QS Study

Factors affect in measuring the Human Resource Demand

Human Resource Management is the set of activities reaching to procuring, developing, maintaining, and utilizing a group of people for the proper functioning of organization activities and achieving goals. Human resource demand forecasting is the process of estimating the future quantity and quality of people required. It is the process of estimating the future human resource requirement of right quality and right number.

Followings are the demand forecasting techniques:

(a) Expert: Organization can appoint an expert for forecasting demand.

  1. Informal and instant decision: a manager can take decision wants.
  2. Formal expert survey: Can arrange a formal survey to know the demand.
  3. Nominal group technique: Sit together, analysis and then take a decision whether have a demand or not.
  4. Delphi technique: The Delphi method is a structured communication technique, originally developed as a systematic, interactive forecasting method which relies on a panel of experts. The experts answer questionnaires in two or more rounds.

(b) Trend analysis:

  1. Extrapolation: Decide on the basis of past data.
  2. Indexation: Growth decision on the basis of interrelated past data.
  3. Statistical analysis: Use statistical method other than above two methods.

(c) Others

  • Budget and planning analysis: Recruit according to the budget of the company.
  • New venture analysis: Does the company has the plan to go for a new venture or not.
  • Computer model: Using mathematical methods.