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32 Cards in this Set
- Front
- Back
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HR Planning
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Forecasting
Action plans (video in class was succession planning) |
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Recruitment
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Policies, tools and sources
(Why people should join us, resume workshop) |
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HR Planning
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1 Set Goals and objectives
2 Scan envirmnt for changes OT 3 Analyze internal inventory SW 4 Forecast 5 Compare with budget 6 Create action plans 7 Implementation and evaluation |
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Forecasting
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Determining Labor Demand
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Forecasting: determining labor demands
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-derived from product/service demanded
-focused on external factors Qualitative (judgmental) E.g., prioritized markets Quantitative (statistical) E g regressions, productivity/staffing ratios |
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Forecasting
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Determining Labor Demand
Determining Labor Supply |
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Forecasting: Determining Labor Supply
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Internal movements (transfers, promotions, turnover, retirements)
Tools: |
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Labor Supply Tool for examining internal movements
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Tranitional matrices: what position where they from, external internal. ie .60 sales reps internal .2 from apprentice and .2 external hires.
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Determining Labor Surplus or Shortage
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Compare Supply and demand
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Figuring out shortage Vs. Surplus results in firms
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that forecast this problem the soonest and had the best plans in place for solving problem had a major competitive advantage relative to firms that learned of this very late in the game.
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Downsizing
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Planned elimination of large numbers of employees
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Options for Reducting expected Labor Surplus
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Speed/Human suffering
1. Downsizing Fast High 2. Pay reductions Fast High 3. Demotions Fast High 4. Transfers Fast Moderate 5. Work sharing Fast Moderate 6. Hiring freeze Slow Low 7. Natural attrition Slow Low 8. Early retirement Slow Low 9. Retraining Slow Low |
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Options for avoiding an expected labor shortage
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Speed/Revocability
1. Downsizing Fast High 2. Pay reductions Fast High 3. Demotions Fast High 4. Transfers Fast Moderate 5. Work sharing Fast Moderate 6. Hiring freeze Slow Low 7. Natural attrition Slow Low 8. Early retirement Slow Low 9. Retraining Slow Low |
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Reasons for Downsizing
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Need to reduce labor costs
Technological changes reduce need for labor M&A makes jobs redundant Change the location Signaling (e.g. to a BOD or analysts) |
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Efffects of Downsizing: Can show worse, rather than better financial performance. Why?
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Negative long-term effects of an improperly managed downsizing effort
Rehire later on (costly) Survivors: fearful, self-absorbed, or risk-averse Severance and hiring costs Potential lawsuits |
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Alternatives to downsizing
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Altering Pay (Reducing pay, eliminating bonues, perks)
Altering hours (Furloughs, 4 day work week) |
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Eliminate labor shortage: Increase labor of existing ee's
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Overtime, prevent turnover, retrain retool exsiting ee's, internal transfer, emp roles.
Important if have exisitng labor available or labor is specialized |
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Eliminate labor shortage externally with temps
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Advantages: Provides flexibility, try them, frees HR
Disadvanteges: they job hop, ERS exploit temps, legal misclassification issues |
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Eliminating shortages: outsourcing
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using an outside organziation for support services.
Offshoring is special case of outsourcing to another country |
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Eliminate Shortages--Recruit more employees. Critical part of HRM because
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costly
correcting selection mistakes is often costlier still! |
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Recruitment
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What an org does to idnetify and attract potential employees
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Recruitment
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Process of generating a pool of qualifed applicatns for jobs (attracting and wooing)
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Recruitment Sources: Internal Sources
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Faster Cheaper more certainty
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Colleges Universities
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campus placement services
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Public and Private agencies
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headhunters can be expensive
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Electronic Recruiting
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The internet.
monster and the like |
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Newspaper Advertising
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large volume low quality recruits
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Direct Appicatns and referrals
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self selection, low cost
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External Sources
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New ideas and approaches
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Advantages to Internal sources
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Know the firm (norms, climate, culture)
Know the job(s) Er knows the KSAs of the ee Cheaper Faster Provides promotion opportunities, job satisfaction, loyalty Sets example of career pathing within the co. |
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Advantages to External Sources
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Provides labor pool if no internal recruits available
Brings in new ideas and creativity Prevents groupthink Shares best practices from other co’s (competitors!) Get best talent (poaching) |
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Characterisitcs of most effective recruiters. (Job more important than recruiter is sidenote)
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Managers seen as more credible than HR specialists
Important characteristics – warm, informative, credible Balanced (not ignoring negatives, or overly focusing on positives) Provide a RJP Research has found that they significantly reduce turnover |
