Forecasting Labour Supply and Demand Flashcards
Skills Inventories
Supply. A comprehensive listing of the skills, competencies, and qualifications possessed by employees within an organization.
Managment Inventories
Supply. Comprehensive assessments of the skills, experiences, and capabilities of managers within an organization
Markov Analysis
Supply. A method for tracking the pattern of employee moments through an organization.
Delphi Technique
Demand. A forecasting method that gathers expert opinions through a series of anonymous questionnaires. Experts provide insights on a specific issue in rounds, with feedback from each round shared to refine responses. (no interaction between members)
Nominal Group Technique
Demand. A structured group decision-making process that encourages participation from all members while minimizing the influence of dominant individuals. Participants independently generate ideas and write them down, followed by sharing these ideas in a round-robin fashion. Each idea is discussed for clarification, and then members privately rank or vote on the options.
Movement Analysis
Supply. the examination of employee transitions within an organization, such as promotions, lateral moves, demotions, and exits
Succession Planning
Supply. The process of identifying, developing, and tracking key individuals for executive positions.
Replacement Charts
Supply. Listings of all current job holders and people who are potential replacements if an opening occurs.
Vacancy Modeling
Supply. A workforce planning technique used to forecast and analyze job vacancies within an organization. It involves assessing the factors that contribute to employee turnover, such as retirement, resignation, or internal promotions, to predict future vacancy rates.
Linear Programming
a technique that helps organizations allocate resources effectively, such as determining the optimal number of employees needed across various departments or projects while considering constraints like budget, skill requirements, and availability.
Scenario Planning
Demand. A strategic planning method used to envision and analyze potential future developments and their impacts on an organization.
Regression Analysis
A statistical method used to understand the relationship between one dependent variable and one or more independent variables. In the context of forecasting labor demand in HR, regression analysis helps organizations identify and quantify how various factors (such as sales forecasts, economic indicators, or production levels) influence the need for labor.
Staff Tables
graphic representations of all organizational jobs, along with the numbers of employees currently occupying those jobs and future employment requirements.
