MHR 523 Lecture Notes - Lecture 4: Shortage, Employee Retention, Layoff

• School: Ryerson University
• Department: Human Resources
• Course: MHR 523
• Professor: Micheline Laforme

Document Summary

The process of forecasting future human resources requirements to ensure that the organization will have the required number of employees with the necessary skills to meet its strategic objectives. Helps organizations: meet strategic goals and objectives, achieve economies in hiring new workers, make major market labor demands successfully, anticipate and avoid shortages and surpluses of human resources, control or reduce labor costs. Steps in the hrp process: forecasting the availability of candidates, internal candidates: present employees who can be trained, transferred, or promoted to meet anticipated needs. Skills inventories: information about the capabilities of current employ e. g. name, age, date, past employer, skills, etc. Management inventories: pertaining to managerial staff, record of qualifications, interests, etc. Replacement charts: visual representations that are used to keep track of potential internal candidates for the firms most critical positions. Replacement summaries: lists of likely replacements for each position and their relative strengths and weaknesses as well as information about current position, performance, age, etc.