The Term Human Resources Planning - 1128 Words

Define and explain the significance of the term ‘derived demand’ as it applies to Strategic Human Resources Planning. (5 marks) Derived demand is defined as a requirement for one product that is created due to the purchase of another product. It occurs for consumers who purchase goods for further production, because their purchases are based on the demand for their final product.[1] For example, when the demand for automobiles is high, the derived demand for steel, and all other products used to make automobiles, is also high. Should the demand for automobiles drop, so will the demand for the products used to make the automobiles. Derived demand applies particularly to strategic human resources planning in relation to labour. Demand and supply of labour interact to determine the wages and affects the allocation of labour resources in ta corporation. It involves anticipating both the need for labor and the labor supply while planning programs necessary to ensure the organization will have the right mix of employees. The demand for labour is derived form the demand for the goods and services that labour is used to produce. Additionally the demand for labour is influenced by the level of economic activity, the productivity of labour and relative cost of labour compared to Explain ‘derived demand’ as it applies specifically to Stonewall Industries. (5 marks) When the housing and construction industry experiences a downturn so too does demand for the raw gypsum additionally theShow MoreRelatedHuman Resource Planning : The Organization s Long Term Goals And Strategies Essay1082 Words   |  5 PagesStrategic Planning are the procedures for making decisions about the organization’s long-term goals and strategies. Human Resource Planning (HRP) is the process of anticipating and making provision for the movement (flow) of people into, within, and out of an organization. Strategic Human Resources Management (SHRM) is the pattern of human resources deployments and activities that enable an organization to achieve its strategic goals. Strategy formulation provides input as to what is possible givenRead MoreLimitations to Hr Planning1743 Words   |  7 Pages|James Summons Fynn (BA UAM 0033) | Question: Examine the limitation to Human Resource Planning. What you advocate as the measures for dealing with identified limitations? Definition of Human Resource Management It is proposed that we take human resource management to be that part of management concerned with: All the decisions, strategies, factors, principles, operations, practices, functions, activities and methodsRead MoreHow Strategic Management Plan And The Human Resource Planning Process1410 Words   |  6 Pagesanalyze on an ongoing basis to enhance the strategic plan of the organization. The relationship between the eight elements of the staffing process and the human resource planning process helps to determine where there may be a problem and what is needed to bring about a long-term solution. Another approach connected to the human resource planning activities is the organization‘s strategic development and implementation as charted in our text by Plunkett, Allen, and Attner, (2013). As we examine theseRead MoreLimitations to Hr Planning1688 Words   |  7 PagesHuman resource planning is the process by which the management ensures that the right number of people with the right skills is available at the right time, in the right job, in order to help the organization achieve its objectives. 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It includes hiring, firing, managing, training, developing and rewarding people within the organisation. 2.1: Analyse the business factorsRead MoreHuman Resource Management933 Words   |  4 PagesHuman Resource Planning Definition: Human Resources Planning is defined as the process of assessing an organization’s human resources needs in the light of organizational goals and changing condition and making plans to ensure that a competent, stable workforce is employed. The actual planning process will vary a great deal from organization to organization As defined by Bulla and Scott (1994), human resource planning is ‘the process for ensuring that the human resource requirements of anRead MoreWhat Is Human Resource Planning and How Does It Contribute to Achieving an Organisations Goals1742 Words   |  7 PagesWHAT IS HUMAN RESOURCE PLANNING AND HOW DOES IT CONTRIBUTE TO ACHIEVING AN ORGANISATIONS GOALS This essay discusses the importance of HR planning and the major steps of planning in order to demonstrate its importance and use: Forecasting; Inventory, Audit, HR Resource Plan, Acting on Plans, Monitoring and Control. So what is human resource planning and how does it contribute to achieving organizational goals? Human resource planning is the responsibility of all managers. HR planning links peopleRead MoreHr Planning1615 Words   |  7 PagesIMPORTANCE OF Human ResourceS PLANNING IN ORGANIZATIONS by Nyamupachari Vareta HUMAN RESOURCES ASSISTANT. DIP PM; HND DIP HRM; DIP TM (IPMZ. BRAZZAVILLE, CONGO E-MAIL: VARETAN@YAHOO.COM InTroduction Planning is very important to our everyday activities. Several definitions have been given by different writers what planning is all about and its importance to achieving our objectives. It is amazing that this important part of HR is mostly ignored in HR in most organizations because thoseRead MoreBus303 Final Paper1671 Words   |  7 PagesHuman Resources Management Reflective Paper BUS 303 Human Resource Management Reflective Paper In analyzing the concepts discussed in Human Resource Management, I have found an interesting mix of education and forethought into the role of a human resource manager. Many of the aspect of human resource management such as HR planning, recruitment and selection, as well as, human resources development and labor relations all play a significantRead MoreHuman Resource Management : The Management Of An Organization1250 Words   |  5 PagesHuman resource management is the management of an organization to build and maintain the relation between the employee and the organization in order to meet business objectives and employee expectations. The process of hiring and developing employees so that they become more valuable to the organization. Human resource management is the governance of an organization s employee. HRM is sometimes referred to simply as human resource. HRM is the process of recruitment, selection of employee, providing