Chapter 5 Flashcards
1
Q
Ratio Analysis
A
- To justify new positions or demonstrate that need for layoffs
- Regression analysis to incorporate multiple predictors
- Data should be reliable
E.g., paralegals:attorneys = 3:2 ratio
2
Q
Scatter Plots
A
- Show graphically how two different variables (e.g., revenue and staffing levels) are related
3
Q
Trend Analysis
A
- Uses past employment patterns to predict future needs
- Any employment trends that are likely to continue can be useful in forecasting labor demand
- Rarely used by itself in making labor demand forecasts
4
Q
Judgmental Forecasting
A
- Relies on the experience and insights of people in the organization to predict future needs
- Top down: Top managers estimates then become staffing goals for the lower levels in the organization
- Bottom up: Uses the input of lower-level managers in estimating staffing requirements
5
Q
ROI Analysis
A
- Estimate the return on investment from adding a new position based on the costs and outcomes resulting from that new hire
6
Q
Internal talent resources for a position
A
No. of employees at the beginning of the period + anticipated gains - anticipated losses
7
Q
Transition Analysis
A
- Quantitative technique to analyze internal labor markets and forecast internal labor supply
- Can also forecast the no. of people currently working for the organization likely to still be employed in the future
8
Q
Talent Inventories & Replacement Chart
A
- Databases summarize each employee’s skills, competencies, education, performance reviews etc.
- Computerized systems/ HRIS
9
Q
Forecasting the External Labor Market
A
Organizations monitor the external labor market in two ways
- Their own observations and experiences
- Monitoring labor market statistics generated by others
10
Q
Resolving Labor Supply and demand gaps
A
See study guide
11
Q
Staffing Yields
A
% of applicants moving from one stage to the next
**Hiring yields (selection ratios) : % of applicants ultimately hired
12
Q
Hiring Timeline (Time-to-fill/start)
A
Study guide for answer
