Human Resources - Exam 2 Study Guide with Complete Solutions

Human Resources - Exam 2 Study Guide with Complete Solutions Labor forecasting - Answer-The attempts to determine the supply of and demand for various types of human resources to predict areas within the organization where there will be future labor shortages or surpluses. Statistical forecasting - Answer-Much more precise and data driven, but they lack the unique insight offered by individual measured. Depends on accurate data from previous time frames. Trend analysis - Answer-An examination of multiple years or periods of data to extrapolate a general trend in sales or revenue. Leading indicators - Answer-An objective measure that accurately predicts future labor demand such as general economic conditions, competitor strategies, and technology. Labor supply - Answer-A detailed analysis of how many people are currently in various job categories, and how much output they are capable of producing. Determined by a detailed analysis of internal movements caused by transfers, promotions, turnover, retirements, etc. EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER, 2024 Page 2/15 Labor demand - Answer-Derived from a product / service being demanded and is external in nature. Transitional matrix - Answer-Identifies employee movements in different job categories over time to chart historical trends and help forecast internal labor supply. Strategies for dealing with labor shortage - Answer-Overtime - fast, high revocability Temporary employees - fast, high revocability Outsourcing - fast, high revocability Retrained workers - slow, high revocability Turnover reductions - slow, moderate revocability New external hires - slow, low revocability Technological innovation - slow, low revocability Strategies for dealing with labor surplus - Answer-Downsizing - fast, high suffering Pay reductions - fast, high suffering Demotions - fast, high suffering Transfers - fast, moderate suffering Work sharing - fast, moderate suffering Hiring freeze - slow, low suffering Natural attrition - slow, low suffering EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER, 2024 Page 3/15 Early retirement - slow, low suffering Retraining - slow, low suffering Advantages of temporary workers - Answer-1. Free a company from administrative tasks and financial burdens. 2. Often times tested and trained by a temporary agency. 3. Many bring an objective perspective and experience. Workforce utilization analysis - Answer-A comparison of the proportion of workers in protected subgroups with the proportion that each s