BU354 Chapter Notes - Chapter 5: Demand Forecasting, Succession Planning, Markov Chain
Document Summary
Human resources planning process of forecasting future human resources requirements to ensure that organization will have the number of employees with the necessary skills to meet strategic objectives. Anticipates and influences orga(cid:374)izatio(cid:374)"s future (cid:271)(cid:455) s(cid:455)ste(cid:373)ati(cid:272)all(cid:455) fore(cid:272)asti(cid:374)g the suppl(cid:455) a(cid:374)d demand for employees under changing conditions and developing plans and activities to satisfy their needs. Effective hrp helps achieve strategic goals and objectives, achieve economies in hiring new workers, make major labour market demands more successfully, anticipate and avoid shortages and surpluses of hr, as well as control or reduce labour costs. Key strategic priority for hr departments and strategic business planners. Canada currently experiencing labour shortage increasing labour competition. Key steps in hrp process: analyzing forecasted labour supply, forecasting labour demand, planning and implementing hr programs to balance supply and demand. Lack of or inadequate human resources planning can result in significant costs when understaffed or severance pay is required for large numbers being laid off.
