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Chapter 4

BUS 381 Chapter Notes - Chapter 4: Human Resources, Market Environment, Golden Parachute

Business Administration
Course Code
BUS 381
Melissa Mc Crae

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Human resources planning
The process of analyzing and identifying the need for and availability of human resources to
ensure that an organization will have the right number of employees with the right skills, at the
right times, and in the right jobs to meet its strategic objectives
Key steps in HR planning
Forecasting demand for labour
Analyzing labour supply
Planning and implementing HR programs to balance supply and demand
Environmental scanning
The monitoring of major external factors to identify threats that might affect and organization
Quantitative approaches to forecasting demand
Trend analysis based on past employment levels
Ratio analysis based on the ratio of employees to an indicator of business activity
Scatter plot and regression analysis using graphs of employees and a business activity
Computer based simulation using mathematical formulae to calculate future HR needs
Qualitative approaches to forecasting demand
Nominal group technique where experts meet and make predictions
Delphi technique, where experts in separate locations make predictions and share them
Managerial judgement
Scenario planning
Forecasting internal HR supply
Markov analysis: statistical technique that predicts internal supply by determining the
pattern of movement to and from jobs throughout an organization
Skills/management inventories: records summarizing employee’s education, interests,
and skills
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