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HRIR 3021 Exam #2
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Exam of 9 pages for the course HRIR 3021 at HRIR 3021 (HRIR 3021 Exam #2)
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HRIR 3021 Exam #2Chapter 5 ~ Planning and Recruiting - -
-Workforce Planning - -Identifies and addresses future challenges to a firm's
ability to get the right talent in the right place at the right time. The process
analyzes, forecasts, and plans workforce supply and demand, assesses gaps,
and revises strategies for enhancing talent management.
-Main purposes of workforce planning - -1. Identifies workforce
requirements needed for strategic planning
2. Discovers where/if competency gaps exist
3. Plans for internal and external factors
4. Implements workforce shortage and reduction strategies
-Internal Considerations - -Changes to the nature of the firm's operations
-Internal Consideration Examples - -turnover, current workforce profile,
employee performance, engagement levels, and employee development
-External Considerations - -The external environment impacts on the supply
of labor
-External Consideration Examples - -economy, suppliers, societal changes,
geography, labor market, legislation, technology, customer demands
-Leading indicators - -Objective measures that accurately predict future
labor demand
- Retail Sales
- Stock/Housing Market
- Interest Levels
-Forecasting - -Determines the supply and demand to predict areas within
the organization where there will be labor shortages or surpluses
-What are the 3 quantitative tools for forecasting? - -1. Trend Analysis
2. Ratio Analysis
3. Regression Analysis
-Trend Analysis - -Constructs and applies statistical models that predict
labor demand for the next year by using statistics (leading indicators) from
the previous year.
- turnover rates
- skill levels
- demographics
, -Ratio Analysis - -Studies past ratios in an organization (number of workers
and sales) and then forecasts future ratios based on the past ratios. This is
the quickest forecasting technique and it helps to make needed changes in
the organization or its methods
-Regression Analysis - -Tests the relationship between the independent
variable (training/work environment) and the dependent variable (employee
performance)
-Transitional Matrix - -Forecasts people's availabilities as it shows the
movement among employees. The chart lists job categories held in one
period and shows the proportion of employees in each job category in a
future period.
- Where are people now?
- Where are people going?
-Goal Setting - -What do we need to do to make sure we attract the right
people with the right skills for the job at the right place and time?
Organizations should focus on attracting employees who contain a core
competency
-core competency - -A set of knowledge and skills that make the
organization superior to competitors and create value for customers
-Reduce a surplus by... - -- Downsizing
- Pay reductions
- Demotions
- Transfers
- Work sharing
- Hiring freeze
- Natural attrition
- Early retirement
- Retraining
-Avoid a shortage by... - -- Overtime
- Temporary employees
- Outsourcing
- Retrained transfers
- Turnover reductions
- New external hires
- Technological innovations
-Downsizing - -Reduction of a company's labor force through the elimination
of unproductive/unneeded workers or divisions
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