Human Resources Forecasting

Human Resources Forecasting

Human resources are critical in running operations efficiently and effectively in a given organization. There is a need to manage them well via many functions that dictate the domain.  An effective plan and strategy must be in place for success in any function. Hiring personnel is the first direct step in Human resource management (HRM), but some are necessary predecessors. An important approach to HRM is forecasting the need to hire and when to do it. There are various forecasting techniques, but we use two methods; personnel are hired based on the growth of the organization and whenever necessary.

The organization prioritizes making effective and strategic decisions in HRM. It is also important for the organization to better understand the industry in the present and its projected trends (Scheffler et al., 2018). It helps identify where and when to strategically adjust inputs for superior efficiency and performance. There are times when tasks and their difficulty significantly increase while performance is on a plateau phase. A compromise to increase the workforce is then necessitated to ensure the organization does not fall back in production. The HRM department evaluates performance and trends to predict these periods. The evaluation yields forecast on when to hire and how much.

The organization constantly performs evaluations and audits to provide feedback on progress and growth. Growth within the organization is defined by financial gain, which dictates an increment incapacity. Growth and expansion dictate capacity increase by adding more inputs. They also coincide with when hiring new employees is necessary. We hire during these periods to ensure no operational bottlenecks in the organization. Forecasting growth relies on continuous analytics and projection of operations. Growth predictions are made based on trends and how the company has performed with respect to the underlying conditions in the industry.

Reference

Scheffler, R. M., Campbell, J., Cometto, G., Maeda, A., Liu, J., Bruckner, T. A., ... & Evans, T. (2018). Forecasting imbalances in the global health labor market and devising policy responses. Human resources for health, 16(1), 1-10.