MATCHING HUMAN RESOURCE REQUIREMENTS AND
POTENTIAL HUMAN RESOURCE AVAILABILITY
Matching human resources with the present and the future is one of the main problems faced by an organization. Human resources have a certain degree of inflexibility, both in terms of their development and their utilization. It takes months to recruit to select to place, and to train the average employee. In the case of upper management personnel in the organizations, the process may take up to years to nurture the candidate and making sure of the succession are being put in place. Making decisions on recruitment and development are strategic and will produce long-lasting results given the right people are being chosen. Therefore, the management must
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This information typically includes a brief |
| |assessment of performance and potential, age, length of time served in the current position, and|
| |overall length of service in the organization. |
|Allocation Planning |This technique involves judgments about labor supply and demand by observing the movement of |
| |employees through positions at the same organizational level. |
(Duane, 1996: 4).
Quantitative Forecasting Techniques
There are several quantitative methods for determining labor supply and demand
| |Technique Description |
|Regression Model |Fluctuations in labor levels are projected using relevant variables, such as sales. |
|Time-Series Model |Fluctuations in labor levels are projected by isolating trend, seasonal, cyclical, and irregular|
| |effects.
Labor costs were forecast at the same level as purchases, and were expected to follow an identical month-by-month pattern. Because of the need to pay wages weekly, however, the cash outlays for labor
Human resource departments today have a more distinct, calculated position within organizations, and human resource strategy influences the bottom line. “One of the challenges for HR leaders is convincing executive leadership teams that human capital is one of the most important resources in which the company can invest” (Mayhew, 2014, p.). Subsequently, “this return on investment is an essential part of the argument for including HR as part of an overall business strategy” (Mayhew, 2014, p.). Human resource departments utilize the information given to them from company executives and leaders, coupled with their respective expertise on all things personnel, and they plan and implement staffing concerns for the betterment of the organization. From preparing job analysis, to comparing inventory and forecasting, it is the responsibility of human resources to consider the objectives of an organization and fulfill those goals while operating the specific planning relative to HR.
Moreover, the data of the Local Area Unemployment Statistics show the unemployment rates in Texas between 2010 and 2013. The data in the both excel files are used to estimate the total number of inventory to keep in the store in order to maintain costs effectiveness.
In short, the firm must find a balance when planning the HR. It has to look at internal factors and projections such as future sales and costs which help them predict demand and consequently forecast the workforce needed. But at the same time it has to look at external factors to predict labor supply and the external factors are found in the environment around the company.
Identify and explain the various techniques for forecasting labor supply and labor demand. What can organizations do in the
An increase in aggregate demand leads to an increase in the demand for labour shown as a shift from DL to DL1 which leads to increase in employment as a result of the wage rate increasing from 1 to 2. However, due to the natural rate of unemployment the supply of labour shown as SL, shifts to the right to SL1 where the wage rate is represented as 3 and employment returns to the natural rate.
For many years, the department of Human Resources has been associated with the hiring and firing arm of a company. As the need shifted to acquiring, managing and developing the most important assets, the role and activities of the department of Human Resources has become even more important within organizations that desire to
What determines if a candidate is suitable for a position? There are many qualities to consider, but the responsibility falls on the human resource specialist. The responsibility of the human resources specialist is to hire the “right” candidate for opening positions within the company. In making these decisions he or she must ensure that the "right" candidate is selected for that position. Different recruitment strategies will be compared and contrasted to determine the right recruitment strategy to attract those potential candidates for specific positions based on the following industries:
28. Accommodating peak demands and effectively using labor resources during periods of low demand would be the goal of aggregate planners in
Demand Estimations are based on Panel Regression, which takes into account both time series and cross section variation in data .
Human resource management faces many challenges and operates in a constant environment of change. Two of the most important challenges to the role of human resource management in the future is the ability to move to a strategic human resource model and the capacity
In demand forecasting , while planning about human resource trend analysis is not always a very useful technique because trends keep on changing and it is not indispensable that if in one case a forecasting was successful then at this time it will be successful
RBC models were for the most part fruitful in representing diligence and co-movement, yet less effective in offering persuading clarifications for changes in occupation (Real Business Cycle Theory).
This last variable, involving graph values in a previous time period, is known as a lagged variable. Other variables could also be included on the right hand side if economic theory or previous empirical studies indicated that they might be important. The decision regarding which variables to include is a difficult one. Theory often tells us that certain variables, like price, promotion and income, should affect sales, but before we collect the data and analyze the results we do not know for certain which variables are relevant; in fact, even after analyzing the data we do not know for certain which variables are important because we are estimating a relationship from sample data, and therefore we can only make conclusions in probabilistic terms. Therefore there is always a grey area if a priori economic theory conflict.
Human Resource Management involves a wide array of functions that encompasses the time from when an employee enters an organization to the time the employee leaves the organization. The specific activities that are involved in HRM include job design and analysis, recruitment, orientation and placement, development and training of the personnel, employee remuneration, and performance appraisal (Aswathappa, 2007: 5). This paper shall focus on three main activities which are recruitment, training, and personnel development. When it comes to recruitment, it is incumbent upon the Human Resource Manager to bring into the workforce, employees that are both wiling and competent to accomplish specific tasks. The work of recruitment goes hand in