What suggestions would you make to improve forecasting if the results were way off?
STAFFING CLASS
Although forecasting is rarely exact, many still see it as a vital tool for organizations to utilize. What suggestions would you make to improve forecasting if the results were way off? What if forecasting led the organization to over staff by 20 people, now they are faced with lay-offs. How could something like this be prevented?
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Forecasting is a part of strategic staffing. It involves evaluating current and future staffing needs. There many factors that can affect a firm’s labor demand. Being aware of these factors and how they affect the labor supply and demand can help an organization be prepared. Employers should be mindful to forecast both their internal and external labor needs. While forecasting is not exact, it can help organizations be prepared to meet their business goals. Forecasting is a process that with details that will need to be revised from time-to-time. (Phillips & Gullly, 2015)
Without forecasting, employers would be left to their best guesses. They would not have statics to backup their desires to hire new employees. Employers may be shocked to find out that 20% of their workforce plans on retiring within three years. There are different tools used that helps employers be aware of their staffing needs. (Phillips & Gullly, 2015)
Some companies have a high level of growth in as short amount of time. The employer may not know if the growth is a temporary demand or if it will be sustained. Because the employer wants to meet expectations, they may hire contingent employees. These employees are temporary and could become regular employees if business needs them long term. Employers often use contingent employees to avoid having to lay off employees at a later time. Companies that have seasonal needs will often use contingent employees as well. (Phillips & Gullly, 2015)
Phillips, J. M., & Gully, S. M. (2015). Strategic staffing (3rd ed.). Upper Saddle River, NJ: Prentice Hall.
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Forecasting is not exact, but the results are divided into three categories, depending on how likely they are to happen: low, probable and high estimates. Although not exact, the events that find themselves in the high estimates category are very likely to happen. Forecasting helps determine various patterns in staffing, needs that the employees have and more. It can also be used to determine various long-term needs of a company, especially when it comes to recruiting, training and promoting various employees. By better understanding the current needs and the future needs the company or the employees may have, blockages and an increase in the turnover rate can be avoided. Some of the factors that the company has to consider are internal ones (current staffing ratios, turnover rates) and external ones (the economy as a whole, the competitors and more).
Contingent workers can analyze the past and present of a company and provide estimates for the future. At the same time, contingent workers can be hired temporarily and fulfill the positions that are vacant. This helps the company avoid having to hire employees, train them only to let them go sometime later because they fulfilled their role within the company.
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