ECN 204 Chapter Notes - Chapter 5: Critical Role, Performance Management

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17 Apr 2012
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CHAPTER 5 – HUMAN RESOURCE PLANNING
The Strategic Importance of Human Resources Planning
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
Systematically forecasts the demand for and supply of employees under
changing conditions
Key steps include: forecasting demand for labour, analyzing the labour
supply, and planning and implementing HR programs to balance supply and
demand
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Importance of Environmental scanning
Must be prepared for changes before they happen
External factors most frequently monitored include:
oEconomic conditions
oMarket and competitive trends
oNew or revised laws
oSocial concerns related to health care, childcare and educational
priorities
oTechnological changes
oDemographic trends
Most significant one right now demographic shifts
STEPS IN HRP
Step 1 – Forecasting Future HR Needs (demand)
Number and type of people needed to meet organizational objectives?
Projected turnover?
Quality and nature of employees relative to needs of organization
Decisions regarding upgrading product quality OR entering new markets
Planned technological and administrative changes reduce headcount
Financial resources available to each deparment iebudget increase = ability
of higher wages OR hire more
 quantitative techniques
Trend Analysis
oReview firsm employment levels over the last five years or so to
predict future needs
oIdentify employment trends that might continue into the future
oGood for an ESTIMATE only
Ratio Analysis
oRatio of business activity to number of employees needed
oGood for estimate assumes the ratio is constant
Scatter Plot
oUsed to determine whether to factors a measure of business activity
and staffing levels are related
oFitting line
oIf related points will fall along straight line
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