HRM200 Lecture Notes - Lecture 3: Human Capital, Job Satisfaction, Employer Branding

• School: University of Waterloo
• Department: Human Resources Management
• Course: HRM200
• Professor: William Peckham

Document Summary

Define human resources planning (hrp) and discuss its strategic importance. Describe four quantitative and two qualitative techniques used to forecast human resources demand. Discuss briefly the four stages used to forecast internal human resources supply and four types of market conditions assessed when forecasting external human resources supply. Describe the ways in which a surplus of human resources can be handled. Explain how organizations deal with a shortage of human resources. Human resources planning (hrp: (cid:862)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 o(cid:271)je(cid:272)tives. (cid:863) Helps organization: meet strategic goals and objectives, achieve economies in hiring new workers, make major market labour demands successfully, anticipate and avoid shortages and surpluses of human resources, control or reduce labour costs. An hr plan (hrp) does not occur independently of the other departments within an organization (such as finance, marketing, research and development).