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HR Planning (Stage 1: Forecasting labour shortage/surplus (Options to…
HR Planning
Stage 1:
Forecasting labour
shortage/surplus
Trend analysis: statistical model to predict demand using leading indicators and experts judgement
Transitional matrix- list of job categories in one period and show proportion of employees in each job at a future date
External labour market- size, unemployment rate and kinds of people
Options to handle shortage/surplus:
speed of results,
suffering caused/ability to change later
Downsizing- reduce labour costs/replace labour w technology
employees may feel demoralised,look for alternative employment
promotion is more difficult,negative publicity in labour market
Mergers & Acquisitions- need less managerial positions
Reduce working hours- more fair and less costly
Phase retirement program- reduces cost and allows them to ease into retirement easier
temporary workers- may not be committed and spill over attitude,affecting customer loyalty
agency- screen & test applicants
fresh point of view, great deal of experience
limited assignments by contractors
companies cannot supervise,only can decide criteria of results/output
outsourcing- lower costs with economies of scale,lower wages if firm outsources to another country
Step 3:
Program
implementation
evaluation
measure desired outcomes & efficiency of process
utilisation review- comparison of proportion of employees in protected/minority groups in comparison with labour market
yield ratio of people moving from recruitment to selection
cost per hire
Stage 2: Goal Setting & Strategic Planning
personnel policies
internal vs external recruiting priority
lead the market pay strategy
employment at will
image advertising