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Chapter 5

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Department
Business
Course
BU354
Professor
Steve Risavy
Semester
Fall

Description
Chapter Five: Human Resources Planning Strategic Importance of Human Resources Planning Human Resources Planning (HRP) – process of forecasting future human resource requirements to ensure that the org will have the required # of employees with necessary skills to meet strategic objectives Step 1: Forecasting Future Human Resources Needs (Demand) Quantitative Approaches 1. Trend Analysis – the study of a firm’s past employment levels 2. Ratio Analysis – forecasting technique for determining future staff needs by using ratios between some causal factor (such as sales volume) and the number of employees needed 3. Scatter Plot – graphical method used to help identify the relationship between two variables 4. Regression Analysis – statistical technique involving the use of a mathematical formula to project future demands Qualitative Approaches 1. Nominal Group Technique – a decision-making technique that involves a group of experts meeting face to face 2. Delphi Technique – used to arrive at a group decision, typically involving outside experts as well as organizational employees –without face-to-face interaction Step 2: Forecasting the Availability of Internal and External Candidates (Supply) Forecasting the Supply of Internal Candidates 1. Markov Analysis – estimating internal labor supply through tracking employment movement through various jobs 2. Skills Inventories and Management Inventories – SIs manual/computerized records summarizing employees’ education, experience, interest, skills etc – MIs records summarizing qualifications, interest and skills of management employees along with number and types of employees supervised 3. Replacement Charts and Replacement Summaries – RCs are visual representations of who will replace whom in the event of a job opening – RSs lists of likely replacements for each position and other information (performance, age, and experience) 4. Succession Planning – process of ensuring a suitable supply of successors for current and future senior or key jobs Forecasting the Supply of External Candidates Some jobs cannot be filled with internal candidates, such as entry-level jobs and jobs for which no current employees are qualified. To project the supply of
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