2. Forecasting Labor Supply and Demand (Keyboard Navigable Alternate Version) Forecasting Labor Supply and Demand This activity is important because trends and events that impact the economy also create opportunities and challenges forecasting the optimal number of human resources in an organization at any given time. The keys to utilizing labor markets for the organization's own competitive advantages are (1) to have a clear idea of the strengths and weaknesses of its existing internal labor force, (2) to be aware of where the company is going in the future and how the current configuration of human resources relates to what it will need in the future, and (3) to know where discrepancies exist between current staffing levels and those needed in the future to meet organizational goals. The first step in the human resource planning process is forecasting. Forecasting is an attempt to determine the supply and demand for various types of human resources to predict within the organization where there will be future labor shortages and surpluses. Historical statistical models and judgmental techniques are used for forecasting labor supply and demand. One type of statistical procedure that can be used for this purpose is the analysis of a transitional matrix, which is a chart that lists job categories held in one period and shows the proportion of employees in each of those same categories in a future period. The gool of this activity is to complete the transitional matrix to forecast labor supply and demand for several marketing positions whthin on organization. Instructions: Motch the prompt describing the proportion of marketing employees at different times to the appropriate transitional matrix label. Use the information below to inform your answers: Maintain Manager Position: 65 percent of sales managers in 2017 were still sales managers in 2020. Manager Promotion: 20 percent of sales reps in 2017 were promoted to sales managers in 2020. Maintain Manager Position: 65 percent of sales managers in 2017 were stil salos managers in 2020. Manager Promotion: 20 percent of sales reps in 2017 were promoted to sales managers in 2020. Apprentice-Manager Promotion: 10 percent of sales apprentices in 2017 were promoted to sales managers in 2020. Manager New Hire: 5 percent of sales managers in 2020 were not with the organization in 2017. Manager-Rep Demotion: None of the sales managers in 2017 were demoted to sales reps in 2020. Maintain Rep Position: 60 percent of sales reps in 2017 were still sales reps in 2020. Apprentice-Rep Promotion: 30 percent of sales apprentices in 2017 were promoted to sales reps in 2020. Rep New Hire: 10 percent of sales reps in 2020 were not with the organization in 2017. Manager-Apprentice Demotion: None of the sales managers in 2017 were demoted to a sales apprentice in 2020. Rep-Apprentice Demotion: None of the sales reps in 2017 were demoted to sales apprentices in 2020. Maintain Apprentice Position: 15 percent of sales apprentices in 2017 were still sales apprentices in 2020. ipprentice New Hire: 85 percent of sales apprentices in 2020 were not with the organization in 2017. lanager Turnover 35 percent of sales managers in 2017 were no longer with the organization in 2020 . ep Turnover: 20 percent of sales reps in 2017 were no longer with the organization in 2020 . Apprentice New Hire: 85 percent of sales apprentices in 2020 were not with the organization in 2017. Manager Tumover, 35 percent of sales managers in 2017 were no longer with the organization in 2020. Rep Tumover: 20 percent of sales reps in 2017 were no longer with the organization in 2020 . Apprentice Turnover: 45 percent of sales apprentices in 2017 were no longer with the organization in 2020. Match each of the options above to the ltems below. Sales Manager 2017, Sales Rep 2020 Sales Rep 2017, Sales Rep 2020 Sales Apprentice 2017, Sales Rep 2020 Not in Organization 2017, Sales Rep 2020 Sales Manager 2017, Sales Apprentice 2020 Sales Rep 2017, Sales Apprentice 2020 Sales Apprentice 2017, Sales Apprentice 2020 Not in Organization 2017, Sales Apprentice 2020 Soles Manager 2017, Not in Organization 2020 Not in Organization 2017, Soles Rep 2020 Sales Manager 2017, Sales Apprentice 2020 Sales Rep 2017, Sales Apprentice 2020 Sales Apprentice 2017, Sales Apprentice 2020 Not in Organization 2017, Sales Apprentice 2020 Sales Manager 2017, Not in Organization 2020 Sales Rep 2017, Not in Organization 2020 Sales Apprentice 2017, Not in Organization 2020