The case of Greek banks in recessionary times The global financial crisis is described as the deepest the world has experienced since the stock market crash in s. This has led to a liquidity shortfall and solvency problems for most banking systems across the globe
For instance, the understaffing could cause existing employees to experience a great deal of stress as they attempt to meet additional demand without adequate resources and assistance. If required Human resource management research paper is not getting done, the firm ultimately may experience an increase in back orders, which could cause a decrease in customer goodwill, an increase in competition, and a loss of market share.
When engaged in human resource planning, a company derives its human resource needs by first forecasting its demand for human resources i. The difference between the two forecasts signifies the firm's HR needs.
For example, if a firm estimates that it will demand 12 accountants during the next fiscal year and expects to retain its supply of nine who are already on staff, its HR need would be to hire three additional accountants. Following is a closer look at how a company can determine its HR needs and devise plans to meet them.
There are two general approaches to demand forecasting: Using a statistical approach, an organization predicts its needed workforce size on the basis of certain business factors.
A business factor is an attribute of the business, such as sales volume or market share, which closely relates to the size of the needed workforce. For example, a hospital could use the business factor of projected patient load to predict the number of nurses it would need at some point in time.
A statistical approach to demand forecasting typically is used when an organization operates in a stable environment, where an appropriate business factor can be predicted with some degree of certainty. For example, a statistical approach may be appropriate for a hospital located in an area with little population growth.
Organizations operating in less stable environments e. The most commonly used statistical methods of demand forecasting are trend, ratio, and regression analysis. In trend analysis, the future demand for human resources is projected on the basis of past business trends regarding a business factor.
An example of a trend analysis is illustrated in Exhibit 1, which depicts the relationship between a business factor namely, sales volume and workforce size. Ratio analysis is the process of determining future HR demand by computing an exact ratio between the specific business factor and the number of employees needed.
It thus provides a more precise estimate than trend analysis. For instance, the demand for professors at a university could be forecast on the basis of the student-faculty ratio. Suppose that a university has 10, students and professors; the student-faculty ratio is thus 10, This ratio means that for every 20 students, the university needs 1 professor.
This is in addition to any hiring needed to fill vacancies from existing faculty who might leave in the meantime. Regression analysis is similar to both trend and ratio analyses in that forecasts are based on the relationship between a business factor and workforce size.
However, this method is more statistically sophisticated. Using statistical software, the analyst first creates a scatter diagram depicting the relationship between the business factor and workforce size.
The software can then calculate a regression line, which cuts right through the center of the points on the scatter diagram. The regression line is mathematically determined using a formula found in most statistical texts.
By inspecting values along the regression line, one can see how many employees are needed at each value of the business factor. Both ratio analysis and regression analysis are aspects of human resource management systems HRMS packages, and therefore provide the business with the capabilities to calculate more accurate and timely forecasts.
An example of how regression analysis can be used to project HR demand is shown in Exhibit 2.
In this example, the figures used in the trend analysis Exhibit 1 are now depicted in the form of a scatter diagram. The line running through the center of the points plotted on the scatter diagram is the regression line.
One would start at the point on the X axis reading "10," and then move up vertically until reaching the regression line. The value on the Y axis corresponding to that point i.BHR , Human Resource Management 4 Be sure to include the following information in your paper: Provide a brief description of the selected court case/lawsuit.
Human resource management is a method of management that links people-related activities and is the organisational function that concerned obtaining, organising, . Majors and concentrations. At Colorado State, there are two primary methods you can explore your passions: majors and concentrations.
A major is the degree you will earn at graduation, while a concentration focuses on a specific field of study related to a major. ii FOREWORD The quality of human resources is a critical factor in the capacity of the government to deliver on its mandate.
Human Resource Management. WGU’s accredited online human resources management bachelor’s degree program offers a respected, flexible, affordable education for business professionals. The University of Maryland, Baltimore (UMB) is the state’s public health, law, and human services university devoted to excellence in professional and graduate education, research.