MHR 523 Lecture Notes - Lecture 3: Markov Chain, Shortage, Succession Planning

• School: Ryerson University
• Department: Human Resources
• Course: MHR 523
• Professor: Tingting Zhang

Document Summary

Strategic importance of hrp: human resource planning (hrp) The process of planning the required number of employees with the necessary skills to meet its strategic objectives: helps organization: Anticipate and avoid shortages and surpluses of human resources. O(cid:396)ga(cid:374)izatio(cid:374)"s cu(cid:396)(cid:396)e(cid:374)t a(cid:374)d e(cid:454)pected organizational and hr policies. How many ees with the right skills do we have: external. Skills inventories- summary of current ees education, experience, interests and skills. Management inventories- su(cid:373)(cid:373)a(cid:396)(cid:455) of (cid:373)a(cid:374)age(cid:373)e(cid:374)t e(cid:373)plo(cid:455)ee"s (cid:395)ualificatio(cid:374)s, skills, i(cid:374)te(cid:396)ests a(cid:374)d managerial responsibilities. Replacement charts- depiction of whom will replace whom in the even of job opening. Succession planning- ensuring supply of successors for key jobs so that careers can be effectively planned and managed. Markov analysis- a method of forecasting internal labor supply that involves tracking the pattern of employee movements through various jobs. Trend analysis- predict future needs based on past employment levels. Ratio analysis- ratio of business activity and number of employees needed.