Chapter 5 - Chapter 5 Human Resource Planning &...

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Chapter 5 Human Resource Planning Forecasting
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Learning Objectives Describe the workforce planning process Discuss how an organization can predict its future business activity Examine ways of forecasting demand and supply of labor Examine HR strategies for addressing a labor shortage or surplus Describe the staffing planning process
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Workforce planning the process of predicting an organization’s future employment needs and the availability of current employees and external hires to meet those employment needs and execute the organization’s business strategy Workforce planning compares the present state of the organization with its goals for the future. Human Resource Supply and Demand
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5 Workforce Planning Process
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Workforce Planning Process
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Forecasting Business Activity Forecasting - attempts to determine the supply and demand for various types of human resources to predict areas within the organization where there will be labor shortages or surpluses. An organization’s product demand directly affects its need for labor Locate reliable, high-quality information sources within and outside of the organization to forecast business activity Types of business activity forecasts: Seasonal, Interest rate, Currency exchange, Competitors, Industry and economic
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1. Forecasting the demand for labor - How many workers the organization will need in the future. 2. Forecasting labor supply - The availability of workers with the required skills to meet the firm’s labor demand. 3.
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This note was uploaded on 10/17/2011 for the course MNGT 450 taught by Professor Dr.rawat during the Fall '11 term at Nicholls State.

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Chapter 5 - Chapter 5 Human Resource Planning &...

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