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  • The HR Forecasting Process: Strategic Human Resource Planning

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    The document discusses HR forecasting, which involves determining future demand and supply of human resources. There are three categories of forecasting: transaction based, event based, and process based. HR forecasting reduces costs, increases flexibility, and ensures alignment with business forecasts. Key areas to analyze include specialists, managers, and designated groups. The five stages of forecasting are identifying goals, determining demand, assessing internal supply, determining external needs, and developing plans. Factors that affect forecasting include mission, budgets, policies, structure, skills, markets, laws, technology, and more. Forecasts have different time horizons. Determining needs involves demand, supply, requirements, programs for deficits or surpluses.

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    Chapter 6

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    The document discusses HR forecasting, which involves determining future demand and supply of human resources. There are three categories of forecasting: transaction based, event based, and process based. HR forecasting reduces costs, increases flexibility, and ensures alignment with business forecasts. Key areas to analyze include specialists, managers, and designated groups. The five stages of forecasting are identifying goals, determining demand, assessing internal supply, determining external needs, and developing plans. Factors that affect forecasting include mission, budgets, policies, structure, skills, markets, laws, technology, and more. Forecasts have different time horizons. Determining needs involves demand, supply, requirements, programs for deficits or surpluses.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
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    Download as pptx, pdf, or txt
    67 views9 pages

    The HR Forecasting Process: Strategic Human Resource Planning

    Uploaded by

    sonia_hun885443
    The document discusses HR forecasting, which involves determining future demand and supply of human resources. There are three categories of forecasting: transaction based, event based, and process based. HR forecasting reduces costs, increases flexibility, and ensures alignment with business forecasts. Key areas to analyze include specialists, managers, and designated groups. The five stages of forecasting are identifying goals, determining demand, assessing internal supply, determining external needs, and developing plans. Factors that affect forecasting include mission, budgets, policies, structure, skills, markets, laws, technology, and more. Forecasts have different time horizons. Determining needs involves demand, supply, requirements, programs for deficits or surpluses.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
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    of 9

    Chapter 6

    The HR Forecasting Process


    Strategic Human Resource Planning
    HR Forecasting
    An ascertaining the net requirement for personnel by
    determining the demand for and supply of human
    resources now and in the future
    Forecasting Activities Categories

    Transaction based forecasting

    Event based forecasting

    Process based forecasting


    Benefits of HR Forecasting
    Reduces HR Costs

    Increases Organizational Flexibility

    Ensures a close linkage to the Macro Business


    Forecasting Process
    Ensures that organizational requirements take
    precedence over issues of resource constraint and
    scarcity.
    Key Personnel Analysis
    Conducted by HR Forecasters

    Specialist/Technical/Professional Personnel
    Employment Equity-Designated Group
    Membership
    Managerial & executive personnel

    Recruits
    5 Stages of Forecasting Process
    1. Identify organizational goals, objectives and plans
    2. Determine overall demand requirements for
    personnel
    3. Assess in-house skills and other internal supply
    characteristics
    4. Determine in net demand requirements that must be
    met from external, environment supply sources
    5. Develop HR Plans and Programs to ensure that the
    right people are in the right place
    Environmental & Organizational Factors
    affecting Hr forecasting

    Internal/Organizational External/Environmental
     Corporate mission statement, strategic  Economic situation
    goals
     Labor Markets & unions
     Operational goals, production budgets
     HR Policies(e.g. compensation,  Governmental Laws and
    succession) regulations
     Organizational structure, restructuring  Industry and product life cycles
    mergers, and so on  Technological changes
     Workers KSA’s/competencies and
     Competitor labor usage
    expectations
     HRMs level of development  Global market for skilled labor
     Organizational culture, workforce  Demographic changes
    climate, and satisfaction and internal
    communications
     Job Analysis :workforce coverage,
    current data
    HR Forecasting Time horizons
    Current forecast

    Short - run forecast

    Medium - run forecast

    Long - run forecast

    * The outcome of forecasts derived from these 4 time


    horizons leads to predictions and projections(envelope)
    * Set of alternative scenarios & contingency plans
    Determining net HR Requirements
    Determining HR demand
    Ascertain HR Supply: Internal & External
    Determine Net HR Requirements
    External Supply requirements = replacement + change supply components
    Change supply = hiring to increase(or decrease) the overall staffing level
    Replacement Supply= hiring to replace all normal losses
    External supply = current workforce size * replacement % per year + change
    % per year.
    Institute HR Programs: HR deficit and HR surplus
    HR deficit= HR demand > HR internal supply
    * Job Sharing, Attrition & Hiring freeze
    Thank you…

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