How do companies forecast human resources demand and supply?
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Given that work in organizations is managed and done by people (human resources), every successful organization must spend time planning for its human resources needs. Before an organization can know what the need is, they must first have a clear idea of what work they need to have done...
HR professionals must assess work tasks and their importance to the organization, job positions required to complete these tasks, and the skills, competencies, experience, education, and training that will be required.
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Solution Summary
This solution contains some of the common tools used by HR departments to analyze their workforce and forecast their need for talent.
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Given that work in organizations is managed and done by people (human resources), every successful organization must spend time planning for its human resources needs. Before an organization can know what the need is, they must first have a clear idea of what work they need to have done. Typically this is discovered through a work-flow analysis. The workflow analysis helps the organization identify the work activities required, and the resources needed to accomplish those activities. Human resources will most likely be a type of resource identified. A very important and foundational tool in forecasting the organization's need for human resources s is the job analysis process.
In their book Fundamentals of Human Resource Management, authors Noe, Hollenbeck, Gerhart, & Wright write "to achieve high-quality performance, organizations have to understand and match job requirements and people. ...
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