HRM 3430 Lecture Notes - Lecture 5: Swot Analysis, Visible Minority, Longrun

• School: York University
• Department: Human Resources Management
• Course: HRM 3430
• Professor: Leigh Lampert

Document Summary

Changes in the demographic composition of the workforce as the baby boom generation enters retirement. The skill requirements from technological advancements: largest areas of labor demand in canadian exists in science based and skilled trades jobs. Go back four or five years and record the numerical levels of the index over time: track the workforce size over time. Divide level of sales for each year of historical data by number of employees required to product that year"s level of sales. Do so for each year over the period and obtain an average ratio: calculate the forecasted demand for labor. Divide annual forecast for operational index by average employee requirement ratio for each future year to determine forecasted annual demand for labor. Qualitative data: useful in mature industries or where environmental changes are predictable/stable, preferable when there is a great degree of uncertainty. In the form of direct managerial input, it is the most commonly used to determine workforce requirements.