Question 1. As a Director, Human Resources, PF, explain the implications of the level of supply and demand in the recruitment and retention of (a) GPs and (b) RNs.
The case study propounded demonstrates that the demand in the target market for the position of General Practitioners (GPs) is higher than its supply whereas the demand for the Registered Nurses (RNs) is lesser than the supply.
According to the law of demand, the higher value of good leads to low consumption of the same, and the law of supply depicts the lower the value of a good, the consumption of the same increases. Thus, the higher the availability of a product, the lesser is its value (Shaikh, 2019). In the likewise manner, the higher demand for a thing reflects the lowered supply and vice versa.
In the case provided, the demand and supply gap provides with a highlight of the relationship of equilibrium of employer PF Pvt. Ltd. and the available individuals in the arena of General Practitioners and Registered Nurses. It has been stated that the increased demand for the position of the General Practitioners (GPs) is more than that of its supply. As a Director, Human Resources, the statistics of the labor market represented depicts the increased value and worth of the General Practitioners in the market because of the low level of their availability.
Hence, recruitment of General Practitioners (GPs) is a critical task since the increased demands will lead the firms towards attracting the GPs to be hired at a sound competitive compensation in order to attract and retain the same. Hence, the recruitment of General Practitioners could become a crucial activity in the market of high demand. Additionally, retention of the same is also challenging as the higher demands lead to higher objectives and need fulfillment of the entity. Hence, the high demand market of GP may lead to recruitment and retention by the provision of a sound and competitive compensational benefits and facilities.
Likewise, the supply for Registered Nurses (RNs) is observed higher than its demand. This scenario represents the bundle of the labor population available in the same position. As a Director, Human Resources, the statistics define that the worth or value of the position of Registered Nurses has declined because of higher availability. The scenario concludes that the company PF Pvt. Ltd. requires no need for the special attraction of RNs towards the firm. The increased supply and lowered demand for Registered Nurses may lead to an increased level of unemployment among RNs, and hence self-approach is assumed to be used by the RNs' market for the sake of getting employed and thus achieve a moderate level of compensational benefits.
Question2. You are a Union Official for the union that has coverage of the majority of RO’s employees. Explain the key arguments that support regulatory intervention in the setting of wages and other terms and conditions of employment for RO’s employees.
As a Union Official, having coverage of the majority of RO’s employee have aided the realization and understanding of the key concepts of employment in certain industries. The Fair Work Commission of Australia is a national workplace relations tribunal that serves as a power in the field of keeping a conduct, guideline, and regulatory measures for the sake of maintenance of equitable and humanitarian authorization of people and resources at the workplace. The study can take into guidance the enforcements by the Fair Work Commission and thus attempt to keep a track on the regulated and enforced frameworks for the overall justifiable adoption and management of works. According to the Fair Work Commission of Australia, there must be a minimum standard entitlement of provision of wages and employment terms and conditions in the organizations and workplaces. A minimum wage rate must be provided to employees to create the ease of grasping the basic amenities like food, clothing, and shelter with a few percentages of wage saving so as to allow the workforce the ease of sustenance and living (Briggs & Buchanan, 2000).
As the case study describes, the demand for Registered Nurses (RNs) is lower than its supply, it does not account for allowance to any organization for disrupting the employee or RN on the basis of wage discrimination and implication of stringent terms and conditions. Likewise, the demand for General Practitioners (GPs) is higher than it supplies does not allow the organization to cater the more than a substantial amount of wages merely for the sake of retention of the same, and also not provide the ease and flexible employment terms and conditions but similar to that of the others in the workplace.
Irrespective of the demand and supply factors in the labor market, the organizations must strive for a minimum yet equitable wage bite to the employees in distinct departments, of distinct expertise and experience (Stewart, 2018) as the adoption and acceptance of standard regulatory frameworks impacts organizations in any industry to create a standardized and equitable methods of organizational work and processes.
Question3. You are a GP who is considering taking up a position in one of PF’s medical centers. What are the likely consequences of the level of supply and demand for you as a prospective employee of PF? Would the consequences differ on the basis of the state in which you were to take up an appointment?
Assuming myself as a General Practitioner (GP) considering to take up a position in one of the PF’s centers, the dependency of employment terms and conditions change on the sides of the employee or labor market. The Australian Fair Work Commission’s statement of the minimum wages and standard terms and conditions, the demand-supply graph, in my opinion, would play a singular yet effective role in the framing of employment terms of work, wages, etc. as the employees seem to develop their most of the influences in the labor market depending on the demand-supply gap of careers, as supported by the views of Oliver, (2019). Hence, as per the norms of the Fair Work of Commission, the minimum wage along with the incremented incentives as wage must be provided to create sustenance in the employee livelihood.
In addition to this, the state-wise mobility of the labor market also influences the impactful drive on wage determinant in the industry. For instance, targeting the major developed states of Australia, there has been an increment in hourly wages by approximately 1.75% in the upcoming year (Daley, 2019; Employsure, n.d.).
Hence, considering myself as a General Practitioner (GP) as a prospective candidate for employment in PF’s state centers, the level of demand and supply in the market and the state-wise variances in the labor market, both must be entertained and hence must provide with the most optimal wages and optimal and efficient terms and conditions of employment other than as specified by the Fair Work Commission of Australia.
Briggs, C., & Buchanan, J. (2000). Australian labor market deregulation: A critical assessment. Economics, Commerce, and Industrial Relations Group. Retrieved from: https://aph.gov.au/About_Parliament/
Daley, J. (2019). Immigration and wage growth. Discussant Paper Presented at Reserve Bank of Australia Conference on Low Wage Growth, 4-5. Sydney, NSW, Australia.
Employsure. (n.d.). minimum wage and Award Wages in Australia. Retrieved from: https://employsure.com/guides/wage-and-pay/minimum-wage-australia/.
Marwala, T., and Hurwitz, E. 2017. Supply and demand. Advanced Information and Knowledge Processing, 15-25. https://doi.org/10.1007/978-3-319-66104-9_2.
Oliver, D., & Yu, S. (2019). The Australian labor market in 2018. Journal of Industrial Relations, 61(3), 326-341. https://doi.org/10.1177/0022185619834332`.
Shaikh, A. (2019). Labor market dynamics within rival macroeconomic frameworks. Growth, Distribution, and Effective Demand: Alternatives to Economic Orthodoxy, 127-143.
Stewart, A., Stanford. J., & Hardy, T. (2018). The wage crisis in Australia: What it is and what to do about it. University of Adelaide Press. Australia.
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