HRES 2170 Lecture Notes - Lecture 5: Markov Chain, Succession Planning, Job Performance
8 Feb 2020
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Document Summary
Chapter 5: ensures that people required in running an organization are being used where they"re needed in order to accomplish organization"s goals. Links to the organizations strategic plan: key to success in the workforce because there are a lot of moving parts in the workforce. Hr planning approaches: trend analysis quantitative approach, management forecasts opinions based on knowledge, staffing tables graphic representations of internal jobs, markov analysis tracks pattern of employee movement, skills inventory information on current employees. Hr planning steps: forecast demand for labour, determine supply of labour, internal or external. Identify gap between demand and supply: develop action plans to eliminate the gap, oversupply attrition, shared hours, hour cuts, leave of absence etc, shortage full and part time hiring, overtime, retention strategies, increased hours etc. Hr planning results: useable information about the demand for and supply of employees, supply and demand a function of general economy, hr planning doesn"t guarantee short or long term employee needs for organization.
