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What is the labor supply?
the availability of workers with the required skills to meet the firm's labor demand
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What is the labor demand?
how many workers the organization will need in the future
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What is human resource planning?
the process an organization uses to ensure that is has the right amount and the right kind of people to deliver a particular level of output or services in the future
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What is labor surplus?
labor supply exceeds labor demand
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What is labor shortage?
labor demand exceeds labor supply
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What is the internal labor market?
existing employees
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What is the external labor market?
labor supply from outside the organization
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What is succession planning?
grooming current employees to take over vacant positions
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What is forecasting?
Estimating labor demand and supply for a future period
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How are qualitative and quantitative forecasting techniques different?
Quantitative forecasting models rely on past data or previous relationships between staffing levels and other variables, such as output or revenues; whereas qualitative techniques rely on expert's qualitative judgements or subjective estimates of labor demand or supply
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What is recruitment?
the process of generating a pool of qualified candidates for a particular job; the 2nd step in the hiring process
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What is selection?
the process of making a "hire" or "no hire" decision regarding each applicant for the job; the second step in the hiring process
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What is socialization?
the process of orienting new employees to the organization or the unit in which they will be working' the 3rd step in the hiring process
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What are some nontraditional groups that can be recruited?
prisoners, welfare recipients, senior citizens, and workers from foreign countries
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What are the pros and cons of external hiring?
- + fresh perspectives and different approaches
- - current employees may see externally recruited workers as "rookies"
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What are the pros and cons of internal hiring?
- + usually cost less, increase morale
- - reduces the likelihood of new ideas
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What is the flypaper approach?
Try to attract as many applicants as possible, emphasize the good points of the job
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What are the outcomes of the flypaper approach?
unrealistic expectations of job, higher turnover
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What is the Realistic Job Preview (RJP) approach?
Show good points and bad points of job, lower naive expectations
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What are the outcomes of RJP?
-more realistic expectations of job, lower turnover
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Calculate the cost per hire.
cost/hires
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Calculate yield ratio.
hires/applicants
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What are some examples of selection tools?
- personality tests
- intelligence tests
- interviews
- work sample tests
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What is reliability?
refers to consistency of measurement, usually across time, but also across judges. If a measure produces perfectly consistent results, that measure is perfectly reliable.
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What is a deficiency error?
Occurs when a component of the domain being measured is not included in the measure
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What is a contamination error?
Occurs when a measure includes unwanted influences
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What is validity?
The extent to which the technique measures the intended knowledge, skill, or ability
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What is content validity?
Assesses the degree to which the content of the selection method is representative of job content.
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What is empirical validity?
Demonstrates the relationship between the selection method and job performance
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What is concurrent validity?
The extent of correlation between selection and performance scores, when measured at the same time
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What is predictive validity?
Extent to which selection scores correlate with performance scores, when performance is measured later in time
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What approach is best for using letters of recommendation?
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