MGHB12H3 Lecture Notes - Lecture 3: Starbucks, Markov Chain
2018-07-03
Planning and Recruitment
Why plan?
- Don’t waste money (HR decisions can be expensive, hiring and firing costs money, Starbucks
racial training was expensive)
- Changes in the market, in jobs, in industries and need to plan accordingly
Workforce planning
- Forecasting: who is needed, and who will be available (a skills market)
o Projected job openings and projected job seekers
o People react to job markets, over the years, people will move towards the jobs
- Workers: go to job markets that have openings
- Employers: who is available, how much to pay people (if there are few or excess applicants), etc.
- Government: who to target for immigrants skill-wise
o Legislative changes affect immigration and thereby affecting supply of workers
- Skills matrix: identify those with or without skills and who is best suited for promotion
- Markov analysis exercise
Hiring internally vs hiring externally
Internally
- Feel like they are being promoted and increases motivation
- Note: not all people in position B are able to do well in position A
o Instead consider providing extra pay, instead of promoting to new responsibilities
Main point: hiring and firing is expensive!
Document Summary
Do(cid:374) t (cid:449)aste (cid:373)o(cid:374)e(cid:455) (hr de(cid:272)isio(cid:374)s (cid:272)a(cid:374) (cid:271)e e(cid:454)pe(cid:374)si(cid:448)e, hiri(cid:374)g a(cid:374)d firi(cid:374)g (cid:272)osts (cid:373)o(cid:374)e(cid:455), star(cid:271)u(cid:272)ks racial training was expensive) Changes in the market, in jobs, in industries and need to plan accordingly. Forecasting: who is needed, and who will be available (a skills market: projected job openings and projected job seekers, people react to job markets, over the years, people will move towards the jobs. Workers: go to job markets that have openings. Employers: who is available, how much to pay people (if there are few or excess applicants), etc. Government: who to target for immigrants skill-wise: legislative changes affect immigration and thereby affecting supply of workers. Skills matrix: identify those with or without skills and who is best suited for promotion. Feel like they are being promoted and increases motivation. Note: not all people in position b are able to do well in position a. Instead consider providing extra pay, instead of promoting to new responsibilities.
