Assignment

Subject Code: MU0010

Roll no- 1302006411

Q1. What do you mean by forecasting? Describe the various types of forecasts.
A.
Forecasts refer to a prediction of the outcome when normal course of events are
influenced and altered by external forces. Forecasts usually take into account both the
projections and the estimates. For example, forecasts at the macro level could result in a
statement of what would happen if economic growth was deliberately manipulated by
government policy.
Some of the major types of forecasts are briefly described here.
a) Short-Term Forecasts
Short-term forecasts are very useful at the micro-level or we can also say company level, e.g., a
chain hotel makes financial statement for its expenditures keeping in view both the ongoing
projects and the projects in the pipeline. The financial provisions have to be made for both the
expected and unexpected expenditures. Short-term forecasts are usually made for a period not
exceeding two years aiming to facilitate estimation of financial provision for wages/salaries in
the programs/projects initiated.
b) Medium-Term Forecasts
For most countries medium term is about two to five years - the horizon for planning. Medium
term forecasts are useful in those offices where manpower is concerned with advising ministers
or preparing contingency plans to meet the 'twists and turns of economic circumstances or
international events'.
c) Long-Term Forecasts
Forecasts for a period more than five years are considered as long-term forecasts. These
forecasts are useful in educational planning, particularly relating to the highly skilled
professional categories of manpower. They are also useful in the preparation of corporate plans
incorporating productivity changes, technological changes and major organizational
developments.

d) Policy Conditional Forecasts

Policy conditional manpower forecasts are those which are determined by the policy towards
the factors which influence the demand for manpower. Such manpower forecasts may be based
on a rule of thumb, or on professional judgment, or on an explicitly specified model or any
combination of the three.
e) Optimising Forecasts
Optimizing manpower forecasts are those which are obtained as solutions to an optimizing
model in which numbers demanded of various categories of manpower are so determined that
either the end benefits are maximized, or cost of resources used in achieving a pre-determined
end objective is minimized.
f) Macro and Micro Forecasts
Macro forecasts are done usually at the national, industry sector and region state levels
whereas Micro forecasts are made at the enterprise or department level. Macro manpower
forecasts are used for planning, education and training facilities as well as to make decisions
regarding choice and location of industries for development whereas Micro manpower forecasts
are needed primarily for planning recruitment, promotion, training and counseling in accordance
with the plan for the development of enterprise or department concerned. Forecasts at this level
are, therefore, required to be in greater details as well as precise. The micro forecasts are
usually expressed in terms of numbers required for each occupation, source and stage of
recruitment, and scheduling of training.
Q2. What do you mean by Human Resource Accounting (HRA)? Discuss the objectives
and advantages of HRA.
A.
HRA can be defined as the process of identifying, recording, measuring human
resources and communicating related financial information associated with the human resource
to the interested users. Thus HRA not only involves measurement of all the costs / investments
associated with the recruitment, placement, training and development of employees, but also
the quantification of the economic value of the people in an organization.

Objectives of HRA

To provide cost/value information of Human Resource and associated processes to the

management and assist decision making
Serve as a basis for decisions concerning the human resource of the organization.
Provide methods and standard for evaluating the worth of people to the organization
effectively.
Enable effective management and monitoring of resources
To report progress or retardation of human assets
Form the base for developing management principles by reporting financial outcomes
of decisions taken

Advantages of HRA
The advantages of HR accounting are:

It checks the corporate plan of the organization. The corporate plan aiming for
expansion, diversification, changes in technological growth etc. has to be worked out
with the availability of human resources for such placements or key positions. If such
manpower is not likely to be available, HR accounting suggests modification of the
entire corporate plan.
It offsets uncertainty and change, as it enables the organization to have the right person
for the right job at the right time and place.
It provides scope for advancement and development of employees by effective training
and development.
It helps individual employee to aspire for promotion and better benefits.
It aims to see that the human involvement in the organization is not wasted and brings
high returns to the organization.
It helps to take steps to improve employee contribution in the form of increased
productivity.
It provides different methods of testing to be used, interview techniques to be adopted
in the selection process based on the level of skill, qualifications and experience of
future human resources.

Q3. Define Talent Engagement. Discuss the importance and levels of Talent Engagement.
A.

Talent engagement is the concept which explains the degree to which a talent (employee) is
emotionally bonded to his organization and passionate about his work. Talent engagement is
the level of commitment and involvement a person has towards his organization and its values.
Importance of Talent Engagement
The importance of talent engagement is that it helps
Create and sustain world class processes
Contribute greatly to society at large
Lower stress and allows more healthier lives
Achieve greater work-life balance
Allows more peace on earth
Increase ability to attract new talent
Increase ability to innovate

Levels of Talent Engagement

There are 3 levels of engagement:

Engaged Talent
Engaged talent performs consistently at high levels. Engaged talent is always ready to
find out peoples expectations from them or their role so that, they can meet and exceed
them. They are more curious about their company and their position in it. They work
whole heartedly using their talent and strengths at workplace every day for the
betterment of their organization. They work towards driving innovation in the
organization and for moving it forward.
Not Engaged Talent
This is a kind of talent that tends to concentrate more on the tasks allotted to them rather
than the goals and outcomes expected. They have to be repeatedly told their
responsibilities, so that they can complete their work. Consequently the focus shifts from
accomplishing tasks rather than achieving an outcome. Employees who are not engaged
tend to feel that their contributions are being overlooked, and their potential is not being
tapped. The reason behind them feeling like this is that they do not have productive
relationships with their managers or colleagues. And they do not produce any positive
results for the organization also.
Actively Disengaged Employee
These employees are consistently against almost everything. Apart from being unhappy
at work they are far busier demonstrating their unhappiness. Actively disengaged
employees undermine what their engaged colleagues accomplish. Actively disengaged
workers cause great damage to the organization in general. It is better to retrench such
employees.

Q4. Discuss in details the Employee Exit Process.

A.
Employee Exit Process
The employee who wants to resign will discuss with his Manager, submits his resignation to his
Manager. The Manager should put his comments on the resignation letter and forward it to HR.
(these comments can be To be relieved by dd/mm/yyyy, or some other special comments)
HR on receipt of the Resignation letter enters in the software, the date of receipt of resignation
letter, terms and conditions of resignation if any special is there. and comments of Manager, the
payroll changes are made accordingly as per the relieving date decided, the software generates
the receipt of resignation letter, along with a no dues format, with employee name, roll no, dept
already preprinted on the no dues format. These letters and format are handed over by HR to
employee, + details of PF transfer forms, withdrawal forms as applicable. All the payroll
changes, PF changes are scheduled to take action on the relieving date in software.
HR prepares the matter of Relieving letter and gives it to the Manager for suggestions /
comments. The relieving letter is kept ready.

Usually before / on the relieving day or some 2 days ago, the employee submits all no dues and
other forms to the HR and takes his relieving letter. The sample questions below will help to
facilitate these goals. They must be used as soon as the employee and the organization are
aware that the employee will be leaving. It is only appropriate not to leave these questions until
the exit interview.
How will the employees knowledge be advantageous to the organization; their opinions,
experience, introductions to their contacts, colleagues etc., before the employee leaves?
Will the employees meet up happily with managers or successor or colleagues to advice them
so that the organization will benefit from their knowledge and experience before their
departure?
How to help the employees to pass on knowledge and experience to their successor before
they leave the organization?
How and when will the employee prefer to pass on knowledge to the successor?
How does the organization agree for this knowledge to be transferred?
Are employees happy to help the organization by naming a successor?
Employers or HR managers will get the most for the organization and be able to best help to
the departing employee by being positive, constructive, understanding and helpful, prior to and
during the exit interview process. Treat people with respect and dignity, and usually they will
respond in kind.

Q5. As an HR, you are asked to focus on the Talent Development Process in your
organization .How would you define Talent Development? Explain the necessity of Talent
Development from an HR perspective. Explain the model for achieving excellence in
Talent Development.
A.
Talent development is the process of changing an organization, its employees, its
stakeholders, and groups of people within it, using planned and unplanned learning, in order to
achieve and maintain a competitive advantage for the organization
Talent development is necessary in any organization because of the following:

This is the only way of improving employees productivity through automated and
integrated learning management, performance management, and compensation
management systems to drive business results.
Effective talent development in an organization reduces turnover at critical positions,
manages succession plans, minimizes business disruptions, and also takes care to
reduce the risk of non-compliance and litigation.
Talent development is necessary to achieve extra ordinary goals. Extraordinary goals
require extraordinary talent.
With the growing economy in the 21st century, employee retention and recruitment will
be the key issue for different organizations. So finding the proper talent and creating
opportunities for its development would be reasons enough for a talent to stay in the
organization.

Identifying and developing talent are the critical steps in retaining the top talents in an
organization. The cost of replacing a valued employee is enormous. Organizations need
to promote diversity and design strategies to retain people, reward high performance
and provide opportunities for development.
High Performing organizations anticipate the leadership and talent requirement to
succeed in the future. They do understand that it's critical to strengthen their talent pool
through succession planning, professional development, job rotation and workforce
planning. Hence, for that they need to identify the right talent and groom it the right way.

Model for Achieving Excellence in Talent Development

In order to achieve excellence in talent development, companies should focus on the
following factors:
Structure Functional profiles, competency models, and describing paths for growth are
the things companies should implement. Other than these a yearly performance
management cycle with some achievable targets should be set and incentive structures,
career- and succession planning are some things which form an integral part of the
talent management system.
Selective Development Most of the successful organizations carry on a close
examination of which are the talent programs and interventions that will be necessary to
realize the company strategy.
Process The total infrastructure for talent development should be such that it is a part
of the day-to-day leadership culture. Coaching and training skills are to be developed by
the managers who have an experience to execute talent management effectively.

Q6. Write short notes on the following:

a) Recruitment
b) Succession Planning
A.
a) Recruitment
Recruitment can be defined as: A process of finding and getting capable applicants or
employees or manpower for employment. This process begins when new people or employees
are sought or found. It ends when applicants matching the job description submit their resume
and application. The result is a list of applications from which new employees are selected or
chosen.
Recruitment is a continuous process. The firm attempts to develop a list of qualified
candidates for the future manpower resource needs. The vacancies may or may not exist in the
firm.
The objectives of recruitment are:
To support the organization such that it is able to get, maintain and improve the
best talent and skills.

To be certain about the present and future manpower needs of the organization
in relation with planning & job evaluation activities.
To recruit competent employees who can achieve organizational goals &
objectives.
To get a lot of candidates so that the management can select the right candidate
for the right job from this list.
To persuade and get more and more candidates interested to apply for jobs in
the organization.
It acts as a link between the employers and the job seekers or job hunters and
ensures that the placement of the right candidate at the right place at the right
time.

Recruitment Process
Every organization of substance understands that the right recruitment and the right
induction and training process can help the employees hit the ground. Recruitment
process creates a competitive workforce and is advantageous to the organization.
Recruitment process involves attracting candidates to arranging and conducting the
interviews in a systematic manner.
A general recruitment process is as follows:

b) Succession Planning

One of the types of career planning is succession planning. Succession planning is a

technique for identifying and developing internal employees with the potential to fill important
organizational positions. Succession planning ensures the availability of experienced, skilled
and competent employees that are prepared to assume these roles as they become available.
Succession planning increases the progress of qualified employees from individual contributors
to managers and leaders. Thus:
It prepares present employees to undertake key roles
It develops talent and long-term growth of employees
It improves workforce capacities and performance of employee
It improves employee commitment and thus enables retention of employees
It ensures its support to employees throughout their employment term
It meets the career development requirements of existing employees
It understands the increasing difficulty of recruiting employees externally
It focuses on leadership continuity and improved knowledge sharing
It provides more efficiency in monitoring and tracking of employee proficiency levels and skill
gaps. Succession planning is an essential part of an organization's ability to reduce risks,
ensure smooth business continuity, create a proven leadership model, and improve employee
morale. There are four stages to developing an effective succession plan: Identifying roles for
succession; Developing a clear understanding of the capabilities required to undertake those
roles; Identifying employees who could potentially fill and perform highly in such roles; and
Preparing employees to be ready for advancement into each identified role, without the
implementation of a succession plan, there can be significant negative impacts on an
organization including; Loss of expertise and business knowledge, loss of business continuity,
damaged client relationships, time and effort to recruit and train and replacement of employees