Management and Organizational Studies 3385A/B Chapter Notes - Chapter 5: Trend Analysis, Succession Planning, Markov Chain

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 3385A/B
• Professor: All

Document Summary

Lack of inadequate hrp within an organization can result in significant costs (positions left unstaffed, severance pay required for large #s of employees being laid off) Steps in hrp: forecasting future hr needs (demand, forecasting the availability of internal and external candidates (supply, planning and implementing hr programs to balance supply and demand. Step one: forecasting future hr needs (demand: forecasting the number and type of people needed to meet organizational objectives, sales are projected first in a manufacturing firm before determining staffing needs, several other factors should be considered: i. ii. iii. iv. 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.