All categories

3 years ago

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:

Forecasting Demand for Human Resources
Evaluating or analysing Supply of Employees
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!

You might be interested in

Prime and Conversion Costs Identify the following costs as a prime cost (P), conversion cost (C), or both (B) for a magazine pub

Gnesinka [82]

C is the right answer

3 0

3 years ago

Read 2 more answers

Presented below are three economic events. In each column, indicate whether the event increased, decreased, or had no effect on

Alex17521 [72]

Answer:

(a) Purchased supplies on account.

Increase assets and liabilities

(b) Received cash for providing a service.

Increase assets and equity

Decrease assets and equity

Explanation:

(a) The company acquire an assets but to do so; it take a liability. In the future it will be forced to pay the credit given today

(b) The company receive an assets(cash) by prvoviding services which is the main activity. The equity represebt both, the owner investment and the earning of the business. In this case this is an earning so it increase equity

5 0

3 years ago

On January 1, 2012, Gucci Brothers Inc. started the year with a $492,000 balance in Retained Earnings and a $605,000 balance in

dsp73

Answer:

option (C) $1,201,300

Explanation:

Data provided in the question:

Balance in retained earnings = $492,000

Balance in Common Stock = $605,000

Net income earned = $92,000

Dividend paid = $15,200

Common stocks issued = $27,500

Now,

Common Stock

= Balance in Common Stock + Common stocks issued

= $605,000 + $27,500

= $632,500

Retained Earnings

= Balance in retained earnings + Net income earned - Dividend paid

= $492,000 + $92,000 - $15,200

= $568,800

Total Stock Holders Equity on Dec 31,2012

= Common Stock + Retained Earnings

= $632,500 + $568,800

= $1,201,300

Hence,

The answer is option (C) $1,201,300

4 0

3 years ago

A subtle form of racial discrimination in housing is "racial steering." racial steering occurs when real estate agents show pro

Olenka [21]

B. H0 : There is no association between race and the section of the apartment complex.
H A: There is an association between race and the section of the apartment complex.

Find the χ2 statistic
Solution
The formula for calculating χ2 statistic is given by ;
χ2∗ =∑(Oi−Ei)2/Ei, where Oi and Ei is the i^th observation and the i^th expected count
From the given data calculated the expected count using the formula; E = (row total *column total)/sample size

χ2 = 7.104439336,
χ2 = 7.104 (rounded to 3 decimal .places)

The P-value is;
Degrees of freedom = (2-1)*(2-1) = 1, χ2 = 7.1044
P-value from chi-square calculator is 0.007689

3 0

2 years ago

Explain the difference between primary and secondary authorities as sources of tax information. On which type of authority shoul

RSB [31]

Answer:

Primary sources represent the law itself as interpreted by the statutory, administrative and judicial entities of the government while secondary sources can be generally defined as interpretations of the law done by non-governmental entities.

The type of authority which professional tax research conclusions should be based on are the primary sources.

Explanation:

Primary sources of tax information are documents that are provided directly by an authority usually the government. Primary sources usually carry heavy weight especially when there is a conflict in the understanding of a federal tax law. These sources are often used by law practitioners as a basis in understanding cases of a similar nature. Some examples of primary sources of tax information include; internal revenue code, final and temporary regulations, non-codified federal tax statutes, and judicial decisions on tax matters. In general primary sources represent the law itself as interpreted by the statutory, administrative and judicial entities of the government. They can be used in a case where a tax payer in arguing his or her case about their tax position in a court of law.

Secondary sources of tax information are documents that are provided by information vendors who provide research services, legal analysis and tax professionals. These sources usually rely on the professionalism and experience of individuals who have gained a reputation on tax law for advice and direction. Some examples of secondary sources include; legal periodicals like academic journals, legal analysts, scholars and tax law reporters. Secondary sources can be generally defined as interpretations of the law done by non-governmental entities.

Professional research is usually done to enable one advance in his/her career in order to gain acceptance as an expert in that particular field. For one to join the ranks of a professional, they first need to prove their mastery of the knowledge in that particular profession. In our case, one needs to be aware of the law as provided by an authority. This means that one needs to argue his/her case in reference to the primary sources since these sources carry more weight in terms of understanding and experience as opposed to secondary sources that represent personal views that might be susceptible to bias. On this note, the type of authority which professional tax research conclusions should be based on are the primary sources.

5 0

3 years ago