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HRM 3430 (61)
Lecture 4

HRM 3430 Lecture 4: Chapter 4
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Department
Human Resources Management
Course
HRM 3430
Professor
Leigh Lampert
Semester
Winter

Description
Chapter 4 Introduction: -At the very heart of the HRP process is the notion of forecasting: ascertaining the net requirement for personnel by determining the demand for and supply of HR now and in the future. • is an approximation of possible future states • requires both qualitative and quantitative methods • accuracy improves when a variety of methods are used -Why is strategic HR planning important to organizations? • Attempts to balance work required (incl. overtime costs) vs. workforce that performs the tasks to do the work (stress and fatigue) • Insufficient work and too many employees  inefficiencies and lower productivity. • Employees may become bored and unmotivated counterproductive behaviours Types of forecasting: -Three forecasting categories: 1. Transactional-based forecasting: focuses on tracking internal change instituted by the organization's managers 2. Event-based forecasting: concerned with changes in the external environment 3. Process-based forecasting: not focused on a specific internal organization event, but on the flow or sequencing of several work activities Benefits of HR forecasting: • Reduces HR costs • Increases organizational flexibility • Ensures a close link age to the macro business forecasting process. • Ensures organizational requirements take precedence over issues of resource constraints and scarcity (HR supply & demand) HR supply and demand: -HR Supply: source of workers to meet demand requirements, obtained either internally (current members of the organization’s workforce) or from external agencies -HR Demand: projected requirement for HR Key personnel analyses conducted by HR forecasters: • Specialist/Technical/Professional Personnel • Employment Equity-Designated Group Membership • Managerial and Executive Personnel • Recruits What is a designated group? -Designated group: identifiable groups deemed to need special attention because they typically receive the most discrimination within organizations -In Canada, these include: • Aboriginal people • Women • Persons with disabilities • Members of visible minorities Five stages of a forecasting process: 1. Identify organizational goals, objectives, and plans 2. Determine overall demand requirements for personnel 3. Assess in-house skills and other internal supply characteristics 4. Determine the net demand requirements that must be met from external, environmental supply sources 5. Develop HR plans and programs to ensure that the right people are in the right place Organizational factors affecting HR forecasting: -Many factors within an organization affect the HR forecasting, which
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