Management and Laying Off Employees Strategy †MyAssignmenthelp.com

Question: Discuss about the Management and Laying Off Employees Strategy. Answer: Justifying the statement The statement that organizations that lay off employees frequently fail to improve their long-term performance is true and justified. As commented by McCord (2014), organizations become conservative with spending due to which layoffs seems to be extremely significant. Laying off talent is planned and executed by the business organizations in order to restore their financial resources. Laying off employees is a strategy undertaken by the business organization to save their financial resources by minimising the amount of salary paid to the employees as well as spending on the employees. The manner in which organizations lay off people can have a huge impact on their potential and current talent pool. Laying off talents signifies higher attrition rate of the employees. In certain instances, the organization might fail to recognize the talent and experience of the employees they require for the long-term benefit of the organization. Therefore, in order to save financial resources for sho rt-term purpose, the business organization fails to consider the long-term benefit of decreasing the attrition rate of the employees. According to Silzer and Dowell (2010), based on the current business and market situation, the business organizations lay off talents by terminating the experienced and skillful employees. However, the business organizations tend to consider the present prospects of the industry and sector, the business organization belongs to (Karren Sherman, 2012). Therefore, the business organizations fail to predict the future demands of the sector and industry and lay off talented employees that would provide a competitive advantage for the company in future. Thus, the organizations that lay off employees frequently fail to improve their long-term performance is absolutely justified. Impact of laying off talent on the management of the talent pool Talent lay off might have both positive and negative impact themanagement of the talent pool. As commented by Sobieralski and Nordstorm (2012), laying off talent provides an opportunity for the business organizations to save the financial resources based on the current market and business sector. However, on the other hand, laying of talent results in failure for the business organization to evaluate the future needs of the industry and sector. Therefore, themanagement of the talent pool seems to to be adversely affected. Based on the present scenario, themanagement terminates highly experienced and skilful employees that might be extremely beneficial for the business organization in the future. As commented by Davenport, Harris and Shapiro (2010), having those talented employees would also provide a competitive advantage for the business organization. However, in order to save the current financial resources of the company, laying off the talented employees hamper themanagement of t he talent pool. This is because in future the company has to again recruit and hire talented employees having required skills and experience for coping up with the current situation in the future. The business organization and the management might face troubles in the future in recruiting suitable employees and might incur additional financial charges for the business organization (Prasad, 2013). Therefore, the entire management of the talent pool will be disturbed and affected due to lack of talented, experienced and skilful employees for the business organization. Methods of evaluating employee performance The organizations use various methods of measuring the talents of the employees in order to ensure that they are not laying off talents that determine the future success of the organization. As commented by Bernardin and Wiatrowski (2013), behavioural checklist is one of the most widely used methods of measuring the employee talents. The behavioural checklist is a checklist of the behaviours that need to be followed by the employees. This is a valuable method used for measuring the employee talents, as having a professional and ethical behaviour is significant for the employees. According to ONeill (2010), organizational success is highly dependent on the behaviours of the employees, as this helps in maintaining positive environment both internally and externally. On the other hand, 360-degree feedback is another effective method used by the business organizations to measure the employee talents (Nowack Mashihi, 2012). The implementation of this method provides an opportunity for th e business organization to use a comprehensive look to evaluate and measure the talents and performance of the employees by pulling feedback from external sources. For using this method for measuring employee talent, the manager and the employee need to complete an assessment of the employee's work performance as well as technical skill set. Therefore, it can be concluded that effective measures need to be implemented by the business organizations to evaluate the talent of the employees in order to ensure that they are not laying off the talent that is most critical for the future success of the organization is essential. Impact of layoff on Model for Building Functional Expertise Model of building functional expertise is defined as the section or group of employees within the organization that holds special expertise and talents. These employees greatly determine the overall success of the organization along with providing them the competitive advantage, as they are the powerhouse of talent that the management utilises to sustain in the competitive market. However, the talent layoff has a huge impact on the model for building functional expertise. This is because laying off talent disturbs the model for building functional expertise. In order to save the financial resources based on the present market situation and demand, the management might lay off their talented employees that will be useful in the future (Davis, Trevor Feng, 2015). As a result, the organization might lose the talented people that would have been beneficial for them in the future. Moreover, in the future because of laying off talent the organization might not be able to find such skillful and experienced experts. Furthermore, the business organization might incur additional charges for the future recruitment and selection process in search of talented employees (Douthitt Mondore, 2014). This might be a major setback for the organization, as the time consumed by the organization for recruitment and selection will provide a competitive advantage for the competitors in the market and sector. References Bernardin, H. J., Wiatrowski, M. (2013). Performance appraisal. Psychology and Policing, 257. Davenport, T. H., Harris, J., Shapiro, J. (2010). Competing on talent analytics. Harvard Business Review, 88(10), 52-58. Retrieved from Business Source Complete database. Davis, P. R., Trevor, C. O., Feng, J. (2015). Creating a more quit-friendly national workforce? Individual layoff history and voluntary turnover. Journal of Applied Psychology, 100(5), 1434. Douthitt, S., Mondore, S. (2014). Creating a business-focused HR function with analytics and integrated talent management. People and Strategy, 36(4), 16. Karren, R., Sherman, K. (2012). Layoffs and unemployment discrimination: a new stigma. Journal of Managerial Psychology, 27(8), 848-863. McCord, P. (2014). How netflix reinvented HR. Harvard Business Review, 92(1), 71-76. Nowack, K. M., Mashihi, S. (2012). Evidence-based answers to 15 questions about leveraging 360-degree feedback. Consulting Psychology Journal: Practice and Research, 64(3), 157. O'Neill, H. (2010). New potential in reach for succession technology. Workforce Management, 89(8), 8. Retrieved from Business Source Complete database. Prasad, R. S. (2013). Green HRM-Partner in sustainable competitive growth. Journal of Management Sciences and Technology, 1(1), 15-18. Silzer, R., Dowell, B. E. (Eds.). (2010). Strategy-driven talent management: A leadership imperative. San Francisco, CA: Jossey-Bass. Sobieralski, J., Nordstrom, C. R. (2012). An examination of employee layoffs and organizational justice perceptions. 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