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HUMAN RESOURCE PLANNING TEXT LECTURE AND STUDY NOTE TEXT LECTURE AND STUDY NOTE * Mondy (2008: 104) defines human resource planning (HRP) as the systematic process of matching the internal and external supply of people with job openings anticipated in the organization over a specified period of time. Bohlander and Snell (2007) define HRP as the process of anticipating and providing for the movement of people into, within, and out of an organization. Overall, the purpose of HRP is to help managers deploy the correct number and types of people, where and when they are needed, in order to accomplish the organizations goals. Forecasting is a critical element of planning. The three elements of the HR forecasting model are: (1) Forecasting demand, (2) Forecasting supply, and (3) Balancing supply and demand considerations Exhibit 2.1: HR Forecasting Model 1. Forecasting demand (requirements forecast). A requirements forecast involves determining the number and type of people needed to meet organizational objectives i.e., estimating in advance the number and types of people needed to meet the organizations objectives. A variety of factors, including competitive strategy, technology, structure, and productivity, can influence the demand for labor 2. Forecasting supply (availability forecast). An availability forecast involves determining if the number and type of people needed to meet the organizations projected demand are available. In order to forecast availability, managers must look at both internal sources (present employees) and external sources (the labor market). Thus, forecasting supply involves determining if the numbers and types of people needed are available externally or internally. Demographic trends, including the changing makeup of the workforce, the demand for specific employee skills, population mobility, and global economics as well as government policies affect the external labor supply. Changes in the labor supply can limit a firms strategies. A lack of talent in certain industries is posing serious problems for some 1 FORECASTING DEMAND FORECASTING DEMAND FORECASTING DEMAND Considerations Product/service demand Technology Financial resources Absenteeism/turnover Organizational growth Management philosophy Considerations Considerations Product/service demand Product/service demand Technology Technology Financial resources Financial resources Absenteeism/turnover Absenteeism/turnover Organizational growth Organizational growth Management philosophy Management philosophy Techniques Trend analysis Managerial estimates Delphi technique Techniques Techniques Trend analysis Trend analysis Managerial estimates Managerial estimates Delphi technique Delphi technique Techniques Staffing tables Markov analysis Skills inventories Management inventories Replacement charts Succession planning Techniques Techniques Staffing tables... View Full Document

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