session 5 Flashcards
Workforce planning
goal is to have the right people assign to the right skills
workforce planning process (5)
1) forecasting labor demand
2) or forecasting labor supply
3) determine labor surplus/shortage
4) goal setting and strategic planning
5) program implementation and evaluation
what is forecasting
trying to predict which areas of the organization will result on either a surplus or a shortage
what is forecasting labor demand
will the need for people increase or decrease
2 statical models on forecasting labor demand and what are them
1) Trend Analysis: applying statical models to predict labor demand according to previous records
2) Leading indicators: objective measures that predict future labor demand ex: changes in technology
What is forecasting labor supply
detailed analysis of how many people are in various job categories
examines trends in the external labor market
examines internal changes
2 models on forecasting labor supply
1) Transitional matrix: lists of job categories held in one period (where did people go?)
2) Expert judgements
Step 3 of workforce planning: determine labor surplus or shortage
planners can forecast for demand and supply
will show projected surplus or shortage
organisations are able to address challenges
step 4: Goal setting and strategic planning
options to address shortage depends on how much the organisation is able to change
3 examples to reduce surplus
1) downsizing
2) transfers
3) early retirement
what is downsizing
planned elimination of large portions of personnel
examples to avoid shortage
employing temporary
expand hours
factors that lead to donwsizing (4)
- reduce costs
- replace labor with technology
- mergers and acquisitions
- moving to more economical locations
ONLY IF NECESSARY
what is outsourcing
contracting other organisations to provide services
problems of outsourcing
lack of quality control
security violations
step 5: program implementation and evaluation
someone should be accountable for achieving goals
what is succession planning
identifying and tracking high potential employees that will be able to fill top management
benefits of succession planning
helps attract and retain talented employees
Recruiting human resources
any activity carried on by organisations with primary of identifying and attracting potential employees
3 aspects of recruiting
- personnel policies
- recruiter traits
- recruitment sources
3 Hr policies
- internal vs external recruiting
- lead the market play strategies
- employer branding
what is lead the market play strategies
meeting or exceeding the market rate of pay to compete for applicants
what is employer branding
strategic approach of attracting a visual or emotional brand to an organisation
Internal recruitment source benefits
- employees currently hold positions
- generates applicants who are well-known
- cheaper
- faster
- enhance employee morality
external recruitment source
- bring new ideas
- common
- attract diverse workforce
8 types of external recruitment
- direct applicants
- referrals
- passive job seekers
- digital recruiting
- ads
- public agencies
- staffing companies
- universities and colleges
Evaluating recruitment sources
- yield ratio
- cost per hire
what is the yield ratio
- used to evaluate recruitment sources
- % of applicants that move from one stage of selection to the other
Recruiter traits and behaviours
- should be HR specialists
- should provide a realistic job preview
- should provide feedback
