HRM200 Chapter Notes - Chapter 5: Markov Chain, Succession Planning, Drill

• School: University of Waterloo
• Department: Human Resources Management
• Course: HRM200
• Professor: Dean Bulloch William Peckham

Document Summary

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. Hrp must align with the overall goals of the organization as well as both the long-term and short-term strategic plans set by the organization. Environmental scanning: involves assessing factors that affect the external labour market as well as an organization"s ability to find and secure talent from outside of the organization. External environmental factors: economic conditions (local, regional, national, international) If the unemployment rate in a region is low, An organization would have to be more aggressive in recruiting talent: market and competitive trends. Compensation policies that lag behind competitors" policies may result in higher turnover or more difficulties in attracting talent: new or revised laws and the decisions of courts and quasi-judicial bodies.