Workforce Management (Organization) Flashcards
Talent Management
Development and integration of HR processes that retain employees’ knowledge, skills, and abilities that will meet current and future organizational needs.
Help with the development of employees. The main purpose is to increase workplace productivity. Most effective when it is an integrated effort and is continuous and dynamic.
turn over rate
The annualized formula that tracks numbers of separations and the total number of workforce employees per month.
Succession Planning
Planning who is going to take over if something happens. Focuses on positions that are the most critical to the future needs of the company.
A strategy that targets
Goal: Have people in place for the future.
Process of implementing a talent management strategy for identifying and fostering the development of high-potential employees or other job candidates who, over time, may move into leadership positions of increased responsibility.
How does Succession planning align with career management?
Ensuring that people in specific talent pools obtain insights, awareness, and experience necessary to contribute to the organization.
How does succession planning align with training and learning?
By having structured training experiences to provide the knowledge and skills needed for success in various positions.
How does succession planning align with performance management?
By ensuring that future managers receive the ongoing developmental feedback and mentoring required to maintain their professional; development.
Turnover
Act of replacing employees leaving an organization; attrition or loss of employees.
Workforce profile
Part of workforce analysis that identifies the current makeup of employees in terms of their demographics, skills, competencies, performance levels, expected retirement dates, pay grades, and other factors that help explain the workforce’s composition
What does a workforce profile help HR do?
It helps HR departments to better identify their hiring needs and plans for the future.
Workforce analysis
Gathers data about the current workforce and forecasts future workforce needs.
Analyzed to provide data to support the company’s staffing strategy.
Goal: to create staffing plans that are aligned with the company’s strategic plan and support future needs.
A systematic approach to anticipate human capital needs and data HR professionals can use to ensure that appropriate knowledge, skills, or abilities will be available when needed to accomplish company goals and objectives
Co-employment
The situation in which an organization shares responsibility and liability for its alternative workers with an alternative staffing supplier, aka joint employment.
Co-employment agreements summarize the legal relationship, rights, and obligations for some flexible staffing arrangements.
Workforce planning
Activities are needed to ensure that workforce size and competencies meet current and future organizational and individual needs. The first step in the workforce management process.
Independent contractors
Self-employed individuals hired on a contract basis for specialized services.
Highly skilled workers supplied for long-term projects under contract with the company.
Why do companies used independent contractors rather than employees
To gain greater workplace flexibility or manage the uncertainty associated with entering a new market.
Employers will have to register their company in a country before using contractors based there.
Due diligence
Process of investigating a decision throroughly before finalizing it to identify all potential factors that could affect the positive and negative impacts of decision.
Reduction in force (RIF)
Termination of employment of individual employees or groups of employees for reasons other than performance, for example, economic necessity or restructuring, aka downsizing.
This may take the form of layoffs
What do employers consider when downsizing (RIF)
Consider skills, work records, and seniority. Be aware of the national; and local labor laws and union contracts when downsizing.
Replacement planning
Concentrates on immediate needs Snapshot assessment of the availability of qualified backups for key positions. Important in business continuity planning.
Judgemental forecasts
Use of information from past and present to predict future conditions and staffing needs and to understand opportunities and threats that can affect the staffing plan.
Knowledge management (KM)
Process of creating, acquiring, sharing, and managing knowledge to augment individuals and organizational performance.
What 2 elements does knowledge management focus on
- Expertise sharing and organizational learning
- knowledge retention and the reduction of knowledge loss due to employee attrition.
simulations
Representation of real situations allows organizations to speculate as to what would happen if certain courses of action were pursued. What if scenarios
Regression analysis
The projections of future demands based on past relationship between employment levels and single/multiple employment variables
The statistical method used to determine whether a relationship exists between variables and the strength of the relationship. Subdivided into 2 categories Simple linear regression and multiple linear regression.
Restructuring
Act of reorganizing an organization’s legal, ownership, operational, or other structures. It’s a proactive adjustment to meet changing business needs
Workforce Management
refers to HR practices and initiaitives that allow the organization to meet its talent needs and close critical gaps in competencies
What’s the purpose of turnover analysis
Tracks the # of separations and the total # of workforce employees per month
Gap analysis
Comparing the supply analysis and demand analysis to identify the different staffing levels for the future. Identify surplus and deficiencies.
establishes goals and objectives for staffing
what critieria can be used to prioitize the gaps to be addressed:
Permamnce- tempeory gap or nah
Impact- how significant is the gap on the company
Control– how can we control it? What do we have in place
Evidence- does data show how serious the gap is
Root cause- why is there a gap
Workforce analysis Process
- Strategic focus- what can and can’t we do?
- Supply analysis -What do we have?
- Demand analysis- What do we need?
- Gap analysis- what is lacking?
- Solution analysis - How will we get what we need?
- Evaluate workforce planning impact- How did we do?
staffing plan
the delegation of task and the application of resources to achieve tactical objectives
What are the 4 major drivers of restructuring
- Strategy- change strategy to move into new market
- Structure- rearrange structure to follow new business model
- Downsizing- to remain functional during loss of revenue
- Expansion- new departments made to accommodate new product
Temporary assignments
Employees hired to work on a specific job to supplement the regular workforce on a short-term basis or for a specific period of time.
Temporary workers
Employees hired to work directly on the organization’s payroll on a short-term basis or for a specific period of time to rotate among several positions or departments as needed.
Remote workers
Employees who do not work from a main office location.
Interns
Professional learning experiences that offer meaningful, practical work related to a student’s field of study or career interest. Offers the employer the opportunity to bring new ideas and energy into the workplace, develop talent, and potentially build a pipeline for future full-time employees.
on call workers
Employees who report to work only when needed
Part- time employees
Employees scheduled to work less than a regular workweek on an ongoing basis; benefit eligibility may depend on various factors (such as # of hours worked)
Job-sharing
The practice of having 2 different employees performing the tasks of one full-time position. Each of the job-sharing partners works a part-time schedule, but together are accountable for the duties of one full-time position Communication between the 2 is key!
Seasonal workers
Part time or casual workers hired to perform seasonal work in a variety of industries. May or may not be eligible for benefits ex: no paid time off
phased retirement
Any work arrangement that falls somewhere in between fulltime retirement and working full-time; these types of programs allow mature employees to work on a reduced or modified basa as they approach retirement.
Finite temporary help
Outsource. Workers who are recruited, screened, and employed by a temporary help firm; the temp firm assigns individuals to work at client sites for a finite duration(ex: cover someone on maternity leave)
Temp- to- hire programs
Outsourced. Workers hired on a temporary basis with the understanding that they may be offered regular employment if they perform completely for a specific time.
M& A
Merges and Acqustions
Divestiture
Shedding asses that don’t contribute to the bottom line
