Explain the relevance of Human Resource Planning in an industry?

Essay by Vandana1University, Master'sC, February 2007

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In today's competitive business market, it is very important to remember how effective planning and development play an important role in the overall success of the organization. Planning is vital part of any department of the organization whether it is the operations department or the marketing dept if planning doesn't take place than objectives will not be achieved in an appropriate manner. Then why not Human Resource Planning, because the true value of any company in any economy is its people. It is HRP, which helps the management to ensure that they have the right amount and quality of employees needed for the present and future taking into account the HR factors such as employment trends, labour turnover and skills shortages. Part of HR planning is the collection and analysis of this data in order to make decisions on the organisations plans. Successful HR planning in an organisation will ensure that the right people fill the right vacancies at the right time.

The rate of change facing organizations has never been greater and organizations must absorb and manage change at a much faster rate than in the past. In today's organisations, the primary assets of a business are the talents of its people, not the tangible and financial assets that make up balance sheets. The cost of finding key talent and replacing key staff that leave is expensive and time consuming. Therefore it is necessary to have an effective HR Strategy or plan.


Describing Human Resource Planning?

Human Resources planning is the development of a comprehensive staffing strategy that meets the organisations future human resources needed. When applied to management selection it ought to ensure recruitment of the right people for the right jobs at the right time. Rather than fill posts when they fall...