Human resource planning Terms

Question 1

What is Human Resource Management?

Answer 1

Human resource management
is the management of people
by a business to meet the
strategic objectives of the
business.

Question 2

What is the labour market?

Answer 2

The labor market refers to the
supply and demand for labor.

Question 3

Two methods of Forecasting labour demand

Answer 3

Qualitative
Quantitative

Question 4

what is Human Resource Planning

Answer 4

Human resource planning is a method by which a
business forecasts how many and what type of
employees it needs now and in the future,

Question 5

Why is information on the labour market
important?

Answer 5

The HR department needs to
monitor economic activity and the
trends influencing society and the
world of work, through labour
market analysis.

Question 6

Example of Labour Market Information and Data

Answer 6

Fall in supply of labour

Fewer people looking for work

Lower number of applicants per vacancy

Question 7

What does Human resource planning involve

Answer 7

-Setting HR objectives
-Forecasting labour demand
-Assessing the current workforce
-Identify shortfall and oversupply of workers
-Review internal and external supply of labour
-Develop strategies to fill the gaps or reduce the
oversupply of labour

Question 8

Assessing the workforce involves

Answer 8

How many workers there are
What type (full or part-time)
Characteristics(age,skills,qualifications)
Staff turnover rates
Promotion
Retirement rates

Question 9

Globalisation

Answer 9

Globalisation in business
means the integration of
operations, processes and
strategies into diverse
cultures, products, services
and ideas.