HRM – Planning
Human Resource Planning (HRP) is the process of foreseeing the requirement of human resources in an organization. The objective is also to determine how the existing human resources best fit in their jobs.
Thus, it focuses on the basic economics concept of demand and supply in the context of the human resource capacity of an organization.
Components of HRP
The following are the components of human resource planning −
Current HR Supply
It involves a comprehensive study of human resource strength in the organization with respect to the numbers, skills, talents, competencies, qualifications, experiences, age, tenures, performance ratings, designations, grades, compensations, benefits, etc.
At this stage, the consultants may organize extensive interviews with the managers to understand the critical HR issues they face and basic workforce abilities as crucial for various business processes.
Future HR Demand
All the known HR variables like attrition, lay-offs, foreseeable vacancies, retirements, promotions, pre-set transfers, etc. are considered while selecting future HR demand. Further, specific unknown workforce temporaries like competitive factors, resignations, abrupt transfers or dismissals are also involved in the scope of analysis.
It is important to understand the business strategy and the objectives of the organization in the long run so that the workforce demand forecast is aligned to the organizational goals.
HR Sourcing Strategy and Implementation
Sourcing strategy and implementation may involve conducting interaction programs with employees, relocation, talent acquisition, recruitment and outsourcing, talent management, training and coaching, and revision of policies. The plans are then executed taking into confidence the mangers so as to make the process of execution smooth and efficient.
Even though HR Planning sounds quite simple as a process of managing the numbers in terms of human resource needs of the company, the actual exercise may include the HR manager to face many roadblocks owing to the effect of the current workforce in the company, pressure to meet the business objectives and prevailing workforce market condition.
Thus, a properly conducted process of HR Planning by an HR Consulting company helps the company in meeting its aims and objectives in a timely manner with the right HR strength in action.