Human Resource Planning PDF

HUMAN RESOURCE Overview, Objectives, Significance, Need, PLANNING: Models of Business Strategy, Strategic HR Planning Model INTRODUCTION TO HUMAN RESOURCE PLANNING (HRP) Definition of HRP Importance of HRP in organizations...

HUMAN RESOURCE Overview, Objectives, Significance, Need, PLANNING: Models of Business Strategy, Strategic HR Planning Model INTRODUCTION TO HUMAN RESOURCE PLANNING (HRP) Definition of HRP Importance of HRP in organizations OBJECTIVES OF HRP Ensure right number of employees Match skills and job requirements Forecast future HR needs Enhance employee development Support organizational strategy  SIGNIFICANCE OF HRP Helps in recruitment and selection Reduces labor costs Enhances productivity and efficiency Supports strategic planning Mitigates risks related to human resources NEED FOR HRP Adapting to market changes Managing workforce diversity Coping with technological advancements Ensuring succession planning Meeting legal and regulatory requirements MODELS OF BUSINESS STRATEGY Porter’s Generic Strategies: Cost Leadership, Differentiation, Focus BCG Matrix: Stars, Question Marks, Cash Co ws, Dogs SWOT Analysis: Strengths, Weaknesses, Opportunities, Threats PESTLE Analysis: Political, Economic, Social, Technological, Legal, Environmental PORTER’S GENERIC STRATEGIES: COST LEADERSHIP, DIFFERENTIATION, FOCUS
BCG MATRIX BOSTON CONSULTING GROUP Strengths

1. What is our competitive Weaknesses

advantage?
1. Where can we improve?
2. What resources do we have?
2. What products are 3. What products are performing underperforming?
well? 3. Where are we lacking resources? Threats

Opportunities

1. What regulations are changing?
1. What new technology can we use?
2. What are competitors doing?
2. Can we expand our operations?
3. Ho w are consumer trends 3. What new segments can we test? changing? Process of SWOT analysis Step 1: Determine Your Objective Step 2: Gather Resources Step 3: Compile Ideas Step 4: Refine Findings Step 5: Develop the Strategy STEPS IN STRATEGIC HR PLANNING Assessing current HR capacity Forecasting HR requirements Gap analysis Developing HR strategies to support organizational goals Implementing HR plans Monitoring and evaluation STRATEGIC HR PLANNING MODEL Environmental Scanning: Internal and external analysis Labor Demand Forecasting: Estimating future workforce requirements Labor Supply Forecasting: Assessing internal and external labor supply Gap Analysis: Identifying the difference between demand and supply HR Action Plans: Recruitment, training, development, succession planning CHALLENGES IN HRP Rapid market changes Technological disruptions Workforce diversity Globalization Legal and regulatory issues BENEFITS OF EFFECTIVE HRP Optimized resource allocation Better talent management Improved organizational performance Enhanced employee satisfaction Competitive advantage Importance of integrating HRP with business strategy Alignment of Goals: Improved Decision Making Optimized Resource Allocation: Increased Competitiveness: Sustainability and Gro wth: Future trends in HRP Data-Driven HR: Artificial Intelligence and Automation: Remote and Hybrid Work Models: Wellness and Mental Health: HR as a Strategic Partner: