Forecasting is a systematic process of predicting demand and supply. In retailing, for example, there is a chain of cause and effect running from employee behaviour to customer behaviour to profits. Quantitative Data Businesses use various quantitative data gathering methods to track productivity. A small business likely will use the qualitative method to forecast demand when it has little or no historical data, rather than crunch statistics. A a formal expert forecast. Prepare a comprehensive report based on the data analysis and interpretation.
Human resource management department itself can be treated as a profit centre. Moreover, it focuses on employee's training, development and creativity. C Promotions involve the movement of an employee from one job to another that is the same level in responsibility. Where do employees go for training? By reviewing such information, you can quickly identify issues that are impacting your business's productivity. B there is a link to privacy laws. About the Author Trudy Brunot began writing in 1992.
These estimates affect manpower requirements. A business might identify production or sales volume as a causal factor and estimate, for example, that it needs one customer service representative for every five clients or one production line worker for every 5,000 widgets. Question10 Explain Quantitative and Qualitative Dimensions of Human Resource Planning? C a service offered by an outside agency that provides job opportunities. The philosophy bridges the gap between society and the company. The impact of corporate strategy on human resource management. Question5 What do you understand by the term Job Evaluation? About the Author Based in Green Bay, Wisc.
Example: Producing Statistics Whether data are quantitative or qualitative, they can be used together to give a statistical picture of a workforce. Then the audit team researches actual performance and compares it with the objectives. Human resource management: theory and practice. It can be done on the basis of estimating sales, number of proposals company get or on the basis of estimating the number of orders the company has. You can gather data over long periods of time such as a month, quarter or year.
When we change something in the workplace, how will employees react? You are considering implementing compressed workweeks. The balanced score card provides a balanced picture of current performance as well as the triggers for future performance. If projections determine the business will handle 500 clients or produce 500,000 widgets over the coming year, forecasting sets demand at 100 employees for each. Often, decisions are made based on how much or how little profit a company makes. The focus of this approach is to forecast human resource surplus and shortages in an organization.
D making early retirement mandatory. The qualitative method takes advantage of management expertise, intuition and prior experience to assess future employment needs. Identify benchmarking partners-organizations from the same or different industry, competitors or non-competitors or international firms-who are known to have tried best practices successfully. You could cause productivity to increase or decrease by interacting with workers, in which case, your report will contain unreliable data. C improved efficiency, reduction in absenteeism, and reduction in paid overtime. . C a physical illness caused by a toxic building.
Cash budget, sales budget, capital expenditure budget are some of the examples of budget. D it is a reactive process. The important tools for forecasting are: i Regression analysis: it is used to estimate the future requirement of the employees on the basis of sales, output, etc. Describe the different methods of monitory and non-monitory valuation of human resources. The final component relates to the human resource-its potential to learn and grow.
How do you do it? D an informal expert forecast. Big organisations prepare organisational charts and other employee information cards for this purpose. Hence, it gives a picture of infinite future in advance in terms of human resource requirement for the company. Past records show that workers contribute 4000 hours per year. Service companies often track the number of worker-client interactions on a daily basis. D A promotion is sometimes based on an assessment of future potential.