HRM200 Lecture Notes - Lecture 5: Outsourcing, Offshoring, Markov Chain

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

Document Summary

Workforce (or employment or personnel) planning: the process of deciding what positions the firm will have to fill, and how to fill them. Personnel replacement charts: company records showing present performance and promotability of inside candidates for the most important positions. Position replacement card: a card prepared for each position in a company to show possible replacement candidates and their qualifications. Forecasting personnel needs (labor demand: forecasting workforce demand therefore starts with estimating what the demand will be for your products or services, the basic process of forecasting personnel needs is to forecast revenues first. Then estimate the size of the staff required to support this sales volume. If they are, then if you can forecast the business activity (like sales), you should also be able to estimate your personnel needs: markov analysis (transition analysis): forecast availability of internal job candidates. Improving productivity through hri: computerized forecasts enable managers to build more variables into their personnel projections.