BUS 381 Chapter Notes - Chapter 4: Human Resources, Market Environment, Golden Parachute

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Key steps in hr planning: forecasting demand for labour, analyzing labour supply, planning and implementing hr programs to balance supply and demand. The monitoring of major external factors to identify threats that might affect and organization. Qualitative approaches to forecasting demand: nominal group technique where experts meet and make predictions, delphi technique, where experts in separate locations make predictions and share them, managerial judgement, scenario planning. Forecasting external hr supply: future unemployment levels, national labour market trends, local labour market trends, supply in specific occupations. Balancing labour supply and demand: surplus, hiring freeze and attrition, early retirement programs, job sharing, reduced workweek, loading/flexforce, layoffs and terminations, shortage, overtime, temporary employees and subcontracting, transfers, external hiring of permanent employees. A top-up to employment insurance generally negotiated through collective bargaining, to bring income levels closer to what an employee would receive if they were on the job. Program to assist terminated employees in finding employment elsewhere.

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