HRM200 Lecture Notes - Lecture 5: Succession Planning, Shortage, Markov Chain

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

Document Summary

The process of forecasing future human resources requirements to ensure that the organizaion will have the required number of employees with the necessary skills to meet its strategic objecives. Helps organizaion: meet strategic goals and objecives achieve economies in hiring new workers, make major market labour demands successfully anicipate and avoid shortages and surpluses of human resources control or reduce labour costs. External environmental factors monitored include: economic condiions: market and compeiive trends new or revised laws relaing to hr social concerns (health care, childcare, educaional prioriies) technological changes demographic trends. Forecasing supply of internal candidates skills inventories and management inventories replacement charts and replacement summaries succession planning: markov analysis. Skills inventories summary of current employees" educaion, experience, interests, and skills used to idenify eligibility for transfer/promoion. Management inventories summary of management employees qualiicaions, skills, interests, managerial responsibiliies used to idenify eligibility for transfer/promoion.