Strategic Importance of HR Forecasting
A lack of incorporating information from an external environment will result in this.
What is an incompatibility between organizational goals and HR planning.
This group of individuals in the labour market is NOT considered a member of a "designated group".
Who are immigrants.
This type of forecasting is concerned with existing assumptions based on historical data to create ratios of production/sales amounts to human capital needs.
What is norm-based rules.
This type of forecasting occurs in the range of one to two years.
What is short-run forecasting.
This type of human capital is valuable to the firm and cannot be easily transferred across organizations.
What is firm-specific human capital.
This is created when the HR demand exceeds the current personnel resources available in the organization's workforce.
What is a labour shortage.
Individuals who need to be protected from discrimination in employment, are grouped into this category.
What is a designated group category.
The Delphi Technique, focus groups, Nominal Group and scenario planning are examples of this type of forecasting method.
What is the QUALITATIVE human resource forecasting method.
Organizations wishing to conduct HR forecasting for its operating cycle would use which time horizon for forecasting?
What is current forecast.
This type of human capital benefits the firm, and requires a deep understanding of the firm's systems, social structure, and customers.
What is firm-specific human capital.
This planning approach allows organizations to reduce their HR costs.
What is a long-run planning approach.
This is one of the key areas of focus for HR forecasting.
What is: Specialist workers, or Designated Group members, or Leadership talent.
This model of forecasting is based on human judgement.
What is QUALITATIVE forecasting.
This HR concept is defined as several HR estimates, based on a variety of assumptions.
What is a projection.
This human capital theory represents the knowledge, skills, and abilities that are held by employees and are useful to the firm.
What is generic human capital.
This skill has been proposed as being critical to the HR planning function.
What is communication skills.
It is important for HR to pay particular attention to monitoring workers with THIS type of skills/human capital.
What is workers holding qualifications that are in high demand.
This is the first step in an effective HR forecasting process.
What is determine staffing needs by skills, skill level, or jobs.
This type of forecasting takes place over a period of two to five years.
What is medium-run forecasting.
This human capital theory represents how human capital changes over time.
What is human capital flow.
As artificial intelligence and the types of algorithms used to develop HR forecasts become more advanced, this type of skill has become critical to the HR planning function.
What is QUANTITATIVE skills.
These types of human capital can bring insights into how competitors structure and operate their businesses and may also bring with them the latest trends and practices in the industry.
What are "new entrants" or "new recruits".
It is critical that HR take THIS important step prior to forecasting human resources.
What is environmental scanning.
This term refers to the process of reducing an HR surplus by allowing the size of the workforce to decline naturally from the normal pattern of losses associated with retirements, deaths, and voluntary turnover.
What is attrition.
This human capital theory refers to the amount of human capital within the firm at any given time.
What is human capital stock.