Chapter 5

Term
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What is forecasting?
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Terms in this set (32)
What is forecasting?
The attempts to determine the supply of and demand for various types of human resources to predict areas within the organization where there will be labor shortages or surpluses
What are the stages of human resource planning?
Forecasting, goal setting, and strategic planning
Which part of the HR planning process is forecasting?
The first step
What is the primary goal of forecasting?
To predict which areas of the organization will experience labor shortages or surpluses
Painless strategies to reduce a surplus
Hiring freeze, natural attrition, early retirement, retraining
Difficult strategies to reduce a surplus
Downsizing, pay reductions, demotions
Moderate strategies to reduce a surplus
Transfers, work sharing
Easy strategies to avoid a shortage
Overtime, temporary employees, outsourcing, retrained transfers
Moderate strategies to avoid a shortage
Turnover reductions
Hard strategies to avoid a shortage
New external hires, technological innovation
Quick strategies to reduce a surplusDownsizing, pay reductions, demotions, transfers, work sharingSlow strategies to reduce a surplusHiring freeze, natural attrition, retraining, early retirementQuick strategies to avoid a shortageOvertime, outsourcing, temporary employeesSlow strategies to avoid a shortageRetrained transfers, turnover reductions, new external hires, technological innovationWhat is downsizing?The planned elimination of large numbers of personnel with the goal of enhancing the organization's competitivenessWhat is the primary reason organizations engage in downsizing?To promote future competitiveness through (1) reducing costs, (2) replacing labor with technology, (3) mergers and acquisitions, and (4) moving to more economical locationsWhat is outsourcing?Contracting with another organization to perform a broad set of servicesWhat are the most widespread methods for eliminating a labor shortage?Outsourcing and hiring temporary/contract workersWhat are the downsides to hiring temporary/contract workers?They may not be as committed to the organization and negatively affect customer loyaltyWhich strategies for eliminating labor surpluses are quick?Downsizing, pay reductions, demotions, transfers, work sharingWhich strategies for avoiding labor shortages are quick?Overtime, outsourcing, temporary employeesWhich strategies for eliminating labor surpluses are slow?Hiring freeze, natural attrition, retraining, early retirementWhich strategies for avoiding labor shortages are slow?Retrained transfers, turnover reductions, new external hires, technological innovationIs it easier or harder for organizations to forecast labor supply and demand when the unemployment rate is low in the labor market?Harder (higher is better)Which tools can organizations use to forecast labor demands?Trend analysis and transitional matrixWhat is a transitional matrix?A chart that lists job categories held in one period and shows the proportion of employees in each of those job categories in a future periodWhat is trend analysis?Constructing and applying statistical models that predict labor demand for the next year, given relatively objective statistics from the previous yearWhat are realistic job previews?Background information about a job's positive and negative qualitiesWhat is the purpose of realistic job previews?To provide a prospective employee a realistic view of what the job entailsA recruiter's personal characteristics, like his/her personality, can have a big impact on which part of the recruitment process?How the applicant perceives the recruiters knowledge and credibilityAccording to the article, hiring outside "stars" can be risky because ___.The star won't be able to replicate their success in a new environmentWhat are the three goals of recruitment?(1) Attract a lot of applicants, (2) Attract good applicants who fit the position, (3) Increase likelihood of offer acceptances