GENERAL KNOWLEDGE

Detailed explanation-1: -They include analyzing present labor supply, forecasting labor demand, balancing projected labor demand with supply, and supporting organizational goals. HRP is an important investment for any business as it allows companies to remain both productive and profitable.

Detailed explanation-2: -Human resource planning is a four-step process that analyzes current human resources, forecasts future requirements, identifies areas where there are gaps, and then implements a plan to tighten up those gaps.

Detailed explanation-3: -Human Resource Planning (HRP) is the process of forecasting the future human resource requirements of the organization. It is concerned with assessing a company’s current human resources, identifying its future staff requirements and arranging for skills training for its current, new and future employees.

Detailed explanation-4: -The three key elements of the HR planning process are forecasting labour demand, analysing present labour supply, and balancing projected labour demand and supply.