Workforce Planning and Talent Management Module 5 - Human Resources Demand and Supply Flashcards
What is human resources demand?
The organization’s projected requirement for human resources.
What is human resources supply?
The availability or the source of workers to meet demand requirements obtained internally or externally.
What are the objective approaches to demand forecasting?
Index/Trend analysis and Regression analysis.
What are the subjective approaches to demand forecasting?
Delphi technique and Nominal Group technique.
What are the supply forecasting techniques?
Markov Analysis Linear Programming Skills and Management Inventories Succession/Replacement Analysis Movement Analysis Vacancy Analysis
What is the markov analyis?
A series of matrices that detail the patterns of movement to and from various jobs in the organization (captures internal transfers).
What are the possible movements in the markov analysis?
Remain in current job
Promotion to a higher job class
A lateral transfer to a job with a similar classification level
Exit from the job (termination)
Demotion
What is linear programming?
A complex mathematical procedure that can determine the best supply mix solution to minimize costs or other constraints.
Use linear relationships between variables to enable HR planners to calculate what if scenarios by changing various model assumptions.
What is management inventory?
An individualized record that includes the skills inventory as well as information on specialized duties, responsibilities, and accountabilities and is the starting point for taking an inventory of who you have internally.
What is replacement management?
The process of finding employees for key managerial positions.
Narrowly focused on identifying backup candidates for given senior management positions.
What is succession management?
The process of ensuring that pools of skilled employees are trained and available to meet the organization’s strategic objectives.
Building a series of feeder groups up and down the entire leadership pipeline.
What is movement analysis?
Technique used to analyze personnel supply and the chain effect promotions or job loss has on the movements of other personnel in the organization.
identifies the total number of vacant positions in an organization and the total number of personnel movements caused by filling these positions.
What is the vacancy model?
Analyzes flows of personnel throughout the organization by examining inputs and outputs at each hierarchical level.
Calculates supply requirements from the top down as the normal direction of movement in an organization is from the bottom up.
