With the use of relevant examples, identify and explain specific objectives of human resource planning
1) Attract and retain top talent: One objective of human resource planning is to attract and retain the best employees for an organization. By forecasting the organization's future staffing needs, HR can identify any skill or talent gaps that may exist and develop strategies to attract and retain individuals with the necessary skills and qualifications. For example, if a company plans to expand its operations to a new country, HR can use workforce planning to identify the required skills and cultural knowledge needed for success in that market, and implement recruitment and retention initiatives accordingly.
2) Develop a diverse workforce: Another objective of human resource planning is to create a diverse workforce that reflects the demographics of the organization's client base or society as a whole. This involves proactively implementing strategies to recruit and retain employees from different backgrounds, ethnicities, genders, and abilities. For instance, a company operating in a multicultural city may use workforce planning to assess its current employee composition and develop initiatives such as targeted recruitment campaigns or diversity training programs to promote inclusivity and diversity within the organization.
3) Succession planning and talent development: HR planning aims to identify and develop internal talent to ensure smooth leadership transitions and the long-term success of the organization. By identifying potential successors and developing their skills and competencies, a company can reduce the risk of a leadership gap and maintain continuity. For example, a large multinational corporation may use workforce planning to identify high-potential employees and provide them with targeted training, mentoring, and career development opportunities to prepare them for future leadership roles.
4) Cost optimization: Human resource planning also aims to optimize costs associated with employee recruitment, training, and turnover. By forecasting the organization's future staffing needs, HR can proactively plan employee training programs to address skills gaps and avoid last-minute hiring decisions that may lead to higher recruitment costs. Additionally, HR planning can help identify strategies to reduce employee turnover rates, such as improving employee engagement initiatives or implementing flexible work arrangements, thereby reducing recruitment and training costs.
5) Adapting to changes in the business environment: Organizations need to be agile and responsive to changes in the business environment. HR planning plays a crucial role in helping organizations adapt by aligning the workforce with the changing demands and priorities of the business. For example, if a company decides to shift its focus from physical retail to e-commerce, HR planning can help identify the required skills for this transition, such as digital marketing or data analytics, and develop initiatives to recruit or retrain employees with these skills.
In conclusion, human resource planning serves various objectives such as attracting and retaining top talent, developing a diverse workforce, succession planning and talent development, cost optimization, and adapting to changes in the business environment. These objectives help organizations effectively manage their human resources, aligning them with the strategic goals of the business.