Human resources or HR forecasting is an important activity for growing businesses. To be successful, growth-oriented businesses should periodically assess short- and long-term staffing needs based on projected sales, new product launches, market expansion, as well as other factors that might affect labour needs. An HR forecast should include the number of workers needed, the type of skills required to fill any gaps, and any costs or administrative tasks that will be required to increase or downsize your workforce. HR forecasting allows you to make sure your teams have the right skills, tools and members to meet to expand their output, increase their productivity, meet their goals and drive business growth and can effectively budget for expanded human resources supply, limiting the possibility of budget surpluses, shortages in staff, or overspend on projects.

Abhijith S

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