Human Resource Planning Flashcards
HR planning process (5 steps )
Forecast demand, assess supply, develop HR objectives, implement HR practices to balance Supply / Demand
External challenges
Economic(boom vs. Recessions), competitors( poaching employees), socio-political-legal( legalizing marijuana)
Organizational decisions
Strategic plans mew venture( # and type of employees), Budgets( increase/cuts = +/- needs)
Workforce factors
Retirement (shifting demographics), turnover(low unemployment rate > more competition) , leaves of absence( maternity/ paternity leaves )
How to estimate HR demands
Expert judgment, trend projections, computer models
Internal estimates
Skills & management inventories ( HRIS system can help eight identifying employees ) Replacement Charts ( succession planning, who what when )Markov analysis Transition Matrices ( Probability-based decisions )
External estimates
Labour market analysis & demographic trends( unemployment rate, # of skilled workers , age of workforce )
Human resource planning
Ensure firm has the right people with the right skills at the right time to fulfill organizational and individual objects
HR balancing act - oversupply, Equal, shortage
Oversupply- available supply of human resources exceed the firm’s demand
Equal- supply and demand for human resources are equal
Shortage - available supply of human resources cannot meet the firms needs
Managing oversupply
Headcount reduction ( layoffs, leave without pay, termination,) attrition ( hiring freeze , early phased retirement offers) , work arrangements ( job sharing, part time employees)
Headcount reduction
Leave without pay, outplacement, layoffs, termination
Work arrangements
Job sharing ( dividing duties of 1 position between 2 or more workers), use of part time workers , internal transfers
Managing a shortage
Hire employees, develop internally, contract out the work, flexible work options
