MHR 523 Lecture Notes - Lecture 3: Employee Retention

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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. Anticipate and avoid shortages and surpluses of human resources. Steps in the human resources planning process: forecasting the availability of candidates (hr supply, forecasting future hr needs (hr demand, programs to balance supply and demand. General economic conditions (interest rates, wage rates, inflation, unemployment rates) Labour market conditions (demographics, education levels, age, gender, marital status) Occupational market conditions (relevant occupations, i. e. engineers) Succession/replacement analysis: critical to effective organizational functioning; helps the organization in being more effective in filling vacant positions. Demand numbers need to consider all types of losses: retirements, quits, long-term leave, promotions and transfers out, changes in organizational structure, adding or closing parts of organization, contracting out, and mergers and acquisitions.

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