Statistical Data For Forecasting Future Staffing

1513 WordsMay 8, 20177 Pages
A wide selection of statistical methods is available for use in Human Resources forecasting. Out of the many techniques some of the prominent ones include, trend, ratio, and regression analysis methods. Trend Analysis: Essentially, trend analysis, looks at previous employment levels against business variables to predict future staffing requirements. All the more, trend analysis uses historical data for forecasting future staffing needs. Likewise, trend analysis creates a relationship between past and future staffing needs. Trend analysis is appliedwhen organizations have data mostly on historical staffing levels with less detailed information on specific predictions. The breaking down of data into specific time periods of demand are…show more content…
A trend analysis allows the human resources department and the owner of the organization to pinpoint the main causes and issues affecting the rate at which employees leave a workforce and are replaced. Further, it pinpoints how these actions impact the business. Trend analysis results can help in estimating the complexity and supply of skills that may be available in the future and from there make projections about future workforce requirements (Lohrey, (n.d.).. A trend analysis generates both quantitative and qualitative data outcomes. While quantitative data is most valuable for making staffing predictions, qualitative data is useful in a diversity of ways. It can help you discover why employees leave and why they choose to stay. Furthermore, this information can be crucial in creating employee engagement initiatives that are intended to increase morale, employee satisfaction and, most of all, productivity. It can also help you determine whether additional training is required to develop current employee skill sets to improve retention rates (Woltmann & Whitley, 2007). Moreover, trend analysis is more suited for an existing business because it requires historical staffing data to make future staffing projections and predictions. Likewise, this generates an association between past and future staffing needs by connecting the two using a performance or financial metric called an operational
Open Document