Week 15

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Department
Economics
Course
ECO244Y5
Professor
Reid/ Curran
Semester
Winter

Description
Week 15: Lecture Slides: #4: Strategic Importance of Human Resources Planning #10: Steps in HRP #11: Forecasting Future HR Needs (Demand) #12: Forecasting Future HR Needs (Demand) #13: Forecasting Future HR Needs (Demand) #16: Forecasting Availability of Internal and External Candidates (Supply) #18: Forecasting Availability of Internal and External Candidates (Supply) #19: Forecasting Availability of Internal and External Candidates (Supply) #20: Forecasting Availability of Internal and External Candidates (Supply) #21: Forecasting Availability of Internal and External Candidates (Supply) #22: Forecasting Availability of Internal and External Candidates (Supply) #24: Forecasting the Supply of External (Outside) Candidates #25: Planning and Implementing HR Programs to Balance Supply and Demand #26: Planning and Implementing HR programs to Balance Supply and Demand #27: Balancing Supply and Demand #29: Planning and Implementing HR Programs to Balance Supply and Demand Textbook: The Strategic Importance of Human Resources Planning: Human resources planning (HRP) is 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. HRP is a proactive process, which both anticipates and influences and organizations future by systematically forecasting the demand for and supply for employees under changing conditions and by developing plans and activities to satisfy these needs. Effective HRP helps an organization to achieve its strategic goals and objectives, achieve economies in hiring new workers, make major labour market demands more successfully, anticipate and avoid shortages and surpluses of human resources, and control andor reduce labour costs. Key steps in HRP: o Forecasting demand for labour o Analyzing the labour supply o Planning and implementing HR programs to balance supply and demand A lack of or inadequate human resources planning within an organization can result in significant costs when unstaffed positions create costly inefficiencies and when severance pay is required for a large number of employees being laid off. It can also create situations in which one department is laying off employees while another is hiring individuals with similar skills, which can reduce morale and productivity and cause turnover. Most importantly, ineffective HRP can lead to the inability to accomplish short-term operational plans andor long-range strategic plans. The Relationship Between HRP and Strategic Planning: Strategic plans are created and carried out by people. Thus, determining how many people will be available is a critical element of the strategic planning process. Key Steps in HRP: Step 1: Forecasting Future Human Resources Needs (Demand) See summary on page 127 A key component of HRP is forecasting the number of type of people needed to meet organizational objectives. www.notesolution.com
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