University of Florida

HUMAN RESO TECH 3233

Supply forecasting and Succession Planning

Human resource planning is a crucial process involving the identification of current and future needs of an organization’s workforce necessary to accomplish its goals (Li, Liu & Li, 2018). The HR planning acts as a link between the strategic plan of the company and the human resource management. Therefore, the plan entails undertaking forecasting with the intention of determining the supply as well as demands of the manpower needs in the future (McBey & Belcourt, 2004). For forecasting purposes, this paper looks at the literature review of labor and employment statistics in the health care industry. It also explains the importance of literature review to the HR planner and examines how the information facilitates succession planning. Lastly, the paper focuses on reasons for identifying personnel future requires and results of not undertaking the necessary forecasting.