Managing human resources

Question 1

What are the functions of HR ?

Answer 1

monitor, co-ordinate, advise and deal with issues faced by the employees of an organisation

Question 2

What are the functions of production ?

Answer 2

Factors essential to produce goods and services e.g. Land, labour, capital and entrepreneurship

Question 3

What is the labor market ?

Answer 3

It is defined as the supply and demand for labour. Employees provide supply and Employers provide the demand through jobs in order to find the most suitable candidate for the job

Question 4

What is a labor market analyses ?

Answer 4

Where current workforce skills are reviewed to determine the most suitable employee in the labour market, meeting workforce requirements and ensuring a business is supported for the future

Question 5

What is Forecasting labor demand ?

Answer 5

Used to cover sickness, maternity leave or support future expansion to new areas, this may need constant update and review due to the size, nature, number of workers in a specific location

Question 6

How does business planning and HR link ?

Answer 6

Business planning is based on using judgment formed by the HR department

Question 7

What is succession planning ?

Answer 7

When existing employees are identified in an organisation that are seen to have potential to attend a higher position, reducing the costs of hiring externally and they are already familiar with the businesses goals

Question 8

Give me two methods to forecast labour demand

Answer 8

Qualitative - where a manager predicts the need for new employees through their skill level, experience and knowledge

Quantitive - where managers review statistics and workforce trends based on the labour market