Ch 3 Flashcards
The human resource planning process
Step 1- forecast demand for resources Step 2- assess supply of resources Step 3- develop HR objectives Step 4- design and implement HR programs to balance demand and supply. Step 5- establish program evaluation.
Strategic plan
Involves identification of a firm’s mission, objectives, and plans for achieving those objectives.
Forecasts
Estimates of future resource needs and changes
Nominal group technique
A focused group discussion where members meet face to face, write down their ideas, and share them. All new thoughts on a topic are recorded and ranked for importance.
Delphi technique
The soliciting of predictions about specified future events from a panel of experts, using repeated surveys until convergence in opinions occurs.
Extrapolation
Extending past rates of change into the future.
Indexation
A method of estimating future employment needs by matching employment growth with a selected index, such as the ratio of production employees to sales.
Staffing table
A list of anticipated employment openings for each type of job.
Skills inventories
Summaries of each non managerial worker’s skills and abilities.
Management inventories
Comprehensive reports of available management capabilities in the organization.
Replacement charts
Visual representations of who will replace whom when a job opening occurs.
Replacement summaries
Lists of likely replacements for each job and their relative strengths and weaknesses.
Markov analysis.
Forecast of a firm’s future HR supplies using transitional probability matrices reflecting historical or expected movements of employees across jobs.
Transition matrices.
Describe the probabilities of how quickly a job position turns over and what an incumbent employee may do over a forecast period of time, such as stay in the current position, move to another position within the firm, or accept a job in another organization.
Labour market analysis.
The study of a firm’s labour market to evaluate the present and future availability of different types of workers.
Canadian occupational projection system.
Provides up to 10 year projection of Canadian economy and human resource needs.
Outplacement
Assisting employees to find jobs with other employers.
Attrition
Loss of employees due to their voluntary departures from the firm through resignation, retirement or death.
Phased retirement
Gradual phase into retirement with loss or reduction of pension benefits.
Job sharing
A plan whereby available work is spread among all workers in a group to reduce the extent of layoffs when production requirements cause a substantial decline in available work.
Part-time workers.
Persons working fewer than the required hours for categorization as full-time workers and who are ineligible for many supplementary benefits offered by employers.
Labour shortage
Insufficient supply of qualified talent to fill the demand for labour.
Contract or contingent worker.
A freelancer who is not part of the regular workforce who provides goods or services to another entity under the terms of a specific contract.
Outsourcing
Contracting tasks to outside agencies or persons.
Crowdsourcing
The act of a company or institution taking a function once performed by employees and outsourcing it to an undefined and generally large network of people in the form of an open call
Work arrangement
A firm’s use of work hours, schedules and location to ensure that the goals of the organization and the needs of employees are optimally met.
Flex hours
Variable start and stop times
Flex schedules
Any type of variation in traditional work schedules.
Compressed workweeks
A reduction in the number of days per week in which full-time work is performed, but not in the number of weekly hours.
Human resource planning
A process used to determine future human resource requirements by anticipating future business demands, analyzing the impacts of these demands on the organization, and making decisions on how to effectively acquire and utilize firms’ human resources.
Telecommuting
Full or part time labour performed at the employees home or on the move with the assistance of technology.
Virtual organization
An operational domain of any organization whose workforce includes a significant portion of remote workers.
Flexible retirement
A novel approach to optimizing the talent of recent retirees, this extending their contributions and continuing their engagement in organizational activities.
People equity
How organization’s measure and manage their human capital to maximize its value.
HR information system (HRIS)
Gathers, analyzes, summarizes, and reports important data for formulating and implementing strategies by HR specialists and line managers.
Enterprise-wide systems
Link an organization’s entire software application environment into a single enterprise solution.
Intranet
An organization-specific internal computer network.
Predictive analysis.
The process of selecting, exploring , analyzing , and modelling data to create better business outcomes.
Talent management
A systemic attraction, identification , development , engagement /retention, and development of those individuals with high potential who are of particular value to the organization.
Human resource accounting (HRA)
A process to measure the present cost and value of human resources as well as their future worth to the organization.
