BUSI 642 Chapter 5: Chapter 5
2 Mar 2018
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Labor supply: the availability of workers with the required skills to meet the firm"s labor demand. Labor demand: how many workers the organization will need in the future. Forecasting techniques: quantitative, limitations (2, most rely heavily on past data or previous relationships between staffing levels and other variables, such as output or revenues, most of these forecasting techniques were created during the 1950s, 1960s, and early 1970s and were appropriate for the large firms of that era, which had stable environments and workforces: qualitative, rely on experts" qualitative judgments or subjective estimates of labor demand or supply. Challenges in the hiring process (4: determining which personal characteristics are most important to performance, measuring those characteristics, evaluating applicants" motivation levels, performance = ability x motivation, deciding who should make the selection decision. Major turnover costs (5: separation, exit interview, paperwork processing, recruitment, advertising, recruiter fees, selection, pre-employment test, interviewing, hiring, orientation, training, productivity, vacancy cost, disruption.
