Textbook Notes (359,154)
MHR 523 (318)
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School
Ryerson University
Department
Human Resources
Course
MHR 523
Professor
Margaret Yap
Semester
Summer

Description
MHR523 – Chapter 5 The Strategic Importance of Human Resource Planning Human Resources Planning – The process of reviewing human resources requirements to ensure that the organization has the required number of employees, with the necessary skills, to meet its goals The Importance of Environmental Scanning Factors most frequently monitored include: economic conditions, market trends, new laws, social concerns, technological changes, demographic trends Environment affects supply and demand which affects the number of employees required Step 1: Forecasting Future Human Resources Needs Demand for product is determined first, then sales projections, then required production, and then staff needed to maintain this volume of output. Other factors to consider include: Projected turnover as a result of resignations or terminations Quality and nature of employees in relation to what management sees as the changing needs of the organization Decisions to upgrade the quality of products or services or enter into new markets, which might change the required employee skill mix Planned technological and administrative change aimed at increasing productivity and reducing employee headcount, such as the installation of new equipment or a new incentive plan Financial Resources available to each department: ex. Budget increases or decreases Quantitative Approaches: Trend Analysis – The study of a firm's past employment levels over a period of years to predict future needs Ratio Analysis – A forecasting technique for determining future staff needs by using ratios between some causal factor (such as sales volume) and the number of employees needed Scatter Plot – A graphical method used to help identify the relationship between two variables Regression Analysis – A statistical technique involving the use of a mathematical formula to project future demands based on an established relationship between an organization's employment level (dependent variable) and some measurable factor of output (independent) Qualitative Approaches Nominal Group Technique – Steps: 1. Each member of the group independently writes down his or her ideas on the problem or issue 2. Going around the table, each member presents one idea until all have been presented. No discussion is permitted during this step. 3. Questions are asked, followed by group discussion and evaluation 4. Each member ranks the ideas silently and independently. Advantages: Involvement of key decision makers, a future focus, and the fact that the group www.notesolution.com discussion involved in the third step can facilitate the exchange of ideas and greater acceptance of the results. Drawbacks: Subjectivity, and the potential for group pressure to lead to less accurate assessment Delphi Technique – Steps: 1. The problem is identified and each group member submits a potential solution by completing a carefully designed questionnaire 2. After each member completes the initial questionnaire, the results are compiled at a centralized location 3. Each group member is then given a copy of the results 4. If there are differences in opinion, each individual uses the feedback from other experts to fine tune his or her independent assessment 5. The third and fourth steps are repeated as often as necessary until a consenus is reached. Advantages: Involvement of key decision makers and a future focus Drawbacks: Judgements may not efficiently use objective data, time and cost, difficulty Step 2: Forecasting the Availability of Internal and External Candidates (Supply) Forecasting the Supply of Internal Candidates: Markov Analysis – A method of forecasting internal labour supply that involves tracking the pattern of employee movements through various jobs and developing a transitional probablility matrix Skills Inventories and Management Inventories Skills Inventories – Manual or computerized records summarizing employees' education, experience, interests, skills, and so on, which are used to identify internal candidates eligible for transfer and/or promotion Management Inventories – Records summarizing the qualifications, interests, and skills of management employees, along with the number and types of employees supervised, duties of such employees, total budget managed, previous managerial duties and responsibilities, and managerial training received Replacement Charts and Replacement Summaries Replacement Charts – Visual representations of who will replace whom in the event of a job openin
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