COMMERCE 4BM3 Lecture Notes - Lecture 4: Shortage, Scenario Planning, Cost Accounting
25 Nov 2018
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Document Summary
Benefits of strategic hr forecasting: cost control, organizational flexibility (contract work to have available employees only when needed) Forecasting categories: transactional-based forecasting: introducing new product, new equipment. Key analyses when forecasting: specialists/technical/professional personnel: this is where the worldwide labor shortage is, employment equity designated groups: women, aboriginal, disabled, visible minorities. Do we have a more diverse workforce: managerial and executive personnel: do we want to recruit internally or externally (new hires, recruits: entry level positions always needed. Outcomes: predictions: single estimate/number: i think we"ll need x number of people , projection/envelope: several estimates to have a range of best case worst case and maybe most likely , program scenarios: each estimate has program details. Hr forecasting: basic process: determine hr demand (we always start with demand, then we determine do we have the supply to meet that demand, net them to determine if you have, labor equilibrium, labor shortage, labor surplus.
