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Lecture 5 - January 27, 2012 (Chapter 5).docx

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University of Ottawa

ADM 2337Chapter 5Human Resource Planning HRPHuman resource planning is the process of forecasting future HR needs to make sure that the organization will have the required number and type of employees to meet its strategic objectivesEffective HRP helps organizations achieve their strategic goals and objectives by hiring workers at the right time and anticipating and avoiding shortagessurpluses of human resources oThis allows them to control andor reduce labor costs Involves three main stepsoForecasting demand for laboroAnalyzing the labor supplyoPlanning and implementing HR programs to balance supply and demandThe Importance of Environmental ScanningThe most successful organizations are prepared for changes before they occurThe factors that must be monitored includeoEconomic conditionsoMarket and competitive trendsoGovernment RegulationChanges in lawsoTechnologyoDemographic trends1 Forecasting DemandFirms must consider things like projected turnover quality and nature of employees planned admintechnological changes and the financial resources available Quantitative ApproachesTrend AnalysisoThe study of a firms past employment level over a period of years to predict future needs Demand for productservicesRatio AnalysisoForecasts future staff needs by using ratios between factors like salesvolume and the number of employees neededScatter PlotoGraphing method used to find the relationship between two variables Regression AnalysisoInvolves using a math formula to project future demands
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