1. What is the labor supply?
    the availability of workers with the required skills to meet the firm's labor demand
  2. What is the labor demand?
    how many workers the organization will need in the future
  3. 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
  4. What is labor surplus?
    labor supply exceeds labor demand
  5. What is labor shortage?
    labor demand exceeds labor supply
  6. What is the internal labor market?
    existing employees
  7. What is the external labor market?
    labor supply from outside the organization
  8. What is succession planning?
    grooming current employees to take over vacant positions
  9. What is forecasting?
    Estimating labor demand and supply for a future period
  10. 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
  11. What is recruitment?
    the process of generating a pool of qualified candidates for a particular job; the 2nd step in the hiring process
  12. 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
  13. 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
  14. What are some nontraditional groups that can be recruited?
    prisoners, welfare recipients, senior citizens, and workers from foreign countries
  15. What are the pros and cons of external hiring?
    • + fresh perspectives and different approaches
    • - current employees may see externally recruited workers as "rookies"
  16. What are the pros and cons of internal hiring?
    • + usually cost less, increase morale
    • - reduces the likelihood of new ideas
  17. What is the flypaper approach?
    Try to attract as many applicants as possible, emphasize the good points of the job
  18. What are the outcomes of the flypaper approach?
    unrealistic expectations of job, higher turnover
  19. What is the Realistic Job Preview (RJP) approach?
    Show good points and bad points of job, lower naive expectations
  20. What are the outcomes of RJP?
    -more realistic expectations of job, lower turnover
  21. Calculate the cost per hire.
  22. Calculate yield ratio.
  23. What are some examples of selection tools?
    • personality tests
    • intelligence tests
    • interviews
    • work sample tests
  24. 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.
  25. What is a deficiency error?
    Occurs when a component of the domain being measured is not included in the measure
  26. What is a contamination error?
    Occurs when a measure includes unwanted influences
  27. What is validity?
    The extent to which the technique measures the intended knowledge, skill, or ability
  28. What is content validity?
    Assesses the degree to which the content of the selection method is representative of job content.
  29. What is empirical validity?
    Demonstrates the relationship between the selection method and job performance
  30. What is concurrent validity?
    The extent of correlation between selection and performance scores, when measured at the same time
  31. What is predictive validity?
    Extent to which selection scores correlate with performance scores, when performance is measured later in time
  32. What approach is best for using letters of recommendation?
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