Staffing Exam 2

Front 1

workforce Planning

Back 1

predicting future employment needs to meet the business strategy and the ability of those already hired to meet those needs.

Front 2

workforce planning is the the foundation of strategic staffing because it

Back 2

identifies and addresses future challenges to a firm's ability to get the RIGHT talent in plat at the RIGHT time to execute its business strategy

Front 3

the five steps to workforce planning

Back 3

1. identify the business strategy
2. articulate the firm's talent philosophy and strategic staffing decisions
3. conduct workforce analysis
4. develop and implement action plans
5. monitor, evaluate and revise the forecasts and action plans

Front 4

a organization's product demand directly impacts

Back 4

its workforce demand or need for labor

Front 5

to forecast business activity you locate

Back 5

reliable high quality information sources within and outside the firm

Front 6

types of forecast

Back 6

seasonal, interest rates, currency exchange, competitors, industry and economic

Front 7

you should identify both ...... and ...... levels when analyzing labor and demand

Back 7

minimal and optimal

Front 8

an organizations demand for labor depends on (2)

Back 8

forecasted business activity and business needs (reliant on strategy)

Front 9

the ratio analysis assumes that

Back 9

there is a relatively fixed ratio between the number of employees needed and certain business metrics

Front 10

to calculate the ratios you need

Back 10

consistent historical trends

Front 11

possible ratios could be

Back 11

production to employees
revenue per employee
managers to employees
inventory levels to employees

Front 12

Scatter plots

Back 12

show graphically how two different variables are related (revenue and salesperson)

Front 13

trend analysis

Back 13

uses past employment patterns to predict future needs

Front 14

any employment trends that are likely to continue

Back 14

can be useful in forecasting labor demand

Front 15

trend analysis is RARELY used

Back 15

by itself in making labor demand forecasts

Front 16

Jiudgemental forecasting

Back 16

relies on the experience and insihts of people in the organization to predict future needs.

Front 17

Top down is

Back 17

uses upper level managers in estimating staffing requirements.
relies on their experience and knowledge about the industry

Front 18

bottom up

Back 18

uses lower level managers in estimating staffing requirements
-based on supervisors understanding of the business strategy...each level provides an estimate of the staffing needs...goes up the chain of command and the formal top management formalizes the companys estimate

Front 19

the return on investment analysis is the estimate return on

Back 19

adding a new position based on the costs and outcomes resulting form the new hire

Front 20

When using the return on investment analysis you first

Back 20

assing a dollar value to the benefits you expect from the new hire for the period of time most approopriate for the position and org

Front 21

When using the return on investment analysis you secondly

Back 21

compare the dollar value from the monetary benefits of the new position with the cost of adding the new hire

Front 22

When using return on investment analysis the last thing you do is

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compare the two amounts (cost of benefits and cost of hire) with the value your company will gain to determine the investment of the new position

Front 23

Forecasting labor supply is the combining of current staffing levels with anticipated staffing gains and losses this results in

Back 23

an estimate of the supply of labor for the target position at a certain point in the future

Front 24

the external labor market consists of

Back 24

people who do not work for the firm

Front 25

the internal labor market consists of

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people who currently work for the firm

Front 26

when forecasting the internal labor market one is estimating the competency levels and

Back 26

number of employees likely to be working for compay at the end of the forecasting period

Front 27

to forecast internal talent resources for a position...

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subtract anticipated losses from the number of employees in the target position at the beginning of the forecasting period

Front 28

anticipated losses can be due to:

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promotions
demotions
transfers
retirements
resignations

Front 29

anticipated gains could be from.....and are then added to the internal labor supply forecast

Back 29

transfers
promotions
demotions

Front 30

Transition analysis is a

Back 30

quantitative technique used to analyze internal labor markets and forecast internal labor supply

Front 31

this is a simple but often effective technique for analyzing an organization's internal labor market which can be useful in answering recruit's questions about promotion paths and the likelihood of promotions as well as in workforce planning

Back 31

transition analysis

Front 32

can also forecast the number of people who currently work for the organization likely to still be employed in various positions at some point in the future

Back 32

transition analysis

Front 33

transition analysis is best performed for

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a limited number of jobs

Front 34

Methods for internal labor market forecasting

Back 34

judgement
talent inventories
replacement charts
employee surveys
labor supply chain management

Front 35

talent inventories summarize

Back 35

each employees:
skills
competencies
qualifications

Front 36

replacement charts visually show

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each possible successor for a job and summarize:
performance
promotion readiness
development needs

Front 37

employee surveys identify the potential for

Back 37

increased turnover in future

Front 38

labor supply chain management is the basic foundation of any supply chain model is to have the right

Back 38

product,
in the right volume
in the right place
at the right time
with the right quality

Front 39

Forecasting the external labor market:
organizations monitor the external labor market in what two ways

Back 39

1. through own observations and experiences
( is the quality and quantity of applicants applying improving or getting worse)
2. By monitoring labor market statistics generated by others

Front 40

when having a temporary talent shortage...hiring what is the most cost effective

Back 40

inducements that last only as long as the talent shortage

Front 41

more expensive recruiting methods are turned to to get people who are considered qualified what are these methods

Back 41

search firms
lowering their standards

Front 42

during a temporary talent shortage, companies include ......for after the employee has successfully worked with the company for a certain time

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hiring incentives. sign on and retention bonuses,

Front 43

If the talent shortage is going to last for years.... the company must

Back 43

reduce demand for the talent in short supply so fewer people are required for that job

or
increase the supply of the qualifications it needs

Front 44

In a temporary employee surplus if slowdowns are cyclical or happen frequently....using

Back 44

temporary or contingent workers who are first to be let go can provide a buffer around permanent workers

Front 45

temporary layoffs may need to last more than six months to be cost-effective due to

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severance costs
greater unemployment insurance premiums
temproary productivity declines
rehiring and retraining process

Front 46

permanein a permanent employee surplus, early retirement incentives, layoffs, and not filling vacated positions call all

Back 46

reduce an employers head count but with a cost

Front 47

action plans for permanent employee surplus include

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reassignments, hiring freezes, steering employees away from careers in the position to reduce the need for future layoffs
retraining them for jobs in a different part of the firm

Front 48

staffing yields

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the proportion of applicants moving from one stage of the hiring process to the next

Front 49

hiring yields

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the percent of applicants ultimately hired (slestion ratios)

Front 50

woarkload driven forecasting

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based on historical data o the average number of hires typically made per recruiter

Front 51

staffing efficiency driven forecasting

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the total cost associated with the compensation of the newly hired employee

Front 52

continuous recruiting

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can shorten the hiring timeline

Front 53

batch recruiting

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recruiting a new applicant pool each time

Front 54

3 quesions needed to be answered when staffing planning

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-how many people should we recruit
-what resources do we need
-how much time will it take to hire?

Front 55

external cost per hire are 6 basic elements that account for 90% of the costs to hire

Back 55

1. advertising expenses
2. agency and search firm fees
3. employee referral bonuses
4. recruiter and applicant travel costs
5. relocation costs
6. company recruiter costs (prorated salary and benefits if the recruiter performs duties other than staffing)

Front 56

internal cost per hire includes whic four things

Back 56

internal advertising costs
travel and interview costs
relocation costs
internal recruiter costs