5-1,2: Describe the relationship between HR planning, recruitment, and selection. Flashcards
What is human resource planning?
The process of ensuring an organization has people with the right competencies available and that they are effectively utilized to achieve the company’s objectives.
Why is strategic planning important in HR?
It determines key goals and actions for a company, ensuring employees have the skills needed to meet strategic and operational objectives.
What are the consequences of poor strategic HR planning?
Business failure, as seen in cases like Target’s failure in Canada and the downfall of Pier One due to lack of strategic planning.
What is the relationship between strategic HRM and business goals?
Strategic HRM includes HR policies, processes, and practices that align employee competencies with company objectives.
What is the goal of human resource planning?
To have the right people with the right skills in the right jobs at the right time.
How does HR planning align with business strategy?
HR planning ensures the workforce is capable of adapting to organizational goals and changes in the business environment.
What happens when an organization enters a new market?
It must assess current employee skills and attract new employees with the required competencies.
What is succession planning?
A strategic HR focus on leadership development to ensure future leaders have the necessary competencies to drive organizational success.
What is the relationship between HR planning and recruitment?
HR planning identifies skill gaps and aligns recruitment efforts to acquire necessary talent.
What do top companies like Fairmont Hotels, BMO, and IBM exemplify in HR planning?
They integrate HR planning into strategic planning cycles, seeing HR as essential to business management.
What was Canada’s population in 2020, and what percentage had a university degree?
37 million people; 26% had a university degree.
How did COVID-19 impact the unemployment rate in Canada?
It rose to nearly 14% in May 2020, the highest since 1982.
What employment trend was seen in July 2019 regarding women in the workforce?
24,200 jobs were lost by women (ages 25-54), while men in the same age group gained 22,000 jobs.
What is the projected percentage of the workforce that will be 55+ years old by 2031?
25% of the workforce.
How is immigration shaping Canada’s workforce?
Immigrants made up 25% of the workforce in 2016, projected to rise above 33% by 2036.
What is the trend regarding gig economy workers in Canada?
1.7 million workers (8.2% of the labor force) were engaged in gig work in 2016, up from 5.5% in 2005.
What are the risks of poor HR planning?
Unfilled vacancies, decreased productivity, lower customer service quality.
Why is HR planning crucial for start-ups?
Entrepreneurs may focus too much on business growth and neglect workforce needs, leading to inefficiencies.
What happens to companies that focus only on growth without HR planning?
They risk failing due to not having the right quantity and quality of employees.
What is the overall goal of HR planning?
To have the right people with the right competencies at the right time in the right jobs.
What are the two primary approaches to forecasting demand for employees?
Quantitative (trend analysis) and qualitative (management forecasts).
What is trend analysis in HR planning?
The use of past numerical data to look for patterns in predicting future employee demand.
What is management forecasting?
A qualitative approach where managers predict future employee demand based on their knowledge and expertise.
What are two forecasting methods used for predicting employment needs?
Delphi technique and nominal group technique (both involve gathering expert opinions).
What are the two techniques for assessing internal employee supply?
Staffing tables and Markov analysis.
What is a staffing table?
A graphical display of jobs in an organization and the number of employees currently holding those jobs.
What is Markov analysis?
A method for tracking employee movement within a company, including promotions, demotions, transfers, and exits.
What is a skills inventory?
A database of employees’ education, experience, and skills to help with workforce planning.
What are the four key steps in HR planning?
Forecast demand for labor.
Determine supply of labor (internal and external).
Identify gaps between supply and demand.
Develop action plans to close the gap.
What are some strategies for handling oversupply of labor?
Attrition, leave of absence without pay, job sharing, reduced hours.
What are some strategies for dealing with shortages of labor?
Hiring full-time/part-time workers, independent contractors, overtime use, retention strategies.
What is the main outcome of HR planning?
Achieving a balance between employee demand and supply.
What external factors influence HR planning?
Economic conditions, COVID-19 impacts, political climate, and household debt.
Why is HR planning not always a guarantee against workforce issues?
Economic downturns, company closures, and mergers can still create labor surpluses or shortages.
What is oversupply of labor?
When an organization has more employees than needed.
What strategies do companies use to manage oversupply of labor?
Attrition (natural employee departures), downsizing, job-sharing, and reduced working hours.
What are the financial costs of high turnover in an organization?
Replacing an employee can cost up to twice their annual salary.
What is shortage of labor?
When an organization has fewer employees than required.
What are the most in-demand jobs in Canada?
Electricians, welders, mechanics, IT, engineering, sales, healthcare, and education.
What are common solutions to labor shortages?
Hiring part-time workers, independent contractors, temporary staff, or increasing retention efforts.
What challenges do companies face when using independent contractors?
They must ensure contractors are not misclassified as employees to avoid legal issues.
