Human Resource Planning Process includes $4$ steps

$$ Forecasting the supply of human resources

$$ Forecasting the demand of human resources

$$ Comparing forecasted supply and forecasted demand

$$ Taking appropriate actions

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Human resource information system $$ Integrated and increasingly automated system for maintaining a database regarding the employees within an organization

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Reasons for diversity in the workplace

$$ Aging of the baby boom g

$$ Declining birthrates for the post$-$baby boom generation

$$ Improved health and medical care

$$ Mandatory retirement ages

$$ Gender differences

$$ Changing ethnicity

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Executive Succession $$ Systematically planning for future promotions into top management positions

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Growth Strategy $$ Indicates growing sales, increasing demand, and expanding operations for an organization

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Stability Strategy $$ Requires firms to implement programs that can make current employees more valuable to the firm and help reduce turnover among current employees, making stability easier to maintain

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Reduction Strategy $$ Early retirement is an alternative to terminations and layoffs

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Rate of Unemployment $$ Calculated by the Bureau of Labor Statistics as the percentage of individuals looking for and available for work who are currently employed

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Market Wage Rates $-$ Prevailing wage rate for a given job in a given market

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Human Capital Investments $$ Investments people make in themselves to increase their value in the workplace