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Role Of Statistics In Business Management

2862 words - 12 pages

HRM 2100 – Human Resource Planning

Balancing Supply and Demand Considerations

Introduction

HRP should strive for a proper balance not only between forecasting techniques and their application, but also between the emphasis placed on demand considerations and that placed on supply considerations. Demand considerations are based on forecasted trends in business activity. Supply considerations involve the determination of where and how candidates with the required qualifications are to be found to fill vacancies.

Determining Human Resource Gaps

This step involves comparing the workforce demand forecast to the workforce supply projection. Gap analysis identifies situations where ...view middle of the document...

Changes in product mix, union agreements, and competitive action are some of the important things that need special attention. The human resource requirements thus identified are translated into a concrete manpower plan, backed up by detailed policies, and other human resources instruments and strategies (for example, recruitment, selection, training, promotion, retirement, replacement, etc.).

The HR plan is further divided into the following resultant operational plans.

â–ª Recruitment plan to show how many and what type of people is required and when they are needed;
â–ª Redeployment plan to help chart out the future movement in terms of training and transfers.
â–ª Redundancy plan will indicate who is redundant, when and where; the plans for retraining, where this is possible; and plans for golden handshake, retrenchment, lay-off, etc.
â–ª Training plan to chart out if training is required. If yes, when and to which level; whether it will be done in-house, done in phases or included as part of a formal induction program. This includes the cost and benefit analysis of all the options available.
â–ª Productivity plan: Will indicate reasons for employee productivity or reducing employees costs through work simplification studies, mechanization, productivity bargaining, incentives and profit sharing schemes, job redesign, etc.
â–ª Retention plan: Will indicate reasons for employee turnover and show strategies to avoid wastage through compensation policies, changes in work requirements and improvement in working conditions.

â–ª Check/reviews points: The success of the entire exercise is dependent upon frequent reviews so that none of the factors are left out and changes are constantly taken care of. The important thing is to clearly demarcate point for periodical checks to incorporate deficiencies and periodic updating of manpower inventory based on training and performance reviews, in the light of changing circumstances.

Once gaps between the demand (future needs and projected workload) and the supply (workforce and competencies) have been identified, one needs to consult with management to set priorities to fill the gaps that will have a critical impact on the organization’s goals.

Strategy Development
This step involves the collaborative work of the department and its strategic partners to develop strategies to address future gaps and surpluses. The forum for this strategic work is the HR planning meeting, and other continuing, as-needed meetings and communication throughout the year. There is a wide range of strategies that organizations might employ to attract and develop staff with needed competencies. Likewise, there is a myriad of factors that will influence which strategy, or combination of strategies, should be used. Some of these factors include time, fiscal constraints, resources, internal depth, workplace and workforce dynamics, and job classifications. Strategies may include...

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