Human resource planning is the systematic forecasting of the existing supply of and future demand for employees. It also involves strategically deploying their skills to meet the goals and objectives of the business. The goal of HR planning is ensuring an ideal fit between jobs and workers and circumventing labor surpluses or shortages. Balancing predicted labor markets, analyzing existing labor supply, and forecasting work needs are the three essential components of the HR planning process. By combining human resource management systems and strategies, HR planning facilitates achievement of the overall mission, strategies, and success of the organization while satisfying obligations to employees and other stakeholders.
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