HRM200 Lecture Notes - Lecture 4: Markov Chain, Succession Planning, Market Environment

• School: University of Waterloo
• Department: Human Resources Management
• Course: HRM200
• Professor: William Peckham

Document Summary

Human resources planning (hrp): 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. Effective hrp helps an organization to: meet strategic goals and objectives, achieve economies in hiring new workers, make major market labour demands successfully, anticipate and avoid shortages and surpluses of human resources, control or reduce labour costs. An hr plan (hrp) does not occur independently of the other departments within an organization (such as finance, marketing, research and development) The hrp must align with the overall goals of the organization as well as both the long- term and short-term strategic plans set by the organization. An organizations strategic decision to expand, redirect, diverge, divest, partner or merge will have an associated effect on the hr expectations and plans. Critical component of hrp and strategic planning process: most successful organizations are prepared fro changes before they occur.