HRM 1110 Lecture Notes - Lecture 4: Human Capital, Qualitative Economics, Econometric Model
Document Summary
Must help us with business + corporate strategy. Forecasting methods: survey the business line for their anticipated needs, norm-based rules, time series and regression-based models, mathematical and econometric model, qualitative models. Dependent variable the number of employees; number of employees will change, decrease or increase (able to change); The outcome of forecasting from time horizons leads to: Prediction estimate one numerical value (one time period) Scenarios proposed sequence of events with their own set of assumptions and associated program detail. Contingency planning in case of substantive unanticipated changes, have hr policy responses ready. Staffing or moving within internal; promotions transfers, projects; all parts of the deamand. Planned future changes what"s happening as far as changes within organization. The ned hr demand, brown down into the forecastint time horizona now, or long term: must look at costs: suppl. External supply = replacement (internal or external) + change supply components (increase, downsizing, change of services, growth in office, going global);
