MHR 523 Lecture Notes - Lecture 3: Markov Chain

• School: Ryerson University
• Department: Human Resources
• Course: MHR 523
• Professor: Rupee

Document Summary

Forecast how many people you will need for your organization with how many people are out there. Social concerns related to health care, childcare, and educational priorities. Ex) what is happening in the usa, has a ripple effect in canada and the trade between the two countries. We can not predict the future for example an economic crash. Skills inventories and management inventories: su(cid:373)(cid:373)a(cid:396)(cid:455) of cu(cid:396)(cid:396)e(cid:374)t e(cid:373)plo(cid:455)ee"s educatio(cid:374), e(cid:454)pe(cid:396)ie(cid:374)ce, i(cid:374)te(cid:396)est, a(cid:374)d skills, su(cid:373)(cid:373)a(cid:396)(cid:455) of (cid:373)a(cid:374)age(cid:373)e(cid:374)t e(cid:373)plo(cid:455)ee"s (cid:395)ualificatio(cid:374)s, skills i(cid:374)te(cid:396)est and managerial responsibilities. Replacement charts and replacement summaries: who can replace who in a replacement chart, list of likely replacements for each position in a summary. Succession planning: formalized version of hr planning, focused on key higher up jobs and who would be suited for them. Markov analysis: a method of forecasting internal labour supply that involves tracking the pattern of employee movements through various jobs and developing a transitional probability matrix, pattern of people moving through certain jobs.