Describe the differences among trend, ratio, and regression analysis methods
1.
Describe the differences among trend, ratio, and regression analysis methods for forecasting staffing needs, and when each might be most appropriate.
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The trend, ratio, and regression analysis help businesses identify the need for staff. Each analysis provides its own unique way of obtaining information. As a business operator it is important to examine one’s company in the short term and long-term perspective. There are a host of components that go into running a business efficiently. First by starting with a budget, the budget will have inside of it the number of employees, equipment needed, training, and other miscellaneous information. In order to get an estimate of the need the trend, ratio and regression analysis can help one identify the exact amount or estimate of the need for the upcoming year. In addition to using the qualitative method as it assists with making decisions (Galli, 2018).
The trend analysis is known as the simplest method to identify the need for staff. The method uses previous data and current data in order to see what will be needed for the future. The trend analysis is most helpful in the healthcare field where the need for staff constantly fluctuates. The ratio analysis takes previous data to predict the need in the future (Heneman, Judge & Kammeyer-Mueller, 2014). Liquidity ratios can put the company data into perspective with statistically identifying the long term and short-term goals that have been met (Johri & Maheshwari, 2015). Regression analysis is taking multiple factors from the past into consideration to predict the need for the future (Heneman, Judge & Kammeyer-Mueller, 2014).
References
Galli, B. J. (2018). Decision-Making Tools and Strategic Planning in Project Environments the Overlap of the Two Concepts. Journal of Modern Project Management, 90–107. https://doi-org.bethelu.idm.oclc.org/10.19255/JMPM01707
Heneman, H. G., Judge, T., & Kammeyer-Mueller, J. D. (2014). Staffing organizations (8th ed.). Middleton, WI: McGraw-Hill.
Johri, S., & Maheshwari, T. (2015). An Empirical Study on the Practical Efficacy of Ideal Financial Ratios. Pranjana: The Journal of Management Awareness, 18(1), 41–52. https://doi-org.bethelu.idm.oclc.org/10.5958/0974-0945.2015.00005.9
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2.
What are the four main categories of internal and external influences on staffing decision making?
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The four main categories of internal and external influences on staffing decision making (1) organization strategy, (2) organizational culture, (3) Labor Markets, (4) Technology (Heneman, Judge & Kammeyer-Mueller, 2014, p. 92). The organization strategy consists of employees. This is a process that is done with human resources, which is a need for any company. Human resource is responsible for hiring personnel for the job. The organizational culture is the company vision and mission statement. Stepping outside of where the company is on the current day and looking at the future. Organization strategy and organizational culture can be intertwined because as human resource hires an employee, the employee must be the right fit for the job. The right fit employee is important because the employee need to want to be a part of the company and have a sense of the company mission and vision statement and take pride in it. The labor market is what employers prefer for job requirements. This again can tie in with the organization strategy with the initial hiring of an employee to ensure that the job is a good match with the hiring candidate. Technology is an external influence, as technology changes so do the need for employees. In recent times technology has rapidly increased causing the need for employees to decrease. However, there is an advantage for businesses as they can take technology and tailor it to their benefit. According to the article Technology-driven service strategy, “…firms can communicate with its customers and learn from customer communication and fine-tuned based on the insights provided from customers” (Huang & Rust, 2017, p.910).
References
Heneman, H. G., Judge, T., & Kammeyer-Mueller, J. D. (2014). Staffing organizations (8th ed.). Middleton, WI: McGraw-Hill.
Huang, M.-H., & Rust, R. (2017). Technology-driven service strategy. Journal of the Academy of Marketing Science, 45(6), 906–924. https://doi-org.bethelu.idm.oclc.org/10.1007/s11747-017-0545-6
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3.
Describe the differences among job requirements, competency-based, and rewards job analysis techniques, highlighting the strengths and weaknesses of each approach.
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What is the O*Net, and how does it relate to job analysis? What are the components of O*Net, and when might an employer want to consider the information from this source?
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5.
Develop a competency-based model for an organization you’re familiar with, starting from the mission and values and going down to a few specific job titles.
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