3 - HR planning & recruiting Flashcards
What is forecasting?
Attempts to determine supply and demand for various types of HR to predict areas within the organization where there will be labor shortages or surpluses.
What are the forecasting labor demands?
Trend analysis and leading indicators.
What are trend analysis?
Constructing and applying statistical models that predict labor demand for next year, given relatively objective statistics from previous year.
What are leading indicators?
Objective measures that accurately predict future labor demand.
What is the forecasting labor supply?
Transactional matrix.
what is a transactional matrix?
A chart that lists job categories held in one period and shows proportion of employees in each of those job categories in a future period.
What is recruiting?
Any activity carried on by the organization with the primary purpose of identifying and attracting potential employees.
What is selection?
Deciding which candidates would be the best fit.
What is the role of HR recruitment?
Build a supply of potential new hires that the organization can draw on if need arises.
What are the three aspects of recruiting?
Personnel policies, recruiter traits and behaviours, recruitment sources.
What are the advantages of internal recruiting?
It generates applicants who are well known to the organization, these applicants are relatively knowledgable about the organisation’s vacancies which minimises the possibility of unrealistic job expectations, filling vacancies through internal recruiting is generally cheaper and faster than looking outside the organization.
What are yield ratios?
A ratio that expresses percentage of applicants who successfully move from one stage of the recruitment and selection process to the next.
By comparing yield ratios of different recruitment sources, we can determine which source is best or most efficient for type of vacancy.
What is cost per hire?
Find cost of using a particular recruitment source for a particular type of vacancy.
Divide that cost by number of people hired to fill that type of vacancy.
A low cost per hire means the recruitment source is efficient.
