Workforce Planning and Talent Management Module 6 - Human Resources Forecasting Process

Question 1

What are the four steps of the forecasting process?

Answer 1

Step 1: Determining Demand
Step 2: Ascertain Supply
Step 3: Calculate Net Requirements
Step 4: Institute Deficit or Surplus Programs

Question 2

What is internal supply?

Answer 2

Existing employees

Question 3

What is external supply?

Answer 3

Potential employees that can be recruited

Question 4

What is replacement supply?

Answer 4

Those need to replace employees who are leaving their positions

Question 5

What is change supply?

Answer 5

Those needed as a result of changes such as new positions or vacancies being created

Question 6

How is external supply required calculated?

Answer 6

Current Workforce Size x (Replacement % per year + Change % per year)

Question 7

What do deficit programs include?

Answer 7

Hiring part/full/temporary employees, promoting or transferring staff as needed, recalling laid off and retired workers, contracting out

Question 8

What do surplus programs include?

Answer 8

Lay-offs, termination, job sharing and work sharing, hiring freeze, and natural attrition