Workforce Management (correct answers)
Workforce Planning correct answers The process of analyzing, forecasting, and
planning workforce supply demand, assessing gaps, and determining target talent
management interventions to ensure that an organization has the right people, with the
right skills in the right places at the right time to fulfill its mandate and strategic
objectives. (The process an organization uses to analyze its workforce and determine
the steps it must take to prepare for future planning needs).
Workforce Analysis correct answers Gathers data about the current workforce and
forecasts future workforce needs, then analyzes the data to provide information to
support the organizations staffing strategy.
Forecasting correct answers Method for predicting how variables will change the future
based on information about the past and present.
Four Areas of a Workforce Analysis correct answers Supply analysis; Demand analysis;
Gap analysis; Solutions Analysis
Turnover correct answers The voluntary and involuntary attrition of employees at an
organization.
Turnover Rate correct answers Annualized formula that tracks number of separations
and total number of workforce employees per month. Calculated by dividing the number
of separations for the year by the average number of employees per month. (For an
annual rate).
Flow Analysis correct answers Supply analysis tool that analyzes employee inflow and
outflow (transfers, promotions, etc.) to predict future movement - Analyze the career
development plans by job function, division or organizational classification. (Employees
can flow in, up, down, across or out of an organization).
Trend Analysis correct answers The process of collecting and analyzing data about the
past marketplace and workplace changes to predict what the future might bring
(Constructing and applying statistical models that predict labor demand for the next
year, given relatively objective statistics from the previous year)
Ratio Analysis correct answers The process of determining the future demand for
human resources by calculating the ratio between a particular business variable and the
number of employees a company needs. (calculating how many employees you will
need for the amount of work based on some element of production or sales).
Supply Analysis correct answers Determining if there are sufficient types and numbers
of employees available and how it is projected to change due to attrition and other
trends.
Demand Analysis correct answers Considers the future organizations plans and
objectives and its human capital needs.
Judgment Forecasts correct answers Use of information from past and present to
predict future conditions and staffing needs and to understand opportunities and threats
that can affect the staffing plan - uses human experience to predict future needs.
Statistical Forecasts correct answers A forecast based on a mathematical/statistical
examination of data that represents the past observed behavior. (Trend analysis, Ratio
Analysis, Regression Analysis).
, Regression Analysis correct answers A form of predictive modeling which investigates
the relationship between a dependent (target) and independent (predictor) variables.
Used for forecasting.
Simple Linear Regression correct answers A predicted future outcome that looks at one
variable.
Multiple Linear Regression correct answers A predicted future outcome that looks at
multiple variables.
Simulation correct answers Representation of real situations in abstract form; "what if"
Gap Analysis correct answers Process of comparing the supply analysis to the demand
analysis to identify differences in staffing levels and knowledge, skills and abilities
needed for the future.
Skill Gap correct answers The difference in the skills required on the job and the actual
skills possessed by the employees.
Abilities Gap correct answers The difference in the behaviors required on the job and
the actual behaviors employees exhibit to be successful.
Distribution Gap correct answers Talent is not property spread throughout the
enterprise.
Diversity Gap correct answers The organization is too homogeneous in its composition.
Deployment Gap correct answers Talent cannot be sent where it is needed most.
Time Gap correct answers It takes to long to achieve desired results.
Cost Gap correct answers Difference between the current cost and the allowable cost;
too much money/not enough is being spent on talent acquisition and development
activities.
Knowledge-sharing Gap correct answers Organizational learning is not occurring.
Succession Gap correct answers No clear path for the development of the new
generation of leaders within the organization.
Retention Gap correct answers Unable to retain top talent within the organization.
Considerations for Prioritizing Gaps correct answers Permanence; Impact; Control;
Evidence; Root cause.
Tactical Objectives correct answers Short-term objectives that affect a segment of the
organization. Specific goals that guide the daily functioning of certain operations that are
in line with the primary objectives of the business. (the immediate short-term desired
result of a given activity, task, or mission).
Solution Analysis correct answers Final stage in workforce analysis which examines
how an organization can get what it needs to meet the tactical objectives within budget
constraints. (how to address gaps in current staffing and future staffing needs through
recruiting, training and development, contingent staffing and outsourcing).
Building Talent correct answers Refers to redeploying as well as training and
developing the current workforce to meet the future needs of the organization.
Buying Talent correct answers Refers to recruiting and hiring employees.
Borrowing Talent correct answers Refers to outsourcing, leasing and contracting with
others to get the work done.
Staffing Plan correct answers Turns workforce analysis data and tactical objectives into
reality; establishes the goals and targets and how the tactical objectives are going to be
achieved through the delegation of tasks and the application of resources.
Workforce Planning correct answers The process of analyzing, forecasting, and
planning workforce supply demand, assessing gaps, and determining target talent
management interventions to ensure that an organization has the right people, with the
right skills in the right places at the right time to fulfill its mandate and strategic
objectives. (The process an organization uses to analyze its workforce and determine
the steps it must take to prepare for future planning needs).
Workforce Analysis correct answers Gathers data about the current workforce and
forecasts future workforce needs, then analyzes the data to provide information to
support the organizations staffing strategy.
Forecasting correct answers Method for predicting how variables will change the future
based on information about the past and present.
Four Areas of a Workforce Analysis correct answers Supply analysis; Demand analysis;
Gap analysis; Solutions Analysis
Turnover correct answers The voluntary and involuntary attrition of employees at an
organization.
Turnover Rate correct answers Annualized formula that tracks number of separations
and total number of workforce employees per month. Calculated by dividing the number
of separations for the year by the average number of employees per month. (For an
annual rate).
Flow Analysis correct answers Supply analysis tool that analyzes employee inflow and
outflow (transfers, promotions, etc.) to predict future movement - Analyze the career
development plans by job function, division or organizational classification. (Employees
can flow in, up, down, across or out of an organization).
Trend Analysis correct answers The process of collecting and analyzing data about the
past marketplace and workplace changes to predict what the future might bring
(Constructing and applying statistical models that predict labor demand for the next
year, given relatively objective statistics from the previous year)
Ratio Analysis correct answers The process of determining the future demand for
human resources by calculating the ratio between a particular business variable and the
number of employees a company needs. (calculating how many employees you will
need for the amount of work based on some element of production or sales).
Supply Analysis correct answers Determining if there are sufficient types and numbers
of employees available and how it is projected to change due to attrition and other
trends.
Demand Analysis correct answers Considers the future organizations plans and
objectives and its human capital needs.
Judgment Forecasts correct answers Use of information from past and present to
predict future conditions and staffing needs and to understand opportunities and threats
that can affect the staffing plan - uses human experience to predict future needs.
Statistical Forecasts correct answers A forecast based on a mathematical/statistical
examination of data that represents the past observed behavior. (Trend analysis, Ratio
Analysis, Regression Analysis).
, Regression Analysis correct answers A form of predictive modeling which investigates
the relationship between a dependent (target) and independent (predictor) variables.
Used for forecasting.
Simple Linear Regression correct answers A predicted future outcome that looks at one
variable.
Multiple Linear Regression correct answers A predicted future outcome that looks at
multiple variables.
Simulation correct answers Representation of real situations in abstract form; "what if"
Gap Analysis correct answers Process of comparing the supply analysis to the demand
analysis to identify differences in staffing levels and knowledge, skills and abilities
needed for the future.
Skill Gap correct answers The difference in the skills required on the job and the actual
skills possessed by the employees.
Abilities Gap correct answers The difference in the behaviors required on the job and
the actual behaviors employees exhibit to be successful.
Distribution Gap correct answers Talent is not property spread throughout the
enterprise.
Diversity Gap correct answers The organization is too homogeneous in its composition.
Deployment Gap correct answers Talent cannot be sent where it is needed most.
Time Gap correct answers It takes to long to achieve desired results.
Cost Gap correct answers Difference between the current cost and the allowable cost;
too much money/not enough is being spent on talent acquisition and development
activities.
Knowledge-sharing Gap correct answers Organizational learning is not occurring.
Succession Gap correct answers No clear path for the development of the new
generation of leaders within the organization.
Retention Gap correct answers Unable to retain top talent within the organization.
Considerations for Prioritizing Gaps correct answers Permanence; Impact; Control;
Evidence; Root cause.
Tactical Objectives correct answers Short-term objectives that affect a segment of the
organization. Specific goals that guide the daily functioning of certain operations that are
in line with the primary objectives of the business. (the immediate short-term desired
result of a given activity, task, or mission).
Solution Analysis correct answers Final stage in workforce analysis which examines
how an organization can get what it needs to meet the tactical objectives within budget
constraints. (how to address gaps in current staffing and future staffing needs through
recruiting, training and development, contingent staffing and outsourcing).
Building Talent correct answers Refers to redeploying as well as training and
developing the current workforce to meet the future needs of the organization.
Buying Talent correct answers Refers to recruiting and hiring employees.
Borrowing Talent correct answers Refers to outsourcing, leasing and contracting with
others to get the work done.
Staffing Plan correct answers Turns workforce analysis data and tactical objectives into
reality; establishes the goals and targets and how the tactical objectives are going to be
achieved through the delegation of tasks and the application of resources.
