MANA 3320 Lecture 5 Outline of Last Lecture I Job analysis II Methods to designing a motivating job III Redesigning a job IV Designing a job to encourage creativity Outline of Current Lecture V HR Planning process VI There are different ways to eliminate a labor surplus and avoid a labor shortage and their pros and cons need to be considered VII Downsizing has major disadvantages and when necessary needs to be managed carefully to avoid negative consequences VIII There are a variety of different ways to recruit human resources IX It is important to connect HR planning and recruiting to an organization s strategy to develop a complete talent management program Current Lecture Human Resource Planning like budgeting planning for the future Step 1 Forecasts of labor surplus or shortage Step 2 Goal setting and strategic planning what can be done to minimize surplus or avoid shortage plan for market fluctuations or declines These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute When you foresee a shortage or surplus you have multiple options Understanding and weighing pros and cons makes this a decision making process Downsizing Advantage Immediate effect on reducing costs Disadvantage Downsizing simply for the reason of reducing costs often hurts long term organizational effectiveness Causes High turnover rate Employees suffer punished for something that wasn t their fault Morale of remaining employees is lowered lose talented irreplaceable employees who decide to quit to avoid layoff Incurring higher costs when rehiring disrupts the social dynamic within the organization damages morale over job security damages reputation as a responsible employer Downsizing done right pay cuts hopefully temporarily reduce hours early retirement phased retirement programs transferring to other positions within the company Manage downsizing appropriately Video of the office You don t want to worry people start rumors 1 Fully inform employees disadvantages to not informing employees questioning employees rumors everyone things it s going to be them employees will start looking for a job no matter how quiet the top management tries to be employees will find out cannot hide everything people will think it s worse than it is hurts productivity sudden lay off will shock employees grievance and dissatisfaction amongst remaining employees 2 Lay off appropriately based on performance get rid of least desired employees not most talented 3 Provide explanations to employees who are leaving treat them with respect and offer job relocating services 4 Refocus and rebuild morale for remaining employees Recruiting encourages high quality applicants to apply REFERRALS ARE THE TOP CHANNEL OF FINDING EMPLOYEES Talent Management HR planning and recruiting must be tied to an organizations strategy to develop a complete program of talent man Reduced work hours early retirement or phased retirement programs retraining and transferring to other positions Second manage the downsizing process appropriately 1 Fully inform employees video example The office A question to ponder What are the disadvantages of not informing employees 2 Use fair criteria that are performance based 3 Provide explanations to employees who are leaving treat them with respect and offer job relocating services 4 Refocus and rebuild morale for remaining employees Step 3 program implementation and evaluation Yahoo Talent Management Video Human capital Firms have a problem attracting and keep good employees Talent Management according to yahoo 1 Talent management is a top priority 2 approach and commitment 3 HR plays a strategic role 4 develop a story a company mission and values get people excited about the company 5 understand why people come stay and leave minimize the negative