Chapter 6 - Determining Supply – Week 10 Flashcards
Define Internal Supply
Existing employees who can be retrained, promoted, transferred or redeployed to fill future requirements
Define External Supply
People an organization could potentially hire who are currently undergoing training, working for competitors, members of unions or professional associations, in a transitional stage, i.e. between jobs or unemployed
Why would you choose INTERNAL supply over External supply? (4)
1- Will be more loyal
2- they know the company culture and norms
3- you know the employees skills and past performance
4- Employees are more agile and learn more skills protecting them from economic downturn
Why would you use EXTERNAL supply over internal?
1- No suitable internal supply
2 - necessary to expand
3- new competitive insights / creativity
4- internal supply can sometimes be more expensive as they likely get raises when they get promotions
5- possibility of getting an external person from a competitor to gain competitive insights
6 - Shift in culture, techniques or practices required that arent available internally
What is this the definition of:
groups of employees within an organization with certain characteristics and preferences (that are relevant to employee experience)
Employee Segments
What are the 3 questions to ask about Employee Segments that will help you understand and influence supply?
What are the critical human capital segments?
What response do we need from each segment?
What features of the employment deal create the best responses at the lowest cost?
List 5 ways EMPLOYERS can INCREASE Labour Supply.
1) Change the nature of the jobs
2) Invest in Training current Employees on needed skills
3) Consider Other labour pools (neurodiverse, designated groups, mature workers(
4) Change jobs to make them more attractive
5) change the conditions of the job or the perceptions of the job (i.e. “receptionist” - changed to “office coordinator”)
What are some ways the Government influences labour supply?
- decides places where professional programs are available (i.e. apprenticeship programs)
- determines the type and number of immigrants admitted
These are the Hard Costs of what?
Advertisements Headhunter, recruiting fees Interview training Travel costs Admin expenses Costs of lost production Bonuses Increased salaries Cost to replace a trained worker ranges from 70 to 200 percent of the departing person’s salary
Replacing a trained employee
These are the soft costs of what?
Soft costs
Lost business and customer contacts
Decreased quantity or quality of work due to training and learning curve gaps
Orientation and training time
Decline in team morale and productivity
Increased turnover due to the “follow-me” effect
Replacing a trained employee
What are some things HR can do to RETAIN employees (HR RETENTION PROGRAMS)
- Be flexible
- create a fun and enjoyable work environment
- design MEANINGFUL jobs
- Compensate according to PERFORMANCE
- provide mentoring programs
- train mgmt
- communicate regularly and give feedback on career development
- get rid of slackers
An individualized personnel record held on each employee except those currently in management or professional positions is called a
SKILLS INVENTORY
2 reasons why skills inventories are important
1) Organization can have accurate records of employees
2) Helps in planning and succession planning/management
An individualized personnel record for managerial, professional, or technical personnel that includes all elements in the skills inventory with the addition of information on specialized duties, responsibilities, and accountabilities is called a
MANAGEMENT INVENTORY
The below info is typically found where?
A history of management or professional jobs held
A record of management or professional training courses and dates
Key accountabilities for the current job
Assessment centre and appraisal data
Professional and industry association memberships
In Management Inventory
