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Estimating future demand under these models

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estimating future demand. Under these models relationship is established between the dependentvariable to be predicted (e.g. manpower/human resources) and the independent variables (e.g.,sales, total production, work-load, etc.).e.Delphi Technique.This technique takes into consideration human resources requirements given bya group of experts i.e. mangers. The human resource experts collect the manpower needs,summarises the various responses and prepare a report. This process is continued until all expertsagree on estimated human resources requirementD.Forecasting Human Resource SupplyHuman Resource supply forecastingis the process of estimating availability of humanresource followed after demand for testing of human resource. For forecasting supply of human resourcewe need to consider internal and external supply. Internal supply of human resource available by way oftransfers, promotions, retired employees & recall of laid-off employees, etc. Source of external supply ofhuman resource is availability of labour force in the market and new recruitment. External supply ofhuman resource depends on some factors mentioned below.Supply and demand of jobs.literacy rate of nation.rate of populationindustry and expected growth rate and levelstechnological development.compensation system based on education, experience, skill and age.1.Determining Internal Manpower Supplya.Skills Inventory.A list of the names, certain characteristics, and skills of the people workingfor the organization. It provides as input in planning for training, management development,promotion, transfer, and other personnel activities.b.Management Inventory.Is a specialized, expanded form of skills inventory for anorganization‘s current management team. It contains brief assessments of the manager‘s pastperformance, his strength and weaknesses, and his potential for promotion to a higher position.2.Anticipating Changes in Personnel.Employees may be promoted, transferred, demoted, retired,may resign, or die. In any case, their positions will be vacant and may cause disruption in theservices the organization provides.E.Planning Human Resource Programs
S.Y. 2021-2022 | 1stSem, 1stTerm | HRAC 101Human Resource Management| BSBA ProgramPage 33 of 58The HR planner is confronted with the possibilities of manpower shortage and surplus andconcern on managerial succession when sudden events in the environment occurrences. Given thesituation, organization must run smoothly and must be proactive in addressing those issues.1.Planning for shortagesWhen the current workforce cannot meet the future demand for manpower, several options areavailable. They are as follows:a.Recruitment from external sourcesb.Encouraging retirable employees to postpone retirement,c.Rehiring retired employeesd.Introducing remedies to reduce employee turnover,e.Subtractingf.Hiring temporary workers2. Planning for surplusesThis is more that there will be more employees than available work in the organization. In

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Term
Fall
Professor
Eric Dinsmore

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