Chapter 5: Human Resource Planning Flashcards
Human Resource Planning (HRP)
The process of forecasting the future human resources requirements to ensure that the organization will have the required employees
Strategic importance of HRP
- meet strategic goals/objectives
- achieve economies in hiring new workers
- anticipate and avoid shortages/surpluses
- control and reduce labour costs
Steps in the HRP Process
- Forecasting the availability of candidates (supply)
- Forecasting future HR needs (Demand)
- Planning and Implementing HR programs to Balance Supply and Demand
HRP Model
- Determine Labour Supply
- Determine Labour Demand
- Gap analysis
- Solutions Analysis
Environmental Scanning
- economic conditions
- market and competitive trends
- new or revised laws
- social concerns
- tech trends
Forecasting supply of internal candidates
- skills inventory
- replacement charts and summaries
- succession planning
- Markov Analysis
Skills inventories
- summary of current employees current education, exp. interests and skills
- used to identify transfers/promotions
Management Inventories
- summary of management employees qualifications, skills, interests and managerial responsibilities
- used to identify transfers/promotions
Replacement Charts
- depiction of who will replace whom
- internal candidates age, performance, promotability status
Replacement Summaries
- lists likely replacements for each position
- strengths weaknesses, current position, performance, promotability, age and experience
Succession Planning
ensuring supply of successors for key jobs so that careers can be effectively planned and managed
Markov Analysis
a method of forecasting internal labour supply tat involves tracking the pattern of employee movements through various jobs and developing a transitional probability matrix
Forecasting Supply of External Candidates
- general economic conditions
- labour market conditions
- occupational market conditions
Forecasting HR Needs (Demand) [Quantitative Approaches]
- Trend analysis
- Ratio analysis
- Scatter plot
- Regression analysis
Forecasting HR Needs (Demand)
[Qualitative Approaches]
- nominal group techniques (group of experts)
- Delphi techniques
