TALENT ACQ. ch 5 (forecasting and planning)

forecasting and planning

the right ppl with the right skills, at the right time and place

what are the things to consider when forecasting and planning?

-labor demand

-labor supply

compare supply/demand and make a plan to address gaps

forecasting labor demand

-general industry trends

-rations

-regression

-judgement

-trend analysis

-ROI

general industry trends

-economic conditions

-consumer behavior

ratios

# of ?:every # of employees

regression

use a variable to predict the # of employees needed

judgment

top down/bottom up (SME judgment)

trend analysis

look over time

ROI

return on investment (expensive to hire ppl, must think about cost of hiring someone new and how that is going to benefit the company)

forecasting labor supply

-external hires

-internal hires

-forecasting internal availability

-external availability

external hires

-new perspective

-less biased

-more skills available

internal hires

-understand company

-less training on basic aspects of the job

-retention

-morale

forecasting internal availability

-talent inventories

-employee survey

-replacement charts

-judgment

-transition matrix

talent inventories

-some type of documentation of what skills, certifications, experience available in current workforce

-ex. spreadsheets in excel/pulling from workday

employee survey

-asking about attitudes

-behavior intentions

replacement charts

-focus on specific role and a small number of employees who could fill that role

-part of process of succession planning

transition matrix

focus on jobs that feed into other jobs

external availability

-industry trends

-Bureau of labor statistics website

how do you address gaps b/w supply and demand?

-employee shortage and labor surplus

-short-term

-long-term

short term (shortage)

-hiring bonus

-retention bonus

-more expensive recruiting methods

long term (shortage)

-reskilling

-increase supply of qualifications

-decrease requirements

-automate functions

short term (surplus)

-maybe independent contractors

-have ppl fill other areas

-relocate

-reduction in work hours/pay

long term (surplus)

-reskilling

-layoffs

-early retirement

-hiring freeze

timeline of an applicant

-application

-phone screen

-interview/hiring tools

-offer

-offer accepted

hiring yield

% of applicants hired

staffing yield

% of applicants who move to next step of hiring process