Strategic Staffing Exam 2 version 2023 with complete
solution
Workforce Planning
the process of predicting an organizations future employment needs and the availability
of current employees and external hires to meet those employment needs and execute
the organizations business strategy.
Workforce Planning Process
1. Identify the business strategy.
2. Articulate the firms talent philosophy and strategic staffing decisions.
3. Conduct a workforce analysis.
4. Develop and implement plans. Develop actions plans to address any gaps between
labor demand and labor supply forecasts.
5. Monitor, evaluate, and revise the forecasts and action plans. As the environment
changes, forecasts and action plans may need to change as well.
Ratio Analysis
assumes that there is a relatively fixed ratio between the number of employees needed
and tertian business metrics.
KNOW HOW TO USE RATIOS E.G, 5:15
When can we use historical data/ratios to predict and when not?
Trend Analysis
uses past employment patterns to predict future needs. For example, if a company has
been growing five percent annually for the last eight years, it might assume that it will
experience the same five percent annual growth for the next few years.
rarely used by itself in making labor demand forecasts.
Judgmental Forecasting
relies on the experience and insights of people in the organization to predict future
needs.
top-down
bottom-up
Top-down
organizational leaders rely on their experiences and knowledge of their industry and
company to make predictions about what future staffing levels will need to be.
Bottom-up
uses the input of lower-level managers in estimating staffing requirements. Based on
supervisors understanding of the business strategy, each level provides an estimate of
their staffing needs to execute the strategy.
Return on investment analysis
estimate the return on investment from adding a new position based on the costs and
outcomes resulting from the new hire.
Forecasting labor supply
, combining current staffing levels with anticipated staffing gains and losses result in an
estimate of labor for the target position at a certain point in the future.
external labor markets
internal labor markets
External labor market
consists of people who do not currently work for the firm.
Internal labor market
consists of the firms current employees.
Forecasting the internal labor market
estimate the competency levels and number of employees likely to be working for the
company at the end of the forecasting period.
Transition analysis
a quantitative technique used to analyze internal labor markets and forecast internal
labor supply.
Why use Judgmental forecasting?
Because historical trends and relationships can change, it it usually best to supplement
the more mechanical ratio, scatter plot, and trend forecasting methods with managerial
judgment.
The mechanical methods can be used as a starting point ti make estimates, and THEN
managers can use their judgement to modify the estimates.
Talent inventories
are detailed records or databases that summarize each employees SKILLS,
COMPETENCIES, and QUALIFICATIONS such as education, languages spoken,
previous performance reviews and chances of being promoted .
USED: software and services allow companies to match employees enterprise and
knowledge to business needs and deploy the right people.
Replacement charts
visually shows each of the possible successors for a job and summarizes their present
performance, promotion readiness, and development needs.
USED: can be manual and automated, visually shows each of the possible successors
for a job and summarizes their strengths, present performance, promotion readiness,
and development needs.
Employee surveys
identifies the potential for increased turnover in the future.
Labor supply chain management
the basic foundation of any supply chain model is to have the right product, in the right
volume, in the right place, at the right time, with the right quality.
Action plan
proactively addresses an anticipated surplus or shortage of employees.
Temporary (Short-term) talent shortage (demand for more employees
What should be done if a shortage of qualified talent is thought to be temporary?
solution
Workforce Planning
the process of predicting an organizations future employment needs and the availability
of current employees and external hires to meet those employment needs and execute
the organizations business strategy.
Workforce Planning Process
1. Identify the business strategy.
2. Articulate the firms talent philosophy and strategic staffing decisions.
3. Conduct a workforce analysis.
4. Develop and implement plans. Develop actions plans to address any gaps between
labor demand and labor supply forecasts.
5. Monitor, evaluate, and revise the forecasts and action plans. As the environment
changes, forecasts and action plans may need to change as well.
Ratio Analysis
assumes that there is a relatively fixed ratio between the number of employees needed
and tertian business metrics.
KNOW HOW TO USE RATIOS E.G, 5:15
When can we use historical data/ratios to predict and when not?
Trend Analysis
uses past employment patterns to predict future needs. For example, if a company has
been growing five percent annually for the last eight years, it might assume that it will
experience the same five percent annual growth for the next few years.
rarely used by itself in making labor demand forecasts.
Judgmental Forecasting
relies on the experience and insights of people in the organization to predict future
needs.
top-down
bottom-up
Top-down
organizational leaders rely on their experiences and knowledge of their industry and
company to make predictions about what future staffing levels will need to be.
Bottom-up
uses the input of lower-level managers in estimating staffing requirements. Based on
supervisors understanding of the business strategy, each level provides an estimate of
their staffing needs to execute the strategy.
Return on investment analysis
estimate the return on investment from adding a new position based on the costs and
outcomes resulting from the new hire.
Forecasting labor supply
, combining current staffing levels with anticipated staffing gains and losses result in an
estimate of labor for the target position at a certain point in the future.
external labor markets
internal labor markets
External labor market
consists of people who do not currently work for the firm.
Internal labor market
consists of the firms current employees.
Forecasting the internal labor market
estimate the competency levels and number of employees likely to be working for the
company at the end of the forecasting period.
Transition analysis
a quantitative technique used to analyze internal labor markets and forecast internal
labor supply.
Why use Judgmental forecasting?
Because historical trends and relationships can change, it it usually best to supplement
the more mechanical ratio, scatter plot, and trend forecasting methods with managerial
judgment.
The mechanical methods can be used as a starting point ti make estimates, and THEN
managers can use their judgement to modify the estimates.
Talent inventories
are detailed records or databases that summarize each employees SKILLS,
COMPETENCIES, and QUALIFICATIONS such as education, languages spoken,
previous performance reviews and chances of being promoted .
USED: software and services allow companies to match employees enterprise and
knowledge to business needs and deploy the right people.
Replacement charts
visually shows each of the possible successors for a job and summarizes their present
performance, promotion readiness, and development needs.
USED: can be manual and automated, visually shows each of the possible successors
for a job and summarizes their strengths, present performance, promotion readiness,
and development needs.
Employee surveys
identifies the potential for increased turnover in the future.
Labor supply chain management
the basic foundation of any supply chain model is to have the right product, in the right
volume, in the right place, at the right time, with the right quality.
Action plan
proactively addresses an anticipated surplus or shortage of employees.
Temporary (Short-term) talent shortage (demand for more employees
What should be done if a shortage of qualified talent is thought to be temporary?
