HRM200 Lecture Notes - Lecture 3: Employee Retention, Severance Package, Career Development

• 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: helps organization: Anticipate and avoid shortages and surpluses of human resources. External environmental factors monitored include: economic conditions, market and competitive trends, new or revised laws relating to hr, social concerns (health care, childcare, educational priorities, demographic trends technological changes. Steps in the hr process: forecasting the availability of candidates (supply, forecasting future hr needs (demand, planning and implementing hr programs to balance supply and demand. Forecasting the availability of candidates (supply) replacement charts and replacement summaries: skills inventories and management inventories, succession planning, markov analysis getting a better understanding of the flow of employees in the organization. Number of employees getting promoted, employees who quit. Skills inventories: summary of current employees" education, experience, interests, and skills, used to identify eligibility for transfer/promotion.