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Lecture 3

MHR 523 Lecture 3: MHR 523 Lecture 3 notes Rupa Banerjee

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Department
Human Resources
Course
MHR 523
Professor
Rupa Banerjee
Semester
Winter

Description
MHR 523 Lecture 3 Chapter 5: Human Resources Planning Strategic Importance of Human Resources Planning - Human Resources Planning (HRP) o The process of forecasting future human resources requirements to ensure that the organization will have the required number of employees with the necessary skills to meet its strategic objectives without shortages or surpluses. Human Resource Planning - Human resource planning can vary from capturing basic information to a more sophisticated approach Steps in the HRP Process - Step 3: Planning and Implementing HR Programs to Balance Supply and Demand - Step 2: Forecasting Future HR Needs (Demand) - Step 1: Forecasting the Availability of Candidates (Supply) - Define human resources planning (HRP) and discuss its strategic importance Human Resources Planning Model MHR 523 The Importance of External Environment - The external environmental factors most frequently monitored include: o Economic conditions (general, regional, and local). o Market and competitive trends. o New or revised laws. o Social concerns related to health care, childcare, and educational priorities. o Technological changes. o Demographic trends. Population Pyramid Challenges in Environmental Scanning - Inability to accurately predict the future - Isolating the critical from the insignificant e.g. scanners have difficulty picking out the truly important events - Few trends exist in isolation e.g. difficulty finding employees where labour shortages exist - HR planners react to current events and other issues that affect their practice Ascertaining Supply - What are the two main sources? o Internal o External Internal or External? - If you were an HR manager, what factors would you consider to decide whether to recruit internally or externally?, what are the pro’s and con’s of internal recruitment? Forecasting Supply of Internal Candidates - skills inventories and management inventories - replacement charts and replacement summaries - succession planning - Markov Analysis - Discuss briefly the four stages used to forecast internal human resources supply and four types of market conditions assessed when forecasting external human resources supply Skills Inventories Management Inventories - Skills inventories o summary of current employees’ education, experience, interests, and skills o used to identify eligibility for transfer/promotion - Management inventories o summary of management employee’s qualifications, skills, interests, managerial responsibilities MHR 523 o used to identify eligibility for transfer/promotion Replacement Charts Replacement Summaries - Replacement charts o depiction of who will replace whom in the event of a job opening o internal candidates age, present performance rating, and promotability status are listed - Replacement summaries o lists of likely replacements for each position o indicates relative strengths/weaknesses, current position, performance, promotability, age, and experience Sample Management Replacement Chart Succession Planning - Ensuring supply of successors for key jobs so that careers can be effectively planned and managed - Includes: o analysis of demand for managers and professionals o audit and projection of likely future supply o planning individual career paths, career counseling o accelerated promotions o planned strategic recruitment 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 MHR 523 Markov Analysis Forecasting Supply of External Candidates - Market conditions assessed: o General economic conditions ▪ Interest rates, wage rates, inflation, unemployment rates o Labour market conditions ▪ Demographics: education levels, age, gender, marital status o Occupational market conditions ▪ Relevant occupations (as applicable): e.g. engineers, skilled labour, accountants, etc. Determining HR Demand - HR demand numbers must include not only the numbers of staff required but also replacements for all types of losses o Examples: ▪ Retirements – regular ▪ Change in and early organizational ▪ Quits – voluntary and structure involuntary ▪ Adding or closing ▪ Long-term leave eg. parts of the operation LTD, sabbatical,
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