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What is Human Resource Planning?
Human resource planning (HRP) is a technique to maintain a stable pipeline of qualified employees whilst maintaining the pitfalls of employee surplus or employee deficit.
Human resource planning provides substantial leverage to a business to maintain and spot the perfect talent to be employed in the firm.

Human Resource Planning – The Two Sides

Managing HR Surplus and Shortage

1. Ways to Handle Employee Surplus

Google wants to reduce its spending on employee benefits
Google used to be known for having a vibrant and exciting working environment. However, it is now shifting its approach to employee benefits. So there may be other steps to tighten the purse strings.
Sundar Pichai, the CEO of Google, warned his staff not to mistake enjoyment for gain. A number of other major companies have also been severely impacted by the global economic recession, including this internet giant.
People who attended the latest Google town hall event took advantage of the chance to express their complaints, notably regarding what they perceived to be the business's practice of "nickel-and-diming employees."
Google has been open and honest as to its challenges in recent months.

1. Pause the Hiring Process
Companies should give time to the senior staff to get their employees in line. They should halt onboarding till then.
Some sections can have more employees than needed.

2. Keep Outsourcing at Bay
It helps to place the workload on the employee without raising costs too much.
The employees who are in overstaffed departments can help in making the company self-sufficient.
This tactic can only be used when there are internal employees with the same level of training and compensation as those who work for the outsourcing firm.

3. Lower the wage scale
If there is a drop in wages, then it demotivates the workforce.
If there are more employees than required, then it can adversely strain the workforce.

4. Layoff
Layoff policy is shaped by individual cases. Alternatively, it can be done collectively or according to rank or employment period.

5. Program for Voluntary Retirement
A voluntary retirement scheme can greatly help in lowering the number of additional workers.

2. Ways to Handle Employee Shortage
Apple pays INR 1.5 crore ($200,000) to Engineers as retention bonus.
Apple has been granting its employees stock bonuses in recent years to prevent the poaching of engineering talent from rivals like Meta.

1. Hire new employees
Organizations should acquire professionals, whether on a long or short-term basis.
Temporary workers need to be hired, and this can be cost-intensive. Conversely, they are more adaptable.

2. Redesign jobs | Create new employment
Jobs can be restructured to make them more fulfilling.
Redesigning increases the productivity of the organization. It can reshape its procedures while assigning the labor force for various actions. It is, however, cost-intensive.

3. Attractive retention strategies
Retention policies can help maintain talent.
This can be done through efficient communication, shorter weeks, selecting interviews, and adaptable work hours.

4. Predicting manpower supply
Manpower supply is based on various things. This includes ability, experience, and qualifications-based compensation. It is also dependent on technological innovations, literacy rate etc.
Predicting manpower supply involves replacement charts, skill sets, staffing tables, and succession ideas.

5. In-house Transfer
Suppose there are too many workers in one department.
In that case, they can be shifted to a different branch so that an equal workforce is available to every section.

6. Putting more workload on current staff
There are certain ways to deal with a lack of sufficient workers.
This includes adding the excess workload to their tasks.

Benefits of Human Resource Planning

Long-Term Manpower Requirements
Strategic Human Resource Planning means the staff can ensure that the company runs efficiently and properly.

Adaptability
Strategic Human Resource Planning is crucial to ensure that developments in the external environment can be responded to very well.

Onboarding of Trained professionals
Strategic Human Resource Planning helps spot the necessary abilities for multiple layers of the firm.

Effectively Implementing Human Resources
Strategic Human Resource Planning is used to employ the workers in a way that the targets are met. It determines their employment as well.

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Timestamps
0:15 - What is Human Resource Planning?
0:35 - Human Resource Planning – The Two Sides
0:49 - Ways to Handle Employee Surplus
4:17 - Ways to Handle Employee Shortage
6:24 - Benefits of Human Resource Planning