Strategic workforce planning, HR metrics, and business alignment concepts tested on the SHRM-CP exam.
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- What is strategic workforce planning?
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The process of analyzing and forecasting an organization's talent needs to align staffing with long-term business strategy.- What is environmental scanning in workforce planning?
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Reviewing internal and external factors, such as economic and labor market trends, that could affect future workforce needs.- What is demand forecasting in workforce planning?
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Predicting the number and types of employees an organization will need in the future.- What is supply analysis in workforce planning?
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Assessing the current workforce and the likely future availability of talent, both internally and externally.- What is a gap analysis in workforce planning?
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Comparing forecasted workforce demand to available supply to identify shortages or surpluses.- What does SWOT stand for?
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Strengths, Weaknesses, Opportunities, Threats.- What does PESTLE stand for?
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Political, Economic, Social, Technological, Legal, Environmental.- How is turnover rate calculated?
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Number of separations during a period divided by the average number of employees, times 100.- What is voluntary turnover?
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When an employee chooses to leave the organization, such as resigning for another job.- What is involuntary turnover?
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When the organization ends the employment relationship, such as through termination or layoff.- What does cost per hire measure?
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The average total cost to recruit and hire one new employee.- What does time to fill measure?
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The number of days from when a job requisition opens to when an offer is accepted.- What does time to hire measure?
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The number of days from when a candidate enters the pipeline to when they accept an offer.- What does revenue per employee measure?
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Total organizational revenue divided by the total number of employees, a measure of workforce productivity.- What does human capital ROI measure?
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The financial return an organization gets from its investment in employee pay and benefits.
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