Planning and Forecasting

Human Resource Management

Employee Outsourcing, Induction And Placement

Please send your query

Your Name (required)

Your Email (required)

Phone

Your Query

Planning and Forecasting

The basic purpose human resource planning is to have an accurate estimate of the number of employees required, with matching skill requirements to meet organisational objectives. It provides information about the manner in which existing personnel are employed, the kind of skills required for different categories of jobs and human resource requirements over a period of time in relation to organisational objectives. The requirement of manpower has to be forecasted. For this purpose, there are several forecasting techniques like experts forecast, trend analysis, some mathematical models etc.Image result for Planning and Forecasting in HRM
To proceed systematically, human resource professionals generally follow three steps. Let’s examine these steps as applied in respect of, say a commercial bank.
1. Workforce analysis: The average loss of manpower due to leave, retirement, death, transfer, discharge, etc., during the last 5 years may be taken into account. The rate of absenteeism and labour turnover should also be taken into account. The nature of competition say from foreign banks, other non-banking financial institutions may also be considered here to find out actual requirements in a year.
2. Workload analysis: The need for manpower is also determined on the basis of the work-load analysis, wherein the company tries to calculate the number of persons required for various jobs with reference to a planned output. While determining manpower requirements through workload analysis, commercial banks may have to take the following factors into consideration: (i) the number of transactions to be handled by an employee; (ii) a number of deposits and advances per employee; (iii) special requirements in respect of managing extension counters, currency chests, mobile branches, etc.; (iv) future expansion plans of the bank concerned.
3. Job analysis: Job analysis helps in finding out the abilities or skills required to do the jobs efficiently. A detailed study of jobs is usually made to identify the qualifications and experience required for them. Job analysis includes two things: Job description and job specification.

OUR COURSES

Online Professional Certification