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Overview of Labor Statistics

(A) In the domain of the Australian Banking system, there have been continuous fluctuations of the demand and supply factors concerning the labor market (Australian Bureau of Statistics, 2018). The technological fluctuations and radical improvements in the banking system and structure have acted as the prominent factor of the varying labor demand and supply in the focused market. According to Birch & Preston (2020), the 2019 statistics reveals that the continuous rise in the pace of technological factors served as the driving force, laying the labor supply to sense the accelerated pace in the labor market in the Banking industry at the national level and hence the extended scope for the international level as well.

In the focus of expanded supply of the labor resource in the specific market or sector, such as the Banking in the target study, in order to maintain the demands of the labor, necessitates a great contribution of specific skills assessment as per the industrial frame such as friendliness to change management, technological savviness, hands-on activity in computer applications, and alike (Jagannathan et al. 2019). Not merely the applicable technical skills but also the soft skills that include problem-solving capabilities, effective decision-making, cross-functional adjustments, etc. also prevail as the most demanded set of skills in the large supply of labor market.

(B) According to Gahan et al. (2018), the Australian banking or finance industry has seen a robust transformation in recent decades. The response to such fluctuating situations has also modified the demand and supply fluctuations in the banking industry of Australia, leading to greater platforms for the conceptualization of industrial relations and hence the formation of joined forces and unions.

In the environment of the increased supply in the banking, the labor market asks for the beneficiary terms in the sides of banking organizations, this may lead to the suffering of non-availability and incompetence to serve the labor market (Birch & Preston, 2019). Thus, in such a sense, the Australian banking sector has been observed to become a victim of the process eventually giving rise to trade unions and forces to develop.

The trade unions and collective bargaining practices of industrial relationship and employee welfare have been quite substantial, especially in the Australian banking domain as it has aided the employees with a standard and formal platform to redress the bargaining advantage of the employee or employees, securing their service terms and conditions in all manners, provides power-sharing and bargaining efficiency to the same. In the range of

(C) The National Australia Bank (NAB) as the target banking organization of the target Australian banking industry focuses on driving the most efficient and competent labor and human resources in the working boundary in order to generate concentrated performances.

In the range of a market situation where the supply in the labor market represents an accelerated signal, the recruitment and management of the most skilled and competent personnel become a challenging factor, as a result of which requires an efficient and suitable yet systematic tool or technique of analyzing the labor force on the different bases such as organization’s needs, skill sets, eligibility criteria, demand factors, and many more.

The National Australia Bank Ltd., in the view of deriving a highly capitalized labor force seeks to utilize the trend analysis as the focused labor force analysis and forecasting technique that offers a justifiable analysis in involution and collection of past data to identify the patterns of the labor market and attributes necessary in order to carry out the analysis or forecast of the future trends visible in the range that can be impacted (National Australia Bank, 2019).

According to Sharma et al. (2016), the trend analysis of the labor force analysis technique forecasts the employment and labor requirements based on some organizational indices relatable for the projection of the HR demand that can incorporate and include certain factors like total labor demand, total labor supply at the organization level, productivity ratio, human resource requirement forecast, etc.

Apart from the above-stated labor force analysis and forecast methods, the other most prominent and viable tools or technique of forecastings such as the Delphi method, ratio analysis, model-based analysis, and much more alike can seem to be beneficial in such areas of operation that can assist the quantitative and qualitative analysis of the labor factors (Sossa et al., 2019).

(D) At the national and international level lies a diverse portfolio of labor demand and supply metrics, that at some limit of their implementation requires an intervention of the national and international government authorities and their regulatory intervention in the same.

The Australian Government established the labor market policy and regulations under the Select Committee on the Future of Work and Workers in the prediction and estimation of the labor market and situation in the Australian industrial sector with a particular reference to the following.

  • The Fair Work Act

The Fair Work Act or Fair Work Ombudsman is prominent legislation of the Australian place of work that seeks to provide a standard and stabilized frame for product maintenance and management of workplace relationships and employment conditions for the promotion of social inclusion of people and labor in the workplace (Bray, 2017).

  • Equal Opportunity Act

The Australian framework for equal opportunities for everyone that provides equality of opportunities in the field of professional arena and prevention of discrimination and unethical practices of people management, thus making them equal opportunity act a vital element (Squatrito, 2018).

  • Racial Discrimination Act

The Australian Racial Discrimination Act of the Australian regulatory framework provides equal opportunities for people with diverse nationalities and racial backgrounds, implemented in the organizational orbit in the force of lawful promotion of the equality factors of employment opportunities irrespective of their belongingness and backgrounds of gender, race, religion, caste, and social backgrounds (Lino, 2017).

  • Workplace Gender Equality Act

The Australian law of workplace gender equality depicts to provide an equal level of opportunities and promote gender equality in the employment and thus removal of barriers of low-participation regarding the gender-based demographics in the organizations (Macneil & Liu, 2017).

Reference for Manage Workforce Planning

Australian Bureau of Statistics (2018). Overview of labor statistics. Labor Statistics: Concepts, Sources, and Methods. Retrieved from: https://www.abs.gov.au/ausstats/abs@.nsf/mf/6102.0.55.001.

Birch, E., & Preston, A. (2020). The Australian labor market in 2019. Journal of Industrial Relations, 1-24. https://doi.org/10.1177/0022185620909147.

Bray, M., Macneil, J., & Stewart, A. (2017). Cooperation at work: How tribunals can help transform workplaces. Federation Press.

Gahan, P., Pekarek, A., & Nicholson, D. (2018). Unions and collective bargaining in Australia in 2017. Journal of Industrial Relations60(3), 337-357. https://doi.org/10.1177%2F0022185618759135.

Jagannathan, S., Ra, S., & Maclean, R. (2019). Dominant recent trends impacting on jobs and labor markets: An Overview. International Journal of Training Research17(1), 1-11. https://doi.org/10.1080/14480220.2019.1641292.

Lino, D. (2017). Thinking Outside the Constitution on Indigenous Constitutional Recognition: Entrenching the Racial Discrimination Act. Australian Law Journal 381. Retrieved from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2967198.

Macneil, J., & Liu, Z. (2017). The role of organizational learning in soft regulation of workplace gender equality. Employee Relations, 39(3), 317-334. https://doi.org/10.1108/ER-01-2016-0022.

National Australia Bank. (2019). Australian markets weekly: Is employment feeling the effect of a weaker economy? Retrieved from: https://business.nab.com.au/wp-content/uploads/2019/05/amw-13May19-is-employment-feeling-the-effect-of-a-weaker-economy.pdf.

Sharma, S., Swayne, D.A., & Obimbo, C. (2016). Trend analysis and change point techniques: a survey. Energy, Ecology and Environment1(3), 123-130. https://doi.org/10.1007/s40974-016-0011-1.

Sossa, J. W. Z., Halal, W., & Zarta, R. H. (2019). Delphi method: analysis of rounds, stakeholder, and statistical indicators. Foresight, 21(5), 525-544. https://doi.org/10.1108/FS-11-2018-0095.

Squatrito, G. (2018). Refuge and discrimination: Helping women's refuges to comply with the equal opportunity Act 2010. Parity31(1), 17.

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