Indexation Matching employment growth with an index eg ratio of production

Indexation matching employment growth with an index

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IndexationMatching employment growth with an index e.g. ratio of production employees to salesOther forecasting methods Budget & Planning AnalysisOrganizations that need HR planning generally have detailed budgets and long-range plansNew Venture AnalysisPlanners estimate human resource needs by making comparisons with similar operationsComputer-Based Simulation ModelsMore sophisticated approachesThe Supply of Human Resources: Internal Supply EstimatesSkills InventoriesSummary of worker skills and abilitiesManagement InventoriesReports of management capabilitiesReplacement ChartsLists of likely replacements for each jobTransition Matrices & Markov AnalysisReplacement Chart
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The Supply of Human Resources: External Supply EstimatesLabour Market AnalysisStudy of the firm’s labour market to evaluate the present or future availabilityCommunity AttitudesAffects nature of the labour marketDemographic TrendsAffects the availability of external supplyHRSDC publishes labour force projectionsStatistics Canada publishes reportsMatching Supply and demand Managing oversupplyWhen the internal supply of workers exceeds the firm’s demand, a surplus existsThere are various HR strategies:Headcount reductionAttritionWork arrangementsManaging oversupply: Attrition strategies Hiring FreezeMost employers respond to a surplus with a hiring freezeAttrition (voluntary departures) slowly reduces the surplusEarly and Phased Retirement OffersEarly retirement encourages long-service workers to retirePhased retirement is a gradual phase into retirementManaging Oversupply: Alternate work strategiesJob SharingAvailable work is spread among all workersUse of Part-time WorkersReplacing full-time positions with part-timeInternal TransfersMay find new jobs for surplus employeesLoaning or FlexforceSeasonal companies may loan employees
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Managing Oversupply: Headcount reduction strategiesLayoffsTemporary withdrawal of employmentUnpleasant for workers and managementFor economic reasonsLeave without PayTemporarily reduce the number of employeesE.g. going back to schoolTerminationSeverance payOutplacementOvercoming employee shortages Hire EmployeesFull-time; part-timeSource service providerse.g. independent contractor; outsourceDevelop employees internallye.g. replacement charts; succession planningConsider existing work arrangemente.g. overtime, flexible schedulesAlternative arrangements in staffingOvertimeEmployees work beyond the normal hoursFlexible schedulesFlexible time and locatione.g. telecommuting, virtual organizationFlexible policiese.g. flexible retirementsHire part-time workersPopular strategy for meeting human resource needsHire full-time employees
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