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Unit 4 – Chapter 4 and 5Black is for textBlue is for study guideChapter 4 Readings (pg. 86 – 97)1.What are the three steps in workforce planning?-Organizations should carry out workforce planning so as to meet business objectives and gain an advantage over competitors-Workforce planning compares the present state of the organization with its goals for the future then identifies what changes it must make in its human resources to meet those goals. The changes may include downsizing, training existing employees in new skills, or hiring new employees. The overall goal of workforce planning is to ensure the organization has the right people with the right skills in the right places at the right time-The first step in workforce planning is forecastingForecastinginvolves the HR professional trying to determine the supply and demand for various types of human resources. The primary goal is to predict which areas of the organization will experience labour shortages or surplusesAfter identifying the relevant job categories or skills, the planner investigates the likely demand for each. The planner must forecast whether the need for people with the necessary skills and experience will increase or decrease. There are several ways of making such forecastsTrend analysis–At the most sophisticated level, involves constructing and applying statistical models that predict labour demand for the next year, given relatively objective statistics from the prior year (aka leading indicators – objective measures that accurately predict future labour demands). Statistic planning models are useful when there is a long, stable history that can be used to reliably detect relationships among variables. However, these models always have to be complemented with subjective judgments of experts as there are simply too many “once in a lifetime” changes to consider which a statistical model cannot captureOnce a company has forecast the demand for labour, it needs an indication of the firm’s available labour supply. Determining the internal labour supply calls for a detailed analysis of how many people are currently in various job categories or have specific skills within the organizationOne type of statistical procedure that can be used for this purpose is the analysis of a transitional matrix– which is a chart that lists job categories held in one period and shows the proportion of employees in each of those job categories. It helps determine where people in each category go and where did people come from.Besides looking at the labour supply within the organization, the planner should examine trends in the external labour market. The planner should keep abreast of labour market forecasts, including the size of the labour market, the unemployment rate, and the kinds of people who will be in the labour market (ex. The increasing age of the labour force is putting more focus on foreign immigrant workers)-