People Investment & Planning Flashcards
what is PIP?
people investing planning
trying to predict the future demand for different types of staff and seeking to match this with supply
why are people important within a business?
people are vital to the success or failure of a business
people utilise premises, inventories, business plans, strategies, technologies adn deal with customers
people bring in new ideas and help to meet aims and new objectives
key factors when influence planning for people
future people skills and abilites needs of the organisation
staff resources already available within the organisation
anaylse of age, skill and training of existing staff, to futher plan training or to access whether a member of staff who is experienced could buddy up or train others
what is succession planning?
this is undertaken by the human resources department to ensure the organsiation has the correct number of staff with the appropriate level of qualifications, skills and experience to meet its objectives in the future
what are the stages of succession planning?
anaylsing the current employment situation
forcasting employee demand
forecasting the future supply of employees
predicting labour turnover
advantages of PIP
complete an employees skills audit which identifes which staff are compentent and the business can match the skills of the employee to the objectives of the company
formulatea plan to meet staff training requirments which identifes potential skills gaps in the workforce
facilitates succession planning and plan for future recruitment roles the apprpriate staff to fulfil the roles
retain and motivate employees by demonstrating career paths
disadvantages of PIP
changes in the external enviroment can make it difficult to accurately predict requirements
chamge in the economic climate can result in periods of boom or recession
cost- it will take money and investment to fund and has no guaratee of success in the short term
need to be very careful that the future plans do not demotivate staff or cause industrial relations difficulties
what are the 3 planning methods?
anaylsing the current employment situation
forecasting employee demand
forecasting the future supply of employees
what is anaylsing the current employment situation?
when HR department needs to examine the current requirements will stem directly from the corporate strategy of the organisation
they al;so need to ensure that there are enough employees currently employed in the organisation to fulfil companys task
what is a forecasting employee demand?
when HR predict how many employees the organisation will need in the future
what is forecasting the future supply of employees
when the firm want to take into account of whats been happening in the labour market itself, so that it will know whether or not workers of the skills it may require will be present in that labour market
what is training?
is the process of instructing an individual about how to carry out tasks releated to their job
a well trained workforce can benefit:
be more productive, help business to achieve its overall objectives thus increasing profits
help create more flexiable workforce, workers are trained in new tasks
help introduce new technology, if usedf effectively can save labour costs
should lead to increased job satisfaction
should reduce accidents and injuries if employees are trained in health and safety procedures
it may improve the companies image of the company
it can improve employees last chance for promtion
why is there a need for training?
to provide a pool of skills avaiable to the organisation both at present and in the future
