Man power planning being also called as human resource planning is of great significance for business organizations. It’s a process of acquiring, developing, allocating and utilizing human resources. It is through the process of manpower planning as well as designing the organizational structure by assigning an assortment of responsibilities to the employees that business organizations can accomplish their set objectives successfully.
The concept that the right person should be employed at the right place and at the right time is vitally important to any sustainable business, as it includes a wide and comprehensive range of activities in relation to “the management of man” . It entails manpower planning, at the same time, being focused on the effective utilization of existing human element as well as fulfilling future needs of manpower in the organization whenever the situations necessitate.
Manpower planning is of great importance for various reasons necessitating the process and fulfilling various objectives, at the same time, contributing significantly to the achievement of organizational objectives. Many factors will continue to undertake the process of man power planning:
Manpower planning is concerned with recruiting and maintaining the required number of people with required knowledge and abilities, so that they can perform particular tasks successfully. It’s through the process of man power planning that employees are suggested to undergo various training and development programs that their knowledge and skills may be enhanced and that they may carry out their tasks in better ways. In addition, the process of manpower planning entails evaluating the surplus or shortage of man power while taking necessary actions to resolve the issues. It also needs to minimize the problems that may arise due to non-availability of human resource while maintaining the right kind of people at the right places or positions at the right time.
Manpower planning deals with various situations analyzing the factors that demand taking proper actions accordingly.
There are times when the situations give rise to replace the employees who have grown old, who are forced to remain in bed because of illness, weakness, injury, mental disorders or a medical condition involving disturbance to usual functioning of the mind or body. Also, when some employees get retirements; when they are transferred or are promoted to higher positions. In such situations, while executing effectively, man power planning process entails analyzing the requirement of present and future job placements. Similarly, it deals with the situations that arise at the time when employees avail their leaves or in case of their absences. In order that the tasks being assigned may be carried out in a way as has been planned or intended, manpower planning fulfills these objectives successfully.
Everyone retires. When a company has no succession planning in place to replace those who are going to retire, it will experience a major setback.
Management by objectives -MBO is a practice in which the employees take part in goal setting process which enables them to be aligned with organization and in the attainment of their goals. MBO is aimed at increasing organizational performance by setting the goals of managers and subordinates together providing motivation and commitment while ensuring better communication between the superiors and the subordinates.
Personal finance refers to financial management of monetary resources available to an individual or family unit. The need to plan, strategize, and streamline cash flow the right way is important to ensure a secure future.