Prelim Flashcards
If there are not enough people in the ________ _______ with the required skills or background, then efforts to recruit and hire will fail, as well the overall growth strategy.
labor force
It is the process of forecasting the supply and demand for human resources within an organization and developing action plans for aligning the two.
HUMAN RESOURCE PLANNING
The Human Resource Planning Process
- Forecasting the Supply of Human Resources
- Forecasting the Demand of Human Resources
- Comparing Forecasted Labor Supply and Labor Demand
- Taking Appropriate Actions
Two major concepts in HR planning
o Labor Demand is the organization’s projected human resources requirement.
o Labor Supply is the organization’s source of workers to meet demand requirements.
It involves predicting the availability of current or potential employees with the skills, abilities, and motivation to perform jobs that the organization expects to have available.
FORECASTING THE SUPPLY OF HUMAN RESOURCES
Several mechanisms can help managers forecast the supply of human resources in regard to current employees.
o Looking at the internal records (201 files)
o Looking at the trends (Check the extent to which people leave their jobs voluntarily or involuntarily.)
An increasingly important element in the the HR planning process
human resource information system
It is an integrated and increasingly automated system for maintaining a database regarding the employees in an organization.
human resource information system
details of an employee in an human resource information system
- date of hire
- job history within the organization
- education
- performance ratings
- compensation history
- training and development profile
- various special skills and abilities.
9 Labor Trends and Issues
- Baby Boomer Gen ages
- Declining birthrates
- Improved health and medical care (productivity increase)
- Mandatory retirement age requirement increases
- More women entering workforce
- Shift on population
- Employee Diversity
- Mathematical trends model (Use of Data analytics)
- Executive succession - systematically planning for future promotions
One important ingredient in this assessment is the organization’s own strategic plans regarding anticipated growth, stability, or decline.
FORECASTING THE DEMAND FOR HUMAN RESOURCES
These are investments people make in themselves to increase their value in the workplace. These investments might take the form of additional education or training.
Human Capital Investments
The percentage of individuals looking for and available for work who are not currently employed.
Unemployment Rates
Prevailing wage rate for a give job in a given labor market.
Market Wage Rate/Minimum Wage
Labor Supply exceeds Labor Demand
- Layoffs
- Attrition and Hiring Freezes
- Early Retirement
- Promotions, Transfers, and Demotions
Labor Supply equals Labor Demand
Status Quo – maintain the firm’s employment levels
Labor Demand exceeds Labor Supply
- Employee Overtime
- Contingent Labor
- Employee Retention
- Promotion. Transfers, and Demotions
- New Hires
This refers to the process of gathering and organizing detailed information about various jobs.
JOB ANALYSIS
These are the fundamental requirements necessary to perform a job.
Knowledge, Skills, and Abilities (KSAs)
condition of being aware of something (facts or concepts).
Knowledge
feelings, emotions, beliefs, or values about something.
Attitudes
ability to perform tasks or activities measured in time and precision.
Skills
Job Analysis and Other Human Resource Functions
Selection process, Performance appraisal, Training and development, Compensation
Steps in Job Analysis
- Determining information needs
- Determining methods for obtaining information
- Determining who will collect information