Human Resources Week 2 Ch 3

Cryptocurrency Class Example

- Guy died suddenly with 145 million dollars in cryptocurrency – owes thousands of people
money
- Cold wallet- didn’t leave it online so that no hackers could get to it
- However now no one has access to it

Human Resource Planning

- Forecasts an organization’s future demand for and supply of employees, and matches
supply with demand
- Human resources planning
- Ensures the best fit between employees and jobs
- While avoiding manpower shortages or surplus

Relationship Between Strategic and HR Plans

The HR Planning Process

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Step 1: Forecasting Labour Demand

- Forecasting: Identifying the Causes that will Drive Demand

Forecasting Technique for Estimating HR Demand

- Techniques for Estimating Future Human Resource Needs:
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Overview of HR Tools Used to Estimated Internal and External Supply of Labour

Constant Balancing Act

Strategies to Manage an Oversupply of HR

- When the internal supply of workers exceeds the firm’s demand, a surplus exists. There
are various HR strategies:
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Strategies to Manage a Shortage of Employees

Program Measurement and Evaluation

- The final step in the planning process is to evaluate workforce planning activities against
organizational goals
- E.g., were vacancies in key roles reduced? Was the target of internal or external
recruits achieved?
- Improvement should be measured year over year

HR Information Systems
- A Human Resource Information System (HRIS) is used to collect record, store, analyse,
and retrieve data concerning an organization’s human resources
- The major stakeholders who use the information from an HRIS are HR professionals,
managers, and employees

Components of a HR Information System with Relational Features

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Access to HRIS Information

- Access to HRIS Information
- Determining who should have access and who should have the right to change
input data
- Security
- Concerns about unauthorized disclosure of information, viruses, etc.

HRIS- An Important Tool for Strategic HRM

- Increased efficiency
- Enhanced service delivery
- Increased effectiveness
- Helping stakeholders make better decisions
- Increased contribution to organizational sustainability
- Talent management
- Increased visibility
- Enhanced HR competencies