According to Investopedia, human resource planning is a continuous process striving to achieve the optimum use of human resources or labor. Organizations look to find the best combination of jobs and employees without experiencing manpower shortages or surpluses.Know More
Organizations consider labor to be their most valuable asset. Therefore, Investopedia suggests a human resource plan be flexible enough to adapt in the near future but also be able to meet long-term objectives. Human resource planning is best exemplified by the amount of aging workers in western countries compared to the growing demand for younger and qualified labor in developing countries.
Different ways of human resource planning including competency-based management. This method requires the organization to evaluate the current human resource capacity and assess it against the capacities needed to achieve longer-term goals. Similarly, there are two stages of human resource planning mid- to large-level organizations should follow. Stage one calls for the establishment of a competency architecture and dictionary together with identifying roles and career streams for future needs. Stage two applies stage one objectives, and management is trained to facilitate human resource planning, while labor is constantly monitored for performance. The three key elements of the planning process are forecasting labor demand, analyzing present labor supply and balancing projected demand and supply.Learn more about Business Resources
Human resource planning is important as it is used to determine what person is best for a particular job. HR departments utilize various tools to ensure they select the right people. The following methods are used in human resource planning.Full Answer >
Human resources planning is a systematic approach to HR in which a company recruits and selects enough quality workers to meet future production and performance needs. In addition to hiring practices, an effective HR plan outlines training and development needs to help workers meet job, department and organizational goals.Full Answer >
The economy, as a system of resource use and distribution, is important because resources are finite. Understanding the economy is crucial to political awareness and becoming an informed citizen.Full Answer >
To write an internal audit plan, create a document that details the planning and preparation of internal audits and identifies accepted audit practices, according to Denise Robitaille, for Quality Digest. Audit plans list specific tasks that must be performed during internal audits.Full Answer >