Introduction intended goals and objectives at a required time.

Introduction

Human resource planning the main function of today’s managers is to ensure
the clear analyzing and identifying the need for and availability of human resources
so that the organization can meet its intended goals and objectives at a required
time.

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Demand
forecasting (Manpower Forecasting) is the process of estimating the future numbers of people required and the likely skills and competences they
will need. Forecasting human resource demand is the process of estimating the future human
resource requirement of right quality and right number. As discussed earlier, potential human
resource requirement is to be estimated keeping in view the organisation’s plans over a given period of time. Analysis ofemployment trends; replacement needs of employees due to death,
resignations, retirement termination; productivity of employees; growth and expansion of
organization; absenteeism and labour turnover are the
relevant factors for human resourced forecasting.

Supply
Forecasting measures the number of people likely to be available from within and outside the organization, having allowed for absenteeism, internal
movements and promotions, wastage and changes in hours and other conditions of work. The supply
analysis covers areas like: Existing number of people employed by occupation, skill and potential,
source of supply from within the condition and Effect of changing condition of
work and non-attendance.

 

Review
of Literature

Steffy & Maruer, 1988, opined that Markov
analysis done is a comprehensive model for conceptualizing and measuring the
economic effects of human resource activities drawn from work on firm-specific
human capital theory, human resources accounting, and utility analysis is
presented. New ways of modelling the economic value of human resource
activities and issues requiring empirical investigation are discussed.

 

Heneman III & Sandver, 1977, says that Markov
Analysis (MA) may be used to examine the movement of personnel into, within,
and out of the organization. After briefly reviewing and illustrating MA,
specific applications to human resource administration are suggested. Potential
limitations of MA applications may place rather stringent constraints on their
appropriateness and usefulness in human resource administration.

 

Reid & Taylor, 1989, opined that among the
various forecasting technique Markov analysis is the least used. Additional to
forecasting technique Markov analysis is used to determine the internal labour
market, audit and control, career planning and development. However the
reported application in human resource administration are limited to an
analysis of staffing policy, quantifying teacher mobility, and forming
reduction in force policy. The degree of accuracy in forecasting personnel
continuity and changes has an obvious effect on educational budget, development
and control.

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