HRM200 Study Guide - Midterm Guide: Succession Planning, Regression Analysis, Markov Chain

• School: University of Waterloo
• Department: Human Resources Management
• Course: HRM200
• Professor: Dean Bulloch

Document Summary

Hrp: the process of forecasting future human resources requirements to ensure that the organization will have the required number of employees with the necessary skills to meet its strategic objectives. Helps organization: meet goals and objectives, achieve economies in hiring new workers, make major market labour demands successfully, anticipate and avoid shortages and surpluses of human resources, control or reduce labour costs. Steps in the hrp process: forecasting the availability of candidates (supply, forecasting the future hr needs (demand, planning and implementing hr programs to balance supply and demand. External environment factors monitored include: economic conditions, market and competitive trends, new or revised laws relating to hr social concerns (health care, childcare, educational priorities, technological changes, demographic trends. Skills inventories and management inventories replacement charts and replacement summaries succession planning markov analysis: skill inventories. Summary of current employees" education, experience, interests, skills. Used to identify eligibility for transfer/promotion: management inventories. Summary of management employees qualifications, skills, interests, managerial responsibilities.