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RideAnS [48]
3 years ago
8

Identify the three key elements of the human resources planning model and discuss the relationships among them.

Business
1 answer:
Feliz [49]3 years ago
6 0

Answer:

The three key factors of Human Resource Planning Model are:

  1. Forecasting Demand for Human Resources
  2. Evaluating or analysing Supply of Employees
  3. Finding a balance between projected Demand and Supply

Explanation:

Forecasting demand for human resources speaks to the ability or the process of the HR Department to predict how many staff will be needed for the organisation. It also answers the question "what kind of staff will be required?"

Demand for personnel is usually catalysed by internal and external factors.

Internal Factors could be:

  • Starting up a new company
  • Starting up a new business unit
  • creating new product and initiatives
  • ageing and retiring workforce
  • an act of god requiring complete replacement of displaced persons

External factors to be considered are:

  • economic situation (recession or expansion)
  • demand for goods and services (this may trigger an internal occurrence such as the expansion of a business unit)

HR Supply Analysis

Analysing the supply of talent simply means evaluating the ability of the company to attract the required person for specific roles when the need arises.

It also has an Internal and External dimension to it.

Internal Dimension: This examines the current staff of the company for potential selection into key roles in the near term and or foreseeable future. This element triggers the succession planning strategy.

External Dimension: This requires the HR Department to evaluate the business environment in order to determine how the psychographics, demographics and other external factors such as government laws will affect the supply of labour. If for instance, the industry under consideration is Medicine, and the government does not have laws in place to ensure adequate compensation for medical personnel, it is possible that this will lead to brain drain to other countries where there is a greater value placed on such services. In this situation, the entrepreneur would have to consider a strategy that allows in to attract the best hand and retain them for the long haul.

Balancing the Forecasted Demand vs Supply of Labour

Ensuring that there is a continuous supply of persons to meet existing and or forecasted demand for labour is an art which requires a blend of various strategies.

The HR department would need to

  • create an keep a tab on its employer brand
  • institute a recruitment strategy that covers internal and external recruitment  
  • ensure that there is a business continuity strategy - this ensures that the business regardless of how the supply of labour in the short or long term has all the required skill to continue its operations.

Other strategies to consider are retention, recruitment and reward strategies.

Cheers!

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Hart enterprises recently paid a dividend, d0, of $1.25. it expects to have nonconstant growth of 20% for 2 years followed by a
zepelin [54]

Answer:

Explanation:

Terminal or horizon date is a point in time where a company's dividend experiences a constant growth rate.

In this case, it is mentioned that non-constant growth rate of 20% will happen for first two years and thereafter, a constant rate of 5%; this means that

D1= 1.25(1.20) =1.5

D2 = 1.5 (1.20)= 1.8

Then starting at D3, there's a constant growth rate = 5% so,

D3 = 1.8 (1.05)= 1.89

D4 = 1.89(1.05)= 1.9845

D5 = 1.9845 (1.05) = 2.0837

.....and so on

Therefore, the horizon date would be at the end of the second year i.e. End of Year 2.

8 0
3 years ago
LO 2.1Which of the following is the primary source of revenue for a service business?
malfutka [58]

Answer:

providing intangible goods and services

Explanation:

A service business is an organisation that provides services.

Examples of service businesses are airlines, insurance companies, and hospitals.

I hope my answer helps you

3 0
3 years ago
Read 2 more answers
You expect to receive year-end bonuses of $8,000 at the end of this year, $16,000 at the end of year 4, $20,000 at the end of ye
yulyashka [42]

Answer:

Total PV= $46,728.79

Explanation:

Giving the following information:

Cash flow:

Cf1= $8,000

Cf4= $16,000

Cf8= $20,000

Cf10= $25,000

Discount rate= 6%

To calculate the present value, we need to use the following formula on each cash flow:

PV= FV/(1+i)^n

Cf1= 8,000/(1.06^1)= 7,547.17

Cf4= 16,000/(1.06^4)= 12,673.50

Cf8= 20,000/(1.06^8)= 12,548.25

Cf10= 25,000/(1.06^10)= 13,959.87

Total PV= $46,728.79

7 0
2 years ago
The team-centered decision-making model is preferred when: relevant information and expertise is found in a few select individua
Law Incorporation [45]

Answer:

Participation is needed to obtain necessary commitment

Explanation:

Decision Making Process is a process of Evaluation of various alternatives available through several methods like forecasting.

During evaluation, risk, time and the efficiency of these alternatives are checked.

Team-centred decision making style is preferable when;

1. Relevant information and how to go about issues cannot be not properly arranged by one person

2. Participation is needed for commitment

3. Making one individual as the central power hurts the team

4. If an uncommon decision is to be made

8 0
3 years ago
Firms that hire outside consultants can reduce the impact of moral hazard by: A. hiring work on a fixed-fee basis B. monitoring
marishachu [46]

Answer: Option C

Explanation: Moral hazard refers to a situation when an individual starts taking unnecessary avoidable risks, knowing that the potential loss will be bore by someone else.

In the given case right option is C, as the most effective way to avoid moral hazard is to hire those consultants who have a good image in market of not shirking and performing their duties well.

4 0
3 years ago
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