Forecasting The Organisations Future Business Essay

Published:

Human resource planning has traditionally been used by Hatton National Bank to ensure that the right person is in the right job at the right time. It involves forecasting the organisations future, it establishes objectives and implements programmes, (this is named as man power). Human resource planners involve themselves in more programs to serve the needs of the business and even influence the direction of the business.

Human Resource Planning includes gathering data that can be used to evaluate the effectiveness of on going progress.

Human resource planning relates people to the mission, vision, goals and objectives of the organisation. A key purpose of HNB human resource planning is to get the right number of people with the correct skills, experience and competencies in the right jobs at the right time at a right cost.

Functions of Human Resource Management

Human resource planning refers to the planning of human resource functions, or in other words planning now human resource management will be executed. The HNB Human Resource Management include the following;

Lady using a tablet
Lady using a tablet

Professional

Essay Writers

Lady Using Tablet

Get your grade
or your money back

using our Essay Writing Service!

Essay Writing Service

Training and development

Recruitment and Selection

Keeping staff records confidential

Hiring , motivating in order to improve staff welfare

Human resource planning refers to the development of plans mentioned in the above areas. These particular needs should be accomplished by the process of human resource planning in Hatton National Bank effectively and efficiently.

Need of Human Resource Planning

An essential ingredient in an organisation due to the following reasons;

Labour laws that affect the demand and supply of labour

The shortage of employees, changes in technology.

Advantages of HRM planning in HNB

Human Resources can be utilized efficiently and effectively

Employee development can be ensured

Recruitment and selection can be done in an organised manner

Steps of Human Resource Planning

Implementation of Human Resource plan

Forecasting future demand and supply of labour

Identification of organisational behaviours

Above two companies follow the below step in order to full fill their HRM planning information

Step 1 -From personal records analysis of current staff in organisation and past trends

Step 2 - From corporate plans of the enterprise in staffing terms

Step 3 - Examination of the matches or mismatches between these two projections and identification of critical shortfalls or surpluses of labour.

Step 4 - Evaluate alternative approaches to dealing with these.

Step 5 - Selection of best alternatives and implementation as the human resource plan with suitable monitoring and review procedure

(EDIT THIS INFORMATION BECAUSE THIS INFORMATION ABOUT STANDARD CHARTERED BANK IS EASILY FOUND ON THE INTERNET, SO MAKE SURE YOU DON'T GET CAUGHT FOR PLAGIARISM)

4.1 Human Resource Planning:

HR planning is a process , which anticipates and maps out the consequences of business strategy on an organization's human resources. This is reflected in planning of skill and competence needs as well as total headcounts. Every organization needs to be able to forecast and plan for its future people requirements.

At Standard Chartered Bank , human resource planning involves forecasting the numbers of people which will needed by the bank , and then working out the best way of obtaining then as and when they are needed.

Forecasting:

Forecasting is the major function of the bank's HR department. The forecasting activities include:

Workforce numbers in sufficient detail to be useful.

Likely changes to the work of the bank.

work force supply - this involves forecasting the variations in the current work force estimated to occur over the following years.

impact on budgets and funding.

4.1.2 Who 's responsible for it?

It's easy to shift responsibility and say that personnel and human resource departments should carry out HR planning , but it should be the concern of every manager. As the Bank operates in a dynamic environment where new and advanced practices are frequently emerging resulting in changing customer's requirements.

4.1.3 Good Practice Indicators:

Standard Chartered Bank makes sure that effective human resource planning process are in place when

Appropriately skilled people are available to be deployed in the Bank's to meet forecast work demands.

Lady using a tablet
Lady using a tablet

Comprehensive

Writing Services

Lady Using Tablet

Plagiarism-free
Always on Time

Marked to Standard

Order Now

The Bank's structure provides with opportunity for appropriate career development , and is perceived to contribute to effective and efficient work practices.

Relevant workforce data is readily available to inform management decision making on human resource issues.

Standard Chartered Bank 's Structure:

The Bank's structure is the means by which the work is integrated to ensure that the objectives and activities of individual work teams and departments match the overall goals.

The structure of the Bank provides scope for the flexible deployment of people and to promote equity, job satisfaction, motivation and commitment to goals; as well as providing access to career development.

Workforce Analysis (Supply and Demand)

The effective collection and analysis of workforce statistics trends in the workforce to be considered with the specific requirements for skilled and qualified people to meet the corporate aims to be kept in mind.

Workforce statistics and analysis support Bank's efficiency and effectiveness by providing a firm basis for human resource planning. Any information gathering systems in place should support manages and be responsive to their needs as well as being easily accessible in the workplace.

ANALYSIS : HR Planning:

HR Planning process consists of forecasting , goal setting and strategic planning, and program implementation and evaluation.

HR managers should attempt to ascertain the supply of and demand for various types of human resources. The primary goal is to predict areas within the organization where there will be future labor shortages or surpluses.

As the Bank operates in a dynamic environment where new and advanced practices are frequently emerging resulting in changing customer's requirements. Not only this , the demands on existing staff resources fluctuate in order to maintain the provision of services, it becomes even more critical that all managers contribute to HR planning in a structure way.