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Subject Code : BSB50618
Assignment Task

Assessment declaration
Note: If you study online, you will submit this assessment and complete this declaration in your online platform.
This assessment is my original work and no part of it has been copied from any other source except where due acknowledgement is made.
No part of this assessment has been written for me by any other person except where such collaboration has been authorised by the assessor concerned.
I understand that plagiarism is the presentation of the work, idea or creation of another person as though it is your own. Plagiarism occurs when the origin of the material used is not appropriately cited. No part of this assessment is plagiarised.
Specific task instructions
The instructions and the criteria in this assessment below will be used by the assessor to determine whether you have satisfactorily completed the requirements of this assessment. Read the entire assessment before commencing. Where appendices are submitted, ensure your name is in the footer of each page, you have used a suitable filename and you have noted on this assessment an appendix has been submitted. 
All sources are to be referenced using Harvard referencing. Refer to the TAFE NSW Smart study guide(http://tafenow.com.au/images/pdfs/referenceguideHQ.pdf) for information on this.
This assessment is separated into three parts that specific area of your own workplace or a workplace with which you are familiar to answer the question, conduct research and develop a Workforce Plan.
Part 1: Foundations of workforce planning
Short answer questions designed to provide the foundation knowledge required to progress to your research tasks.
Part 2: Research-based tasks
This activity will require you to research and analyseorganisational data relating to staff turnover, organisational objectives and strategies.
Your research will form the basis of your Workforce Plan.
Part 3: Develop a workforce plan
Using your research in Part 2, you will develop a workforce plan that includes specific strategies to ensure your organisation has access to a skilled and diverse workforce. 
The Workforce plan demonstrates your ability to implement initiatives to support workforce planning objectives.
Part 1: Foundations of workforce planning
For this task, you are required to complete a series of questions to provide the foundation knowledge for researching and developing a workforce plan.
1. What is workforce planning? Briefly explain its importance to an organisation. As a guide, your response should be approximately 50 -100 words.
Workforce planning provides managers with a strategic basis for making human resource decisions. It allows managers to anticipate change rather than being surprised by events, as well as providing strategic methods for addressing present and anticipated workforce issues.
Workforce planning details a comprehensive process that provides leaders with a framework for making staffing decisions based on an organisation’s mission, strategic plan, budgetary resources, and a set of desired workforce competencies.
This process is simple in outline but depends on rigorous and comprehensive analysis of the organisation’s work, workforce, and strategic direction.
Workforce planning requires strong management leadership; clearly articulated vision, mission, and strategic objectives; and cooperative supportive efforts of staff in several functional areas. Strategic planning, budget, and human resources are key players in workforce planning. Organisation plans set organisational direction and articulate measurable programme goals and objectives. The budget process plans for the funding to achieve objectives. Human resources provides tools for identifying competencies needed in the workforce and for recruiting, developing, training, retraining, or placing employees to build the workforce of the future.
2. What current information about external labour supply is relevant to the specific industry or skill requirements of your organisation or an organisation you are familiar with? In your response Identify the industry and explain why these are relevant. As a guide, your response should be approximately 100-200 words. 
Labour Market Information Portal – lmip.gov.au 
The Labour Market Information Portal is an online resource that brings together data, reports and insights to help better understand the local labour market.
Australian Bureau of Statistics: abs.gov.au
The ABS is Australia's national statistical agency, providing trusted official statistics on a wide range of economic, social, population and environmental matters of importance to Australia.
Department of education skills and employment: employment.gov.au
The Department of Education, Skills and Employment works to ensure Australians can experience the wellbeing and economic benefits that quality education, skills and employment provide.
In addition to the Commonwealth Bank specifically the following information is also considered:
In terms of the banking industry:
Technology: The fusion of current technolgies such as machine learning and emerging technology, could not only create new opportunities, perhaps greater in scale than ever before – but also new risks. Additionally technology will also change the way employees work, as well as who is doing the work and where it is getting done. 
Also, when the organisation grows, and diversifies into newer areas of operations and is not able to find the people internally to fill the vacancies, outside resources are taken into account. With the forecasting of the organisation’sexternal recruitment needs and analyses the possible sources of laboursupply, and keeping to market trends, the problem in finding the right candidate with appropriate technical skills at the required time therefore potentially becomes challenging.
Economy: Especially under the current climate of Covid19 could have material consequences for growth and profitability in the banking industry globally (e.g) in terms of borrowing money, people are not as frequently borrowing money, applying for credit cards in fear of an emergency. The banking industry is also not as aggressively recruiting due to all the uncertainty.

 

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  • Posted on : October 19th, 2018

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