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MGT 3320 (22)
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Exam 2 Study Guide

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MGT 3320
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MGT 3320 Exam 2 Study GuideChapter 5Human Resource Planning and RecruitmentHR planning the process of identifying the numbers and types of employees the organization will require to meet its objectivesRight people at right time at right cost doing the right thingStepsForecastingAttempts to determine the supply and demand for various types of HRDetermine labor demandoWhat are specific job categories or skill areas relevant to current and future stateoWill the need for people with those skills or in that job category increase or decrease in futureoLeading indicator objective measure that predicts future labor demandoStatistical and subjective judgmentsTrend analysis try to predict based on past patterns trendsRegression analysis allows you to estimate relationship between variablesknow equation not how to solve itManagerial estimates talk about itDetermine labor supplyoHow many people are currently in various job categories or have specific skillsoHow many are expected to be in these jobs or have specific skillsoTransitional matrixChart that shows proportion of employees in different job categories at different timesCompare supply and demandoSupplydemandno changes everything worksoSupplydemandlabor surplus amount of people you have are more than what you needMGT 3320 Exam 2 Study GuideoSupplydemandlabor shortage need more peopleoWhat to do about potential problemsGoal setting and strategic planningSet specific goals based on labor supply and demand analysisoWhat should happen with the job category or skill areaoProvide specific timetable for when results should be achievedChoose strategy to address shortage or surplusoDownsizing pay reductions demotions transfers work sharing hiring freeze natural attrition leave on their own early retirement retrainingBased on the speed and human suffering of eachoDownsizing elimination of large numbers of personnel designed to enhance effectivenessfast but high suffering survivors guiltlow productivityWhyreduces labor costs technological changes reduce need for labor companies changing where they do businessWhy notloss of talent disrupts social networks needed for creativity and innovation lower longterm profit performance and productivityoEarly retirement programs try voluntary attrition among older workers through retirement incentive programsAverage age of US workforce increasingBaby boomers arent retiring earlyOptions for reducing expected shortageoOvertime temporary employees outsourcing retrained transfers turnover reductions new external hires technological innovationBased on speed and revocabilityoTemporary workersHelps eliminate a labor shortage and its flexible and efficient
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