive and negative sides. It is also concluded that sufficient skill development opportunity must be given to the employees so that long term relationship can be developed with them. There are a number of ways in which workforce retrenchment can be done and firm must make sure that on valid grounds and considering the interest of employees they are expel from the workforce.
Reference:
Books and Journals
Ahammad, M. F. and et.al., 2016. Knowledge transfer and cross-border acquisition performance: The impact of cultural distance and employee retention. International business review. 25(1). 66-75.
Akunda, D., Chen, Z.. and Gikiri, S. N. 2018. Role of HRM in talent retention with evidence. Journal of Management and Strategy. 9(2). 8-19.
Armstrong, M.. and Taylor, S., 2020. Armstrong’s handbook of human resource management practice. Kogan Page Publishers.
Aust, I. and et.al., 2017. Tensions in managing human resources. The Oxford handbook of organizational parado. 413.
Bratton, J.. and Gold, J. 2017. Human resource management: theory and practice. Palgrave.
DeCenzo, D. A., Robbins, S. P.. and Verhulst, S. L. 2016. Fundamentals of human resource management. John Wiley & Sons.
Lin, C. H. and et.al,, 2016. From customer‐oriented strategy to organizational financial performance: the role of human resource management and customer‐linking capability. British Journal of Management. 27(1). 21-37.
Ravinetto, R. M. and et.al., 2015. Participation in medical research as a resource‐seeking strategy in socio‐economically vulnerable communities: call for research and action. Tropical Medicine & International Health. 20(1). 63-66.
Sandford, C. P. and et.al, 2017. Greater sage-grouse resource selection drives reproductive fitness under a conifer removal strategy. Rangeland ecology & management. 70(1). 59-67.
Xue, T., Dong, X.. and Shi, Y. 2016. Resource-allocation strategy for multiuser cognitive radio systems: Location-aware spectrum access. IEEE Transactions on Vehicular Technology. 66(1). 884-889.
Zhang, J. and et.al., 2015. The effect of leadership style on talent retention during merger and acquisition integration: Evidence from China. The International Journal of Human Resource Management. 26(7). 1021-1050.
Online
Lilly., T., 2019. [Online]. Six key elements of an employee exit plan. Available through:< https://www.propelhr.com/blog/six-key-elements-of-an-employee-exit-plan>.
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