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Report for Davidsons Recruitment and Retention IssuesTable of Contents 1.0 Introduction22. 0 Key Social Trends32.1 Employment Trends32.2 Cost of Living42.3 Unemployment Benefits in London63.0 Impact of Social Trends73.1 Impact of Employment Trends73.2 Impact of Cost of Living83.3 Impact of Unemployment Benefits in London84.0 Recommendations84.1 Competitive Compensation and Benefits94.2 Learning and Growth within Davidson94.3 Proud of Working for Davidson95.0 Future Challenges105.1 Digitize Business Process for Self Service105.2 Career and Guidance106.0 Conclusion117.0 References111.0 IntroductionThis report deeply digs into social trends of United Kingdom, especially in London to analyze the root cause of recruitment and retention issues for Davidsons. The report starts with solid facts and data of key social trends of London, such as employment trends, cost of living trends and cost of unemployment. These facts will lead to the analysis of impacts on recruitment and retention for Davidsons. After the analysis, the report will recommend General Managers take critical actions with the regional HR managers, such as creating a build from within organization, strengthen employee service to provide accommodation and revamp the internal training program for employees. The report will also anticipate future social trends, such as less low level job demand in labor market, higher cost of living and higher labor cost for the company. To address those potential challenges, Davidsons should take action on digitization, organizational restructure to transform the way it does business. Finally, the report will summarize key points in conclusion part.2. 0 Key Social Trends2.1 Employment TrendsBecause of manufacturing plants being shut down during 1970s to 1980, total employment in London was declined. Beginning from 1990s, London took on the world city role as a natural outcome of globalization. As a result, employment in London grew rapidly with the growth of business services employment. According to estimation, employment in London will end up to a total of 5.5 million due to its key role in global financial and business services.Figure 2.1.1-Overview of London Workforce Employment, 1971-2026Source: EBS and VolterraTake year 2004, when global economy recession did not happened, as an example to analyze the employment data for London. Figure 2.1.2 segments the employment data by sector in 2004. It proves the importance of business services sector to London economy. This sector offered 1 million job opportunities while the retail sector just offered 400,000 (Perothero, 2007).Figure 2.1.2-London employment by sector, 2004Source: EBSHowever, the unemployment rate in London is till among the UKs worst. 30% citizens at working age are jobless. The United Kingdom Government reported that one in five citizens in London did not have basic language and numerical skills to be qualified for a job. This group took up 600,000 populations of the jobless (Greater London Authority, 2012).2.2 Cost of LivingFigure 2.2.1-Distribution of Cost of Living Expenses in LondonFigure 2.2.1 shows rent per month takes the largest portion of peoples living expenses in London. The external form, tenure profile as well as social construction of Londons market is greatly influenced by its status of a city of world class. The enormous and still increasing numbers of workers who are professional in management have been showed out by the working and income formation. As the supply of real estate, it has slowly grown this group of well paid form a strong sense of owning a new house at that time. This contributes to the enormous rises in house prices and switches the main demand group from traditional middle class to working class. Home ownership in London has not only become a more and more popular means to protect poverty but also make a great number of low and middle class family to rent house to solve the accommodation problem, especially in the recent 40 years , the great decline of the private rented sector. Its not a unique phenomenon in London. However, it influences this capital city much more greatly than the others in England. The average price in the capital has reached to 5 million for just one hectare in 2003,while the price still average at just 975,681 in England. Though, flats or marionettes form 45 percent of Londons poverty and theres just 17 percent in England, the increasing house price is still the top one in among national average. By 2003, the price of a dwelling in London 241,864,45 percent more than the national price, 166,820. This abnormal state reflects by the great outstrip numbers compare the average income and mortgage advanced secured by house buyers in London to the national average, while the average income of the house buyers in London applying a mortgage should reach to 53,746 and the average across England is 40,203. And in the same year, the average mortgage among London and the whole England was largely different, while its 154,599 in London, but just 104,594 in England (Bennington, Fordham & Robinson, 2004).Because of the high and climbing price of the house, a large number of the families cant afford the house and the first time buyer in London crazily enter the market though have to pay double than the average price across England. To get the market ownership, buyers have to have a high income, which in 2003, the income for buyers applying for their first mortgage should be 39,017, and a large mortgage advances, which the average should be 109,455. Many families in London could hardly buy a house for such a great expanse. Therefore many of them choose to social rented sector (housing association and council housing), closely related to the house stock, and this leads to a 26 percent all dwellings in London and a 17 percent of the poverties in England. The social rented sector in Hackney and Southwark constituted more than 50 percent of the local housing stock. But in the recent years, as the housing association new build project cannot catch up with the sale of council poverties to setting tenants through Right-To-Buy (RTB), from 1984,about 183,000 new housing poverties have been built but in RTB they lost 284,500 ones. Nevertheless, its still more popular to rent a house than other places in England, while London has just only 11 percent of dwellings of England.2.3 Unemployment Benefits in LondonGovernment is offering attractive unemployed benefits for people keeping jobless. If local citizen is at working age but he/she can not find a job, he/she will be eligible to claim unemployment benefits through the Job Centre Office of United Kingdom. Jobseekers allowance and other benefits can be applied by the jobless. In detail, 2 types of Jobseekers allowance are offered by the government for the jobless:l Contribution based: jobseeker can apply if he has paid enough National Insurance contribution;Amounts you could get per week are(April 2011):Under 2553.45Over 2567.50Couples, civil partnerships105.95l Income based: jobseeker can apply if he/she does not have enough income, or do not have enough saving (below 3,000 pounds)Amounts you could get per week are(April 2011):16 to 17 years old.33.8516 to 17 years old if you have lived away.44.5018 to 24 years old.44.5025 years and over.56.20Based on the life status of the applicant (single, married/partner/live with others, worked outside the United Kingdom), the applicant will be required to submit different forms so that the amount of the insurance will be finalized. If the applicant is renting, housing benefit will be offered to support applicants renting. If the applicant should take care of others, for example, the children, he/she can apply for child maintenance if needed. (UBIL 2012)Above unemployed benefits makes citizens in London feel comfortable without a job, especially for lower level workers as housing expense will be their largest portion of living expenses which government will support with unemployed benefits.3.0 Impact of Social Trends3.1 Impact of Employment TrendsRetail as a sector just takes 10% portion of job opportunities in London. As a result of globalization, job markets in London will be occupied by financial professionals, business managers and people with higher education degree. Percentage of available low level job opportunities will become less, which create fierce competition among jobseekers. At the same time, even low level jobs require qualification as basic language and numerical skills. As the demand of low level job decreases and the competition become fiercer, potential candidates will leave London to seek for opportunities outside. (Lado & Wilson, 2009). Thus the target pool for recruiting lower level workers becomes narrower.3.2 Impact of Cost of LivingSince more and more professionals with higher education background to serve finance, education and health and business will migrate in London, the cost of living will become even higher (Guest, 2009). The migration of professional who has a decent job will intensify the demand of housing in London, which makes living condition for low level people even worse. They are supposed to complete housing with people who has a higher pay. As a result, if salary for low level jobseeker does not get increased, housing will take larger portion of their income.3.3 Impact of Unemployment Benefits in LondonIf there will be no big change on governments policies of unemployed benefits, jobseekers may feel little pressure of being unemployed. No matter he/she is single or married, having children or parents to take care of, having to pay renting or not, the government will offer unemployed benefits based on his/her life status (Torraco, 2005). As a result, jobseekers will choose further education opportunities before they find a decent job to improve their lives. This also contributes to the challenge of low level worker recruitment.4.0 RecommendationsDavidson should consider what are critical factors to create an employee value proposition that can attract, motivate and retain low level candidates. The company should provide a total working experience that makes employee feel proud of working for the companies, have enough learning and growth opportunities for higher pay, be coached with career guidance, competitive compensation and benefits package and healthy relationship of managers (Lansbury, 2006). As of now, competitive compensation and benefits, learning and growth and proud of working for the companies are critical factors to addressed current recruitment and retention issues.4.1 Competitive Compensation and BenefitsDavidson focus too much small benefits of holiday allowance, working as part time and discount of company goods but ignore the most important concern from employee-housing. To attract more potential workers to join, company can offer low rental fee for apartments. The company should view compensation and benefit offerings as a whole package instead of separate the two parts with each other. Offering accommodation may increase the human capital cost for Davidson, but if it leverages the scale of renting, the cost will be lower than market average. At the same time, the company can consider lowering down the offering of wage to offset the additional cost. After attrition issue is addressed, Davidson can also save cost for searching replacements and frequent hiring activities with advertisement. Considering all of this, the human capital cost can be controlled within the budget.4.2 Learning and Growth within DavidsonAs reported above, one among five citizens in London is lacking of basic language and numerical skills as qualification for a job. Davidson should consider lowering down the entry requirements for low level workers, which will make the target recruitment pool become larger (Miles, 2006). After new hires join the company, it can launch a first 90 days orientation for them to be equipped with the required skills. Line managers should take the lead for employees learning and growth, partnering with companys talent development team. Human resources will centralize the common needs of learning among low lever workers and initiates annual learning forums. Based on the skill assessment of every new hires, they will be required to complete courses to close their capability gap every year. The completion rate of courses will be hard measurement as part of performance evaluation for both the employee and line manager.4.3 Proud of Working for DavidsonDavidson should make low level workers to be proud of working for the company. The company can launch the build from within talent strategy to provide a career but not only a job for employees. At the same time, company can advocate normal people create miracles to address employees concern of being low level with high competition in London. Setting up this working culture with empathic emotional recognition will greatly help low level workers to be confident living in a community where most of professionals with higher education background live with.5.0 Future ChallengesDavidson as a company cannot reverse the trend of London. In the long term, demographic of London will consists of more professionals with higher education background and less low level worker without enough qualifications. In the next five years, if the company does not transform the way business get done or the organizational structure, the company will face challenges of lacking low lever workers and higher human capital cost to recruit them (Day, 2000). To address these irreversible trends, the company should digitize its business process and provide a entry to management career to attract people with higher education background.5.1 Digitize Business Process for Self ServiceDavidson should take digitization as the priority for business transformation in London. The leadership team should bear in mind with scarcity of low level workers in store. The leadership team will sponsor a project named Digitize for Self Service in stores. The project team will involve in daily operation of a store and identify process where labors can be replaced by digital systems. For example, number of cashiers in the stores can be cut if company launches a self service counters with credit card payment system, security checking system and easy scanned equipments. With these digital counters, shoppers can scan items they want themselves and the computer will show the total payment for the order. Through the touch screen, shopper can delete items they dont want. After shopper confirms the order, he/she can use credit card to pay. When shopper walks out the store with unpaid items, the security system will alert.5.2 Career and GuidanceSince the company implements the build from within strategy, meaning all middle level to high level managers will be grown within the companys talent pool, only 5% of these managers will go for external hiring in unique cases. This strategy will increase the activeness of fresh graduates with bachelor or master degree to join, as they are focusing on future development instead of current job offering. Every management trainees should start as normal store staff as the first assignment for one or two years to get familiar with operation in the store. The strategy will broaden the companys talent poor with candidates who have higher education degree.6.0 ConclusionThe company tries lots of creative initiatives to solve recruitment and retention issue but there is no significant improvement. Analysis of social trends in London is conducted to understand how external factors will impact the organization. Employment trends, cost of living and unemployed benefit are considered as factors that are impacting recruitment and retention in London. Employment trends show there will be more talents with higher education background to serve as professionals in London. As a result, the cost of living will be higher, especially housing demand will be intensified, which makes low level workers life condition even worse. Unemployed benefits in London keeps the jobless feel fine to have no job. To react on the recruitment and retention challenge, Davidson should consider compensation and benefit package as a whole, leveraging scale to provide accommodation for employees. At the same time, the company can consider lowering down requirements for entry level recruitment and train up new hires with 90 days orientation plan. To make low level workers to be confident in the society, the company can implement build from within tal