Lesson 4: Forecasting and Strategic Planning Flashcards
Attrition
natural decrease in staff through retirement, death or resignation
Delphitechnique
- long range forecasting and other strategic planning issues
1. problem is identified and each member is to submit a potential solution by completing a questionnaire
2. after questionnaire is complete, results are complied
3. each member is given a copy of the results
4. if there is differences in opinion, each uses the feedback to fine tune their assessment
5. third and fourth step repeated until consensus is reached
Early retirement buyout programs
strategy used to accelerate attribution that involve offering attractive packages or opportunities to retire on all pension with an attractive benefits package
Environment scanning
assessment of external factors influencing the organizations ability to find and secure talent from external labour market
- economic conditions
- market and competitive trends
- new or revised laws
- technological changes
- demographic trends
Hiring freeze
openings are filled by reassigning current employees
Describe the ways in which a surplus of human resources can be managed
- retirement buyout
- hiring freeze
Job sharing
involves dividing the duties of a single position between two or more employees
Layoff
the temporary or permanent withdrawal of employment to workers for economic or business reasons
leave of absence
allows the who may be interested in making time away from work - without pay, bu with a guarantee that their job will be available upon their return
management inventories
roads summarizing the background, qualifications, interests, skills of management employees and their responsibilities and training
Markov analysis
method for forecasting internal labour supply
involves tracking the pattern of employee movements through various jobs and developing a transitional probability matrix
- shows the actual number of employee who remain in each job from one year to the next, the proportion promoted, demoted, transferred and leaving
Nominal group technique
group of experts meeting face to face
- each member independently writes down their ideas on the problem
- they each present their idea, and continue until all ideas are presented (no discussion)
- clarification is sought then evaluation and discussion
- each member is asked to rank the ideas
- each member independently writes down their ideas on the problem
Promotion
movement of employees from one job to another that is higher pay, responsibilities and organizational level
Ratio analysis
quantitative technique for demand
- ratio between some causal factors and the number of employees required
reduced workweek
work less hours and get less pay
regression analysis
quantitative technique
sophisticated statistical technique to determine the line of best fit, involving multiple variables
- to investigate the effects of one variable on another (determine magnitude and direction of relationship)
What are some examples of general economic conditions
interest rates
wage rates
rate of inflation
unemployment rates
what are some examples of labour market conditions
education level
age
gender
marital status
scatter plot
quantitative technique
used to determine whether two facts are related
severance package
a lump sum payment continuation of benefits for a specified period of time, provided to employees who are being terminated
staffing table
pictorial representation of all jobs within the organization along with numbers of current incumbents and future employment requirements
what is the end result of the supply and demand forecasting?
short term and long range HR requirements
how can an organization fill positions internally
- effectively designing jobs and quality of. working life initiatives
- establishing performance standards and goals
- coaching, measuring and evaluating
- implementing a suitable reward structure
supplemental unemployment benefits
top up of EI benefits to bring income levels closer to what an employee would receive on the job
survivor syndrome
range of negative emotions experienced by employees remaining after a major restructuring initiatives, which can include feelings of betrayal or violation
termination
permanent separation from the organization for any reason
trend analysis
quantitative technique
studio the firms employment level over the last 3-5 years to predict future needs
- identify trends that might continue
- initial estimate only
work sharing
employees work three or four days a week and receive EI benefits on their non workdays
Describe the ways in which a surplus of human resources can be managed
- retirement buyout
- hiring freeze
- attrition
- early retirement buyout programs
- job sharing
- work sharing
- reduced work week
- layoff
- termination
- leave of absence
Explain how organizations deal with a shortage of human resources
transfer employees laterally that is relatively equal pay, responsibility or org level
- promotion
focus on retention initiatives to mitigate potential labour shortages
- recruit using the right quantity and quality of ads to get the talent needed
