Human Resource Planning Strategic Human Resources Planning

Question #1: Define and explain the significance of the term ‘derived demand’ as it applies to Strategic Human Resources Planning. (5 marks) The term ‘derived demand’ is used to describes how the changes in demand for one product could either increase or decrease the demand for another product. An example of this occurring could be within the automotive industry. If the demand of vehicles increase so does the raw materials to make them and vice versa. This happens because the demand of vehicles derives the demand of all the raw materials to increase. Derived demand can also apply to strategic human resource planning, more specifically towards the supply and demand of labor. Strategic human resource planning is very important to an organization because it handles a variety of key aspects, such as giving employees opportunities to improve and achieve success. It can also help improve organizational goals and tasks. To be successful, human resource managers nee d to be able to forecast the need for labor and labor supply while in the planning stages. This will later help them by understanding the demand of labor needed in relation to the demand of goods and services produced. Question #2: Explain ‘derived demand’ as it applies specifically to Stonewall Industries. (5 marks) Stonewall Industries heavily relies on two environmental factors: the number of housing starts in a given year and the interest rates. If housing starts to increase, Stonewalls demand increases asShow MoreRelatedHuman Resource Management : Strategic Planning1849 Words   |  8 PagesHuman Resource Management is crucial to any organization’s success; do I believe that it should be a part of the overall company’s strategic plan absolutely by aligning Strategic planning within an organization it plays an important role as to how productive the organization is. 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