Evaluate the following questions.

Q1 -Hi Can you write 3 things or more you learned about this chapter

Chapter6

Learning Objectives

After reading and studying this chapter, you should be able to do the following:

6.1 Describe workforce planning and its role in HR.

6.2 Identify what recruiting is and its key components.

6.3 Describe the three stages of recruitment and what takes place in them.

6.4 Explain the various aspects of diversity in recruiting.

6.5 Explain key analytical, legal, ethical, and global issues associated with workforce planning and recruitment.

Workforce planning refers to the process of determining what work needs to be done in both the short and long term and coming up with a strategy regarding how those positions will be filled (Figure 6.2). Workforce planning is linked to strategic goals in many ways. For example, if the organization is considering entering a new industry sector, it will need to understand what skills are necessary to be successful in the new industry. For example, when Future Mobility Corp (a Chinese start-up backed by Tencent Holdings) decided to enter the electric vehicle market, it needed new expertise. It decided to acquire expertise in this area by hiring the entire electric vehicle development team from BMW.3 Whether this decision was effective remains to be seen, but it is an illustration of a strategic acquisition decision.

Succession planning refers to the active forecasting of leadership needs and the strategies for filling them over time. Leadership development refers to the formal and informal opportunities for employees to expand their KSAOs. It is important to recognize that both recruitment and retention are tied to whether potential employees and existing employees perceive that there are developmental opportunities in the form of training and promotion. Thus, it is important to consider succession planning in terms of what KSAOs an employer will need, when they will need them, and how to develop employees so that transitions in leadership occur smoothly. Doing so is part of effective workplace planning. At a minimum, organizations need replacement planning to identify a minimal plan of individuals to take over top leadership roles over time. Succession planning involves both the identification and training of individuals who might serve as replacements of top leaders within the organization. Finally, succession management refers to identifying and developing successors at all levels of the organization

Workforce labor surplus (slack) refers to labor market conditions in which there is more available labor than organizations can need. Such a situation can result in high unemployment rates and make finding a job tough for individuals. This can be nationwide, or it can happen within specific regions or areas. For example, the logging industry was greatly curtailed in the Pacific Northwestern United States in the 1980s. Similarly, manufacturing jobs available have decreased in America's Midwestern states. Under such labor market conditions, the challenge becomes matching the skills needed to do the jobs with those in need of employment. Programs such as job retraining and educational reimbursements represent some ways that organizations, and at times the government, can seek to align skills in the local labor market more with local labor demands. Organizations facing a workforce labor surplus in their area or industry have an easier time finding employees to fill their positions. However, organizations must often compete for those with key skills

Talent Analysis:A talent analysis refers to actively gathering data to determine potential talent gaps, or the difference between an organization's talent demand and its available talent supply (Figure 6.4). The talent supply, more often called a talent pool, is a group of individuals (employees or potential applicants) who possess the KSAOs to fill a particular role. As you can imagine, determining the needed KSAOs comes from job analysis information. Understanding the current and future talent needs is an important aspect of this analysis, as is understanding the current internal labor pool (those who already work for an organization) and future external labor pool (those who do not currently work for an organization but who might be hired in the future). For example, Boeing uses predictive workforce modeling techniques to predict and fill talent gaps before they develop. It considers several factors such as business trends, associated workforce skill needs, internal workforce demographics such as skill populations, job levels, age and retirement eligibility, economic trends, and expected employee life cycles

Recruitment Objectives:Identifying recruitment objectives, or goals, at the start of the recruitment process sets the stage for the next steps. Objectives might include the number and qualifications and characteristics of applicants, time frame for recruitment, and how effective recruitment will be determined

Strategy Development:There are many elements of a recruitment strategy, but overall, this is where needs are articulated including whom to recruit, where to find them, how to reach them, who will interact with them, and what they will be offered to join the organization. Recruitment need refers to the results of the workforce planning process in terms of what KSAOs are needed within the organization as well as when they will be needed. Placement refers to two aspects of strategy development. First, where do we need the talent to be placed? Where in the organization are employees needed? Second, where will they be found? Will these be internal or external hires? Is the talent pool sufficient, or do steps need to be taken to develop the necessary talen

Recruitment Activities:Recruitment activities include which methods will be used, what information about the job will be conveyed, and the details of the strategy developed in the previous step. One opportunity to make recruitment more effective is to closely align the recruitment process to selection and onboarding. Many organizations focus so much time and attention on recruiting that they forget how important it is to have everyone on the same page regarding what the job entails, what is expected of new employees, and what they can expect when they enter the organization. Research shows that the more highly these are aligned, the more effectively new employees adjust to their jobs

The Role of Recruiters in the Recruitment Process:Recruiters are an important part of the recruitment process. In addition, a hiring manager is defined as the person who asked for the role to be filled and/or whom the new hire will be reporting to as his or her manager. Thus, recruiters and hiring managers are the gatekeepers of the hiring process and, in the best case, are working as partners during the recruitment process. The goal of the selection process is to obtain large pools of qualified applicants. However, recruiters and hiring managers can become inundated with large numbers of applications, overburdening hiring personnel with more applications than they can process. This can result in nonstrategic, suboptimal decision making as, in general, decisions made under tight timelines are more likely to result in little thought on the part of decision makers, and research has shown that placing increased information-processing burdens on decision makers allows biases to enter the decision-making process

Applicant Quantity and Quality:Although this chapter focuses on many aspects of recruitment, it is important to understand that there are two major goals within the first stage of the recruitment process.23 The first goal is quantity: Generating a sufficient number of applicants during the first stage of the recruitment process is important for several reasons, including that the effectiveness of the selection process depends upon having a large enough talent pool that has the skills needed to do the job and meets other strategic needs such as diversity and succession planning. We know that lower selection ratios?and thus how "choosy" the employer can be?are achieved by attracting large numbers of applicants. It is not clear, however, whether the relationship is causal. It may be that well-run and profitable organizations are more attractive than other organizations. Nonetheless, this does highlight the importance of having sufficient numbers of applicants

Realistic Job Previews:One important function of the recruitment process is to attract individuals to apply for jobs and be inclined to take a job if offered one. High turnover rates, however, can create recruitment challenges, as the organization needs to constantly recruit and hire new employees. Thus, an important consideration is to attract individuals to the job and organization while also being realistic enough that once they begin the job, they will not be disappointed and quit. One way in which organizations and researchers address these concerns is the realistic job preview (RJP), which offers potential applicants a realistic, and sometimes unappealing, view of the actual job.

Internal Recruiting Sources:Steve Kerr, senior advisor and former chief learning officer at Goldman Sachs, is quoted as saying, "It's very odd to me. The assets walk home at night. If people are your most important asset, you ought to develop them. It is Goldman's philosophy that not only do people have to be developed, it ends up being a huge competitive advantage." He further argues that development can help with "recruitment as well as retention."31 As noted earlier, succession planning is an important piece of workforce planning. Another benefit of recruiting for positions internally is that advancement and development opportunities can be attractive to current employees and, thus, help with retention. If you are able to redeploy talent throughout the organization rather than losing it, the organization is able to retain valuable organizational knowledge

External recruitment refers to an employer's actions that are intended to bring a job opening to the attention of potential job candidates outside of the organization and, in turn, influence their intention to pursue the opportunity. A key aspect to external recruitment is to identify the most effective external recruitment sources. Types of sources include external services such as search firms, employment agencies, on-demand recruiting services, alumni employees, and military transition services, as well as job postings such as those in newspapers, on social media, and on career sites. In addition, as the opening case of PwC's college recruitment programs demonstrates, some organizations find that cultivating an employee pipeline to keep up with anticipated talent demands is useful. Thus, many attend college job fairs, work with college placement offices, and utilize internship programs. Another option is to consider non-U.S. citizens for hard-to-fill positions. This might include off-shoring or visa sponsorship issues. Each of these sources has potential benefits and drawbacks that should be considered as part of an organization's recruitment strategy.

Unadvertised Jobs:Although the following sections outline both internal and external recruiting sources, another key recruitment source is word-of-mouth listings. About 50% of positions are actually filled via informal channels and may never have been formally advertised or listed.30 As a best practice, we recommend making a recruitment pool as large as possible; however, there may be times when informal channels yield unique talent acquisition opportunities for an organization. Thus, it is important to consider the pros and cons of hidden job listings and informal hiring, although very little research has been conducted in that regard. However, hiring those one knows can lead to lower diversity in terms of approaches and ideas, can be perceived by others as unfair, and might run afoul of federal guidelines

Internal Transfers and Promotions :Firms report filling positions with internal transfers and promotions a little more than 37% of the time.33 A key aspect of managing internal transfers and promotions is the use of an internal applicant tracking system (ATS), which offers a centralized way to house employee and applicant data in a single repository. This repository of data can then be linked with other HR information systems like that of retention and performance management to analyze the effectiveness of applicants from different recruitment sources, for example. It can also be used to track employee transfers and promotions over time. For a more detailed illustration of this, please see the Data and Analytics exercise at the end of this chapte

Chapter Summary

Understanding the labor landscape makes it possible to follow the steps in the workplace planning and forecasting process, including succession planning, leadership development, assessing labor market conditions, and talent analysis. Effective recruitment begins with setting objectives in order to develop a strategy. Its advantages for organizations range from increased hiring success to higher firm performance to the ability to attract a diverse set of applicants. Recruitment stages include generating applicants, assessing the quantity and quality of applicants, and accessing sources of recruitment?both internal and external. Hiring for diversity means attending to multiple kinds of diversity, including gender, race, age, veteran status, and differently abled individuals. In the process of recruitment, organizations need to comply with various laws and policies. Organizations strive to maintain applicant interest and participation so that the best applicants accept job offers. Global considerations also come into play in attracting talent. Measuring effective recruitment using metrics and analytics is also an important part of recruitment....

by Outline live (5) purposes the IASB's conceptual framework of accounting seeks to achieve [5 marks] Assaba Lid receives a 20%% grant towards the cost of a new item of machinery, which cost GHe 100,000. The machinery has an expected life of four years and a nal residual value. The expected profits of the company, before accounting for depreciation on the new machine or the grant, amount to GHe 50.000 per annum in each year of the machinery's life Required Show how Assaha Lid should account for this grant in the financial statements over the life of the machinery in accordance with LAS 20 using the Netting of method Deferred Income method [12 marks] d) An entity is about to begin to operate a coal mine At the end of the reporting period, the mineshaft has been prepared and all the necessary equipment has been constructed and is in place, but no coal has yet been extracted Under local law, the entity is obliged to rectify all damage to the site once the mining operation has been completed (this is expected to be several years from now, Management estimates that 20". of the eventual costs of performing this work will relate to removing the equipment and vanous buildings and the remaining 80%% will relate to restoring the damage caused by the actual extraction of coal Required Should a provision be recognised for the cost of restoring the damage" [5 marks] el On January 1. 2017 Bamba Lid purchased a building for its investment potential. The building cost GHe 1 million with transaction costs of GHe 10,090. Its depreciable amount at this date was GHe 300 000 The property has a useful life of 50 years At 1| December 2018, the property's fair value had risen to Gly | 3 million During the year 2018 the property was sold for GHe 1,$50,000, and that selling costs were GHe 50 000 Required What amounts would be included in the statement of comprehensive income for 2018 in respect of this disposal under the cost model and the fair value model [o marks] nIllustrate the effects of the events after the reporting period described below an the recognition and measurement in the financial statements of Arthur Lid's financial year ends 31 December 2018 Arthur Lid was sued on December 31, 2018; it is not clear whether the probability of conviction in the ongoing trial is more than 50% Shortly after December 31 2018 the entity is convicted Page 2 of G3. The NEW Best Affordable Point: Point E2 When the price of potatoes falls from $12.00 to $4.00 a bag, the new price is Pp2, The price change will cause the budget line to move from B1 to B2. Draw In the new budget line and find the New Best Affordable Point: Point E2. 1. Draw the NEW Budget Line (B2) with the correct Vertical Intercept; Horizontal Intercept; & Slope. Label the line B2. [1 Mark) 2. Indifference Curve (IC 2) that will be just tangent to the B2 where the MRS = NEW Relative Price Ratio. If you calculate this correctly you will determine the exact quantities of steak _ and Pp2/Ps. (0.5 of a Mark) potatoes that confirms MRS = 3. Hint: If you calculate the MRS for Indifference Curve (IC2), in other words fill in the table above, it will help you confirms your answer. You do not have to hand in the table for marks. It is there just to help you get the Point E2 right on the graph. 4. Label this Point of tangent of IC2 to B2 as Point "E2". (Hint: E2 will be one of the points in the table above for IC2.) (0.5 of a Mark} 5. Draw lines out to the both axis and label the amount of Steak as $2 and the amount of Potatoes as P2. (0.5 of a Mark) 4. Derive the Demand Curve for Steak given your answer in Question #3 and #4 above. 1. Create a Schedule for Potatoes which includes the prices and corresponding quantities determined in the above questions, identifying the two points as Y and Z. (1 Mark) 2. In order to draw the Demand Curve for Potatoes in the two dimensional space of price and quantity which is placed below the indifference curve, you Must have numerical values for price and quantity labelled to scale on both axis. (1 Mark) 3. Next, Plot the two points: Y and Z from your Schedule above. Make sure to draw "dotted" lines from the corresponding prices and quantities to the points Y and Z. (1 mark) 4. Second, connect the points and label your Demand Curve for Potatoes. (1 Mark) 5. Determine the Total Effect, the Substitution Effect and the Income Effect. 1. On your top graph label the "Total Effect" distance on the Horizontal Axis. (0.5 of a Mark) 2. Draw in the Imaginary Budget Line (B3), which must have the same slope as B2. Make sure you have the correct vertical intercept, horizontal intercept and slope of B3 labeled on your graph. Marks will be loss if the two axis for B3 are incorrect. (HINT: B3 will be just tangent to the original indifference curve IC1.) (2 Mark) * Difficult to Find, be very Careful. 3. Hint: If you calculate the MRS for Indifference Curve (IC1), in other words fill in the table above, it will help you confirm your answer. You do not have to hand in the table for marks. It is there just to help you get the Point E3 right on the graph. 4. At the point of Tangent, label it Point "E3". (Hint: E3 will be one of the points in the table above for IC1.) (0.5 of a Mark) 5. Draw lines out to the both axis and label the amount of Steak as $3 and the amount of Potatoes as P3. (0.5 of a Mark)a. Is the following strategy an equilibrium strategy for a sophisticated agent? "Complete the task in the current period if it hasn't already been com- pleted." Assume that all selves follow this strategy. Is this an equi- librium? b. Is the following strategy an equilibrium strategy for a sophisticated agent? "Do not complete the task in the current period if it hasn't already been completed." Assume that all selves follow this strategy. Is this an equilibrium? c. If the agent could commit herself, when would she complete the task? (For all other questions, assume that commitment is not available.) d. When would a naive agent complete the task? What would her payoff be in this game? e. Assume that sophisticates follow a stationary mixed strategy equilibrium. In each period, with probability p the sophisticate completes the task. Explain why 0