1. Part of forecasting a firm's labor supply requires an understanding of current and future skill and competency trends in the labor market. Compare and contrast forecasting the internal labor market and the external labor market. Be certain to discuss key components used within each process.
2. There are many external sources of information that firms can tap into to forecast the demand for their product. Discuss the five most common types of information that can be used to evaluate general business trends in the economy. Provide an example for each.
3. Within staffing planning, there are three questions that need to be addressed. Identify and discuss each question and its components in detail.
4. Discuss the workforce planning process. After discussing each step, explain what would happen if an organization did not follow the workforce planning process. Explain from the perspective of the employer and the employees.
Forecasting the internal labor market allows HRM to analyze the availability of human capital within the organization. It’s done by calculating the availability of employees through transfer (project change), promotions, recall of laid employees, etc. Forecasting the external labor market attempts to understand the current and future competency trends in the
