HR Supply Forecast

Question

Briefly explain HR Supply Forecast?

Answer 1

Supply forecast concludes whether the HR department will be able to obtain the required number of workers. Supply forecast measures the number of people likely can be available from within as well as outside of organization, afterward providing stipend for absenteeism, interior schedules and upgrades, wastage and changes in hours, and other conditions of work. Supply forecast is required because it is needed as it:

1. Helps to quantify the number of people and positions expected to be available in future to help the organization realize its plans and meet its objectives

2. Helps to clarify the staff mixes that will arise in future

3. It assesses existing staffing in different parts of the organization.

4. It will enable the organization to prevent shortage of people where and when they are most needed.

5. It also helps to monitor future compliance with legal requirements of job reservations.

Supply analysis covers the existing human resources, internal sources of supply and external sources of supply.