The objective of Human Resource Planning is to make the organization reach the desired manpower position from the current manpower position, by forecasting the demand for and supply of human resources in the near future.
There are several benefits of Human resource planning that led its scope to expand across the different business organizations.
Benefits of Human Resource Planning
- The human resource planning helps in forecasting the future needs of the manpower and not only this, but it also helps in anticipating the vacancies arising in the near future.
- It is cost effective, i.e. the enterprise can anticipate the shortage and surplus of manpower and can control the imbalance, that may become unmanageable or expensive.
- Better planning for the employee development. Through human resource planning, the skills of the existing employees can be improved by giving them timely training and development opportunities.
- Training programs become more effective since the manpower gaps, arising out of shortage or surplus, can be determined through the manpower planning and the training can be imparted accordingly.
- It helps to make the strategic decisions related to the hiring and training of the manpower, in the case of shortage and layoff, termination or replacement of the manpower, in a case of surplus.
- Through Human Resource planning, the idle arising out of vacancy can be reduced and thus the overall performance of the business remains unaffected.
Thus, through human resource planning the firms can effectively manage the manpower requirements (both current and future) and also helps in reducing the lead time spent on searching the prospective candidate for the vacant position.