MHR 523 Lecture Notes - Lecture 3: Severance Package, Root Mean Square, Employee Retention
20 Sep 2017
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Document Summary
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 it"s strategic objective. Examples; adaptation they went from building temples to cof ns so they used their competencies. Anticipate and avoid shortages and surpluses of human resources. Steps in the hrp process: forecasting the availability of candidates (hr supply, forecasting future hr needs (hr demand, programs to balance supply and demand. Internal; candidates that already work for the organization, use them to move to different / higher position. External; people in the local labour market who don"t have a relationship with the company. Saves recruitment and selection costs for that employee. Motivation for other employees, rewards employee loyalty. May be costly in terms of increased compensation. Creates a vacancy elsewhere in the organization. Internal may not have the ksa"s to ll the role. May be dif cult to nd employees willing to relocate.
