HRM200 Lecture Notes - Lecture 3: Markov Chain, Trend Analysis, Human Resources

• School: University of Waterloo
• Department: Human Resources Management
• Course: HRM200
• Professor: Vince Di Ruzza

Document Summary

Human resources planning (hrp): proactive process of reviewing human resources requirements to ensure the organization has the required number of employees, with the necessary skills, to meet goals and objectives. Forecast demand and supply of employees under changing conditions. Lack of hrp: significant costs, labour mismatches across departments, reduce morale and increase turnover, fail to accomplish short-term operational or long-range strategic plans. Environmental scanning: economic conditions, unemployment rate, market and competitive tends. Laws relating to hr - domestic and globally. Social concerns: health care, childcare, educational priorities, environmental issues, technological changes, demographic trends. Methods for forecasting internally: markov analysis, number of employees in each category that remain from year to year, number of promotable employees, number of employees expected to turnover, sum is projected supply. Interest rates: natural fluctuations, wage rates, unemployment rate, labour market conditions. Inflation rate: demographic characteristics, education, age, gender, marital status, occupational market conditions, availability of potential candidates in specific occupations.