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Forecasting Demand and Employee Supply

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Discuss what the major Forecasting Demand and Employee Supply approaches are about. Address what types of Forecasting Demand and Employee Supply approaches are used in an organization you are familiar with (example: retail store) and if are there any HR Information Systems that might help this organization plan better.

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Solution Summary

This solution is over 300 words and includes a reference, thoroughly addressing how organizations can forecast demand for their good or service, and utilize a systematic approach to ensure employee supply can fulfill this demand. The solution also utilizes a "real life" example - a retail store.

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The two major forms of forecasting demand and employee supply is assessing short-term and long-term needs (reference below). Short-term forecasting involves immediate needs over a fiscal period (calendar year or "rolling" year); whereas long-term forecasting goes beyond a year and may have a duration of several years up to five years. Short-term may focus on the cyclical nature of the business and long-term likely involves succession planning for upcoming retirements. Both approaches are critical to an organization's ...

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