MAN 6635 FINAL EXAM QUESTIONS
AND ANSWERS 100% ACCURATE
Forecasting supply & demand - ANSWER-Consider what global forces in the near
future that might affect the supply of or demand for labor
Forecasting Demand - ANSWER-Consider how much labor will we need
Benchmarking, statistical methods, subject matter experts (educated guesses)
Forecasting Supply - ANSWER-Consider how much labor will we have
Requires us to anticipate how people will move up through (and out of) the company.
We do this using a Transitional Matrix.
Also requires us to examine our business environment by asking these questions:
What's the unemployment rate?
Is that likely to change?
What is the overall size of our labor pool?
Are people training for the jobs for which we anticipate vacancies?
Surplus vs. shortage in supply and demand forecasting - ANSWER-Comparing the
results of demand and supply forecasting tells us whether we're likely to have a surplus
or a shortage.
Depending on which one we forecast, we plan to implement various strategies for
creating equilibrium.
Methods for correcting a surplus - ANSWER-Downsize
Reduce pay
Demotions
Transfers
Early retirement
Wait for natural attrition
Hiring freeze
Downsizing - ANSWER-Companies choose this strategy when:
- Attempting to reduce costs
- Closing or altering production facilities
- Outsourcing and offshoring for economic reasons
Human suffering is high
- Financial and psychological damage - Which is worse?
- Damage to future employment chances over time
- Skill erosion
Drawbacks of downsizing - ANSWER-- Often irreplaceable people are let go
, - Survivors just work harder
- Survivors become disillusioned
Methods for correcting a shortage - ANSWER-- Existing people work harder
- Use temporary employees
- Outsource
- Promote from within
- Decrease voluntary turnover
- Recruit and hire new people
Workforce - ANSWER-An enterprise's employees
Labor Force - ANSWER-The pool of potential employees from which the firm attracts
and hires its workforce
International Assignees/Expatriate - ANSWER-When parent country nationals are
transferred to another country to work in a subsidiary or other type of operation of the
MNE for more than one year, they are generally referred to as expatriates or
international assignees
Recruitment - ANSWER-Searching for and attracting qualified applicants to create an
applicant pool
Selection - ANSWER-Gathering and analyzing information about applicants in order to
select the most suitable person or persons for the job
Repatriation - ANSWER-The process of bringing an international assignee and their
family back home from foreign assignment
3 goals of recruitment - ANSWER-- Attract many applicants.
- Attract quality applicants who "fit" the position.
- Increase the likelihood of acceptances
Internal Recruitment Sources - ANSWER-For All Jobs:
- Internal Job Posting
For International Assignment Specifically:
- Global Talent Management Inventories
- In-House Global Leadership Programs
- Former/Current Expatriates
- International Succession Planning Programs
- Nominations from supervisors or other expatriates
Positives and negative of recruiting from within - ANSWER-Positives:
- Creates a well-known sample of applicants
- Reduces labor costs
AND ANSWERS 100% ACCURATE
Forecasting supply & demand - ANSWER-Consider what global forces in the near
future that might affect the supply of or demand for labor
Forecasting Demand - ANSWER-Consider how much labor will we need
Benchmarking, statistical methods, subject matter experts (educated guesses)
Forecasting Supply - ANSWER-Consider how much labor will we have
Requires us to anticipate how people will move up through (and out of) the company.
We do this using a Transitional Matrix.
Also requires us to examine our business environment by asking these questions:
What's the unemployment rate?
Is that likely to change?
What is the overall size of our labor pool?
Are people training for the jobs for which we anticipate vacancies?
Surplus vs. shortage in supply and demand forecasting - ANSWER-Comparing the
results of demand and supply forecasting tells us whether we're likely to have a surplus
or a shortage.
Depending on which one we forecast, we plan to implement various strategies for
creating equilibrium.
Methods for correcting a surplus - ANSWER-Downsize
Reduce pay
Demotions
Transfers
Early retirement
Wait for natural attrition
Hiring freeze
Downsizing - ANSWER-Companies choose this strategy when:
- Attempting to reduce costs
- Closing or altering production facilities
- Outsourcing and offshoring for economic reasons
Human suffering is high
- Financial and psychological damage - Which is worse?
- Damage to future employment chances over time
- Skill erosion
Drawbacks of downsizing - ANSWER-- Often irreplaceable people are let go
, - Survivors just work harder
- Survivors become disillusioned
Methods for correcting a shortage - ANSWER-- Existing people work harder
- Use temporary employees
- Outsource
- Promote from within
- Decrease voluntary turnover
- Recruit and hire new people
Workforce - ANSWER-An enterprise's employees
Labor Force - ANSWER-The pool of potential employees from which the firm attracts
and hires its workforce
International Assignees/Expatriate - ANSWER-When parent country nationals are
transferred to another country to work in a subsidiary or other type of operation of the
MNE for more than one year, they are generally referred to as expatriates or
international assignees
Recruitment - ANSWER-Searching for and attracting qualified applicants to create an
applicant pool
Selection - ANSWER-Gathering and analyzing information about applicants in order to
select the most suitable person or persons for the job
Repatriation - ANSWER-The process of bringing an international assignee and their
family back home from foreign assignment
3 goals of recruitment - ANSWER-- Attract many applicants.
- Attract quality applicants who "fit" the position.
- Increase the likelihood of acceptances
Internal Recruitment Sources - ANSWER-For All Jobs:
- Internal Job Posting
For International Assignment Specifically:
- Global Talent Management Inventories
- In-House Global Leadership Programs
- Former/Current Expatriates
- International Succession Planning Programs
- Nominations from supervisors or other expatriates
Positives and negative of recruiting from within - ANSWER-Positives:
- Creates a well-known sample of applicants
- Reduces labor costs
