HRM200 Chapter Notes - Chapter 5: Nominal Group Technique, Markov Chain

• School: University of Waterloo
• Department: Human Resources Management
• Course: HRM200
• Professor: Katrina Di Gravio

Document Summary

Human resources planning the process of forecasting future hr requirements to ensure organizations have the requirements to meet strategic objectives. As the baby boom generation begins to retire, not many ppl to fill vacant positions. Hrp has to align with strategic goals of org. Hrp aligns forecasted labour supply with the predicted labour demands. Often the accuracy of info regarding current situation is taken for granted; current hr levels must be assessed before predicting future. Internal candidates who can be trained, transferred or promoted. External ppl in the labour market not currently working for the organization. Before hiring externally, need to see how many will likely come from within the firm. Skills inventories contain info abt capabilities of current employees. Data pertaining to managerial staff is in mgmt. inventories. Must be updated or else present employees will be overlooked. Potential internal candidates for firms most critical positions. Plans a company makes to fill its most executive position.