HR 5 Flashcards
(18 cards)
What is Human Resource Planning (HRP)?
HRP is the process of identifying an organization’s future workforce needs and creating plans to meet them.
What is the goal of HR planning?
To make sure the company has the right people, with the right skills, at the right time and place.
What are the 3 steps of the HR planning process?
- Forecasting
- Goal setting & planning
- Implementation & evaluation
What happens during the forecasting step?
HR predicts if the company will have too many or too few employees in the future.
What is labor demand?
It means how many workers the company will need in the future.
What is labor supply?
It means how many workers the company will have available in the future.
What is a labor surplus?
When the company has more workers than it needs.
What is a labor shortage?
When the company doesn’t have enough workers to meet its needs.
What are 3 actions to reduce a labor surplus?
- Downsizing: Letting go of employees
- Early retirement: Encouraging older workers to leave early
- Work sharing: Reducing hours for all workers
What are 3 actions to fix a labor shortage?
- Overtime: More hours for current workers
- Temporary workers: Hiring short-term staff
- Outsourcing: Paying another company to do the work
What is turnover?
When employees leave the company and need to be replaced.
What is a transitional matrix used for?
To track employee movement between jobs and help predict future internal staffing.
What are statistical forecasting methods?
They use past data to predict future workforce needs.
What are judgmental forecasting methods?
They use expert opinions instead of data to make predictions.
What does ‘revocability’ mean in labor shortage solutions?
It means how easily the company can undo the solution if it no longer needs extra workers.
👉 Example: Ending a temp contract is easy (high revocability), but firing new permanent hires is hard (low revocability).
What does ‘human suffering’ mean in labor surplus actions?
It means the negative impact on employees when a company reduces staff. This can include stress, job loss, lower pay, or demotions.
👉 Example:
High human suffering: Downsizing or pay cuts
Low human suffering: Early retirement or retraining
What is revocability in HR planning?
It means how easy it is to undo a decision, like canceling overtime or letting go of temporary staff. It’s used when fixing a labor shortage.
What is human suffering in HR planning?
It means the stress or harm employees feel from actions like layoffs or pay cuts. It’s considered when dealing with a labor surplus.
