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Assignment Mu0010 Mba 3 Spring 2014-

ASSIGNMENT DRIVE: SPRING 2014 SIKKIM MANIPAL UNIVERSITY-DDE Master of Business Administration-MBA Semester III Subject: - MANPOWER PLANNING AND RESOURCING - 4 Credits Subject code: MU0010 (Book ID – B1765)
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  1 ASSIGNMENT DRIVE: SPRING 2014   SIKKIM MANIPAL UNIVERSITY-DDE Master of Business Administration-MBA Semester III Subject:  - MANPOWER PLANNING AND RESOURCING - 4 Credits Subject code:  MU0010 (Book ID  –   B1765)   ---------------------------------------------------------------------------------   Q. No. 1 . What do you mean by forecasting? Describe the various types of  forecasts? 10   Explain the meaning of forecasting 3   Explaining the types of forecasts 7 Ans: - Manpower forecasting is the first step or feature of the entire manpower planning activity . Forecasting   is the process of making statements about events whose actual outcomes (typically) have not yet been observed. 'Need' refers to the number of people required to provide an ideal level of service. What is ideal is never achieved, because of structural, technological and other constraints. 'Requirements' are the functional composition of employment that will be necessary to produce goods and services within a specified timeframe to achieve social, cultural; economic and technological targets. 'Forecasts', on the other hand, refer to a prediction of the outcome when normal course of events are influenced and altered by external forces. Forecasts usually take into account both the projections and the estimates. For example, forecasts at the macro level could result in a statement of what would happen if economic growth was deliberately manipulated by government policy HR forecasting constitutes the heart of the HR planning process, and can be defined as ascertaining the net requirement for personnel by determining the demand for the supply of human resources now and the future. The success of HR plans depends on the accuracy of HR forecasting. Types of forecasts  Having understood the objectives of manpower forecasts one needs to know that manpower forecasts could be categorized differently, depending on the purpose for which forecasts are made. Some of the major types of forecasts are briefly described here. 1) Short-Term Forecasts Short-term forecasts are very useful at the micro-level or we can also say company level, e.g., a chain hotel makes financial statement for its expenditures keeping in view both the ongoing projects and the projects in the pipeline. The financial provisions have to be made for both the expected and unexpected expenditures. Short-term forecasts are  2 usually made for a period not exceeding two years aiming to facilitate estimation of financial provision for wages/salaries in the programmes/projects initiated. 2) Medium-Term Forecasts For most countries medium term is about two to five years - the horizon for planning. Medium term forecasts are useful in those offices where manpower is concerned with advising ministers or preparing contingency plans to meet the 'twists and turns of economic circumstances or international events'. 3) Long-Term Forecasts Forecasts for a period more than five years are considered as long-term forecasts. These forecasts are useful in educational planning, particularly relating to the highly skilled professional categories of manpower. They are also useful in the preparation of corporate plans incorporating productivity changes, technological changes and major organisational developments. 4) Policy Conditional Forecasts Policy conditional manpower forecasts are those which are determined by the policy towards the factors which influence the demand for manpower. Such manpower forecasts may be based on a rule of thumb, or on professional judgement, or on an explicitly specified model or any combination of the three. 5) Optimising Forecasts Optimising manpower forecasts are those which are obtained as solutions to an optimising model in which numbers demanded of various categories of manpower are so determined that either the end benefits are maximised, or cost of resources used in achieving a pre-determined end objective is minimised. 6) Macro and Micro Forecasts:- Macro forecasts are done usually at the national, industry sector and region state levels whereas Micro forecasts are made at the enterprise or department level. Macro manpower forecasts are used for planning, education and training facilities as well as to make decisions regarding choice and location of industries for development whereas Micro manpower forecasts are needed primarily for planning recruitment, promotion, training and counselling in accordance with the plan for the development of enterprise or department concerned. Forecasts at this level are, therefore, required to be in greater details as well as precise. The micro forecasts are usually expressed in terms of numbers required for each occupation, source and stage of recruitment, and scheduling of training.   Q. No. 2 What do you mean by Human Resource Accounting (HRA)?  Discuss the objectives and advantages of HRA . 1 0   Definition of Human Resource Accounting 2   Describing the objectives of HRA 4   Describing the major benefits of HRA 4    Ans: - Human Resource Accounting    :- According to, The American Accounting Association‟s committee (1973),   human resource accounting is “ the process of  3 identifying and measuring data about human resources and communicating this information to interested parties”. HRA also  quantifies the value of employees in an organization. According to Eric Flamholtz (1971) HRA is defined as “the measurement and reporting of the cost and value of people in organizational resources”.  Therefore, HRA can be defined as the process of identifying, recording, measuring human resources and communicating related financial information associated with the human resource to the interested users. HRA related information is not a statutory requirement as per the Companies Act (1956).   Objectives of HRA:- Human resource accounting is capable of helping the management in various ways it can support managerial decisions involving human resource allocation, projection and scheduling in the organization. The purpose of human resource accounting is to facilitate the managers in planning, superviing and controlling human resource in the most effective manner. The objectives of Human Resource Accounting are:    To provide cost/value information of Human Resource and associated processes to the management and assist decision making    Serve as a basis for decisions concerning the human resource of the organization.    Provide methods and standard for evaluating the worth of people to the organization effectively.    Enable effective management and monitoring of resources    To report progress or retardation of human assets    Form the base for developing management principles by reporting financial outcomes of decisions taken According to Likert (1971), HRA serves the following purposes in an organisation:    It furnishes cost/value information for making management decisions about acquiring, allocating, developing, and maintaining human resources in order to attain cost-effectiveness.    It allows management personnel to monitor effectively the use of human resources.    It provides a sound and effective basis of human asset control, that is, whether the asset is appreciated, depleted or conserved.    It helps in the development of management principles by classifying the financial consequences of various practices. Major benefits of HRA : - Apart from reporting the value of HR and HR processes, HRA also implies whether the processes are genuinely necessary and are adding value. It also highlights reducible and unnecessary costs.  4 HRA not only helps in internal decision making but also influences external decisions. It helps investors and stakeholder to make investment decisions. For instance the cost of training and development will feature under „expenditures‟ in the balance sheet; whereas the returns on investment (ROI) of training, will not feature in the balance sheet. HRA can also be deployed to gain a competitive edge over other organizations. HRA highlights the organization‟s efforts towards development of its  employees and measures the performance of Human Resource Development Function. In conclusion, the major benefits of HR accounting are:    It checks the corporate plan of the organisation. The corporate plan aiming for expansion, diversification, changes in technological growth etc. has to be worked out with the availability of human resources for such placements or key positions. If such manpower is not likely to be available, HR accounting suggests modification of the entire corporate plan.    It offsets uncertainty and change, as it enables the organisation to have the right person for the right job at the right time and place.    It provides scope for advancement and development of employees by effective training and development.    It helps individual employee to aspire for promotion and better benefits    It aims to see that the human involvement in the organisation is not wasted and brings high returns to the organisation.    It helps to take steps to improve employee contribution in the form of increased productivity.    It provides different methods of testing to be used, interview techniques to be adopted in the selection process based on the level of skill, qualifications and experience of future human resources.    It can foresee the change in value, aptitude and attitude of human resources and accordingly change the techniques of interpersonal management Q. No. 3  Define Talent Engagement. Discuss the importance and levels of Talent     Engagement 10   Definition of Talent Engagement 2   Describing the importance of Talent Engagement 3   Explaining the levels of Talent Engagement 5   Ans:- Definition of Talent Engagement ;- Talent engagement is the concept which explains the degree to which a talent (employee) is emotionally bonded to his organization and passionate about his work. Talent engagement is the level of commitment and involvement a person has towards his organization and its values. Talent engagement is creates an atmosphere for employees to go beyond job responsibilities to delight customers and promote business. It is a powerful retention strategy. The definition of a fully engaged talent might be any of the following:


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