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Lecture 3

MHR 523 Lecture Notes - Lecture 3: Markov Chain, Trend Analysis, Regression Analysis

Human Resources
Course Code
MHR 523
Michael Halinski

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MHR523 Week 3 Human Resource Planning
The process of forecasting future human resource requirements to ensure that the
organization will have the required number of employees with the necessary skills to
meet its strategic objectives.
Demand e.g. how many people are coming to a party?
Supply how much do I already have? employees hiring
Human resource planning helps organizations cut down on costs
External environmental factors
Economic conditions
Market and competitive trends
Social concerns (health care)
Technological changes
Demographic changes
*** Steps in human resource planning
1. Forecasting the availability of candidates (supply)
2. Forecasting future HR needs (demand)
3. Planning and implementing HR programs to balance supply and demand
Forecasting the supply of internal candidates
Skills inventories
o Manual or computerized records suarizig eployees’ educatio,
experience, interests, skills and so on.
Replacement charts
o Visual representations of who will replace whom in the event of a job opening
Succession plans
o Process of ensuring a suitable supply of successors for current and future senior
or key jobs so that the careers of individuals can be effectively planned and
Markov analysis
o A method of forecasting internal labor supply that involves tracking the pattern
of employee movements through various jobs and developing transitional
probability matrix
Forecasting the supply of external candidates
General economic conditions
o Interest rates, wage rates, unemployment rates
Labour market conditions
o Demographic: education levels, age, gender, marital status
Occupational market conditions
o Relevant occupations: e.g. engineers, skilled labour, accountants, etc.
Forecasting future human resources needs (demand)
Quantitative technique
o Trend analysis
Study of firms past employment levels over a period of years to predict
future trends
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