Forecast your Human Resource demand in July 2021. (use all the forecasting methods). Compare it with the labor supply and take necessary action. (in case of labor shortage, and in case of labor surplus) Explain the Human Resource Information system. Explain its functions and give a detailed argument of HRIS’ importance in the current scenario.
Covid-19 is affecting every sector of society. It is expected that Covied-19 will remain there for some more months. Being in the Core Management of Galaxy Technologies (a software technology park), of almost 60 employees at different levels. you have to plan your Human Resources. What do you see in 6 months or so? And perform the given tasks:
- Forecast your Human Resource demand in July 2021. (use all the forecasting methods). Compare it with the labor supply and take necessary action. (in case of labor shortage, and in case of labor surplus)
- Explain the Human Resource Information system. Explain its functions and give a detailed argument of HRIS’ importance in the current scenario.
As covid-19 is spreading all over the world day-by-day, its impact on societies is increasing. It is affecting societies, business organizations, and all other areas. In this current covid-19 situation, human resource planning is a tough task because the absenteeism rate, resignation rate is increasing, and also because of the fear of covid-19, people do not agree to work from the office. Mostly looking for work from home opportunities. Human resource planning is defined as the process of planning the human requirements in an organization.
Human resource demand forecasting is defined as the process of estimating and determining the future needs for human resources in the organization. The quality of human resources should also be good so that they can contribute to increasing the productivity of an organization. The HR demand forecast depends on several factors, such as:
- Productivity
- Employment Trends
- Absenteeism
- Replacement Requirements
- Employment Requirements
Methods of HR demand forecast
1). Managerial Judgement
This technique is based on managerial judgment. It involves two approaches- Top-down approach & Bottom-up approach. Under the top-down approach, top management forecasts the demand for human resources for all departments and send this to all departmental managers for their approval. In the bottom-up approach, the line manager and supervisor send their human resource requirements to the top management and top management forecasts based on the needs provided by departmental heads or managers.
2). Work-Study Method
This method is based on the study of work-load and can easily apply where the work is measurable in the organization. This method is based on the hours needed per employee to produce particular units. Basically, this method is based on the productivity and contribution of each employee in production.
3). Ratio-Trend Analysis Method
The ratio-trend analysis method helps in forecasting the HR demand based on the ratio of annual production level with the employees available in the company.
For example- no. of employees are=60
Estimated production(development) for next year= 1200 units
So, the number of employees needed= (Based on ratio-trend 1:60) will be=1200/60=20
4). Delphi Method
Delphi method is also known as the expert's opinion method because, in this method, the forecasting for human resource is estimated by a group of managers or experts. They collect all human resource requirements for the organization, summarize that data, and prepare a report based on that data. This process continues until all the managers agree on the estimated demand for human resources.
On comparing the demand forecast for human resources with labor supply, in case of labor shortage, the company should focus on its hiring strategy or should hire and retain the star employees of the organization. And in case of labor surplus, the company should hire highly skilled or experienced professionals to fulfill that requirement.
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