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Intro+to+HRM-Ch-2.+5

Human Resource Management

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WORKFORCE PLANNING Dr. Hazel-Anne M. Johnson Rutgers University
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Learning Objectives 1. Explain why workforce planning is an important activity of  mangers. 2. Describe the internal and external factors that affect labor  supply and demand. 3. Discuss the tactics managers use to remedy labor shortages  and labor surpluses. 4. Discuss the advantages and disadvantages of various  workforce planning tactics. 5. Describe how a firm’s organizational demands affect its  workforce planning decisions. 6. Explain the impact environmental factors have on a firm’s  workforce planning decisions. 7. Discuss the legal aspects of the workforce planning tactics  companies use.
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Workforce Planning Workforce Planning : Making sure individuals with the  right skills sets are where they need to be at the right  time to meet current and future needs Labor demand:  number and types of employees the  company needs  Labor supply:  current or potential employees to  perform jobs Labor shortage:  when demand for labor exceeds  available supply Labor surplus:  when supply of labor is greater than  demand
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Framework for Workforce Planning
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Internal Factors Turnover : voluntary and involuntary  termination of employees Creates stress on co-workers who must pick up the  slack Adds costs and time demands associated with filling  open positions Employee Movements Promotions: moving to higher level positions Transfers: moving to jobs with similar responsibility Demotions: moving to lower-level positions
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Tracking Employee Movements Replacement charts : identifying potential  replacement employees for positions that could open  up within the organization Succession planning : identifying employees who  might be viable successors for top managerial  positions Transition matrix : model for tracking movement of  employees throughout the organization to plan for the  future
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Transition Matrix
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