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Why must managers have a good understanding of workforce demand and supply? How does this understanding...

Why must managers have a good understanding of workforce demand and supply?

How does this understanding impact their organization’s strategic planning process?

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The workforce is the lifeline of an organization and no organizational process can be executed without having an efficient workforce. Also, it takes significant time and effort to source the required human resources for a firm. So, a manager needs to plan and forecast the requirement of human resources in the firm. In addition, the manager needs to know the market supply of human resources. This will help the manager efficiently source the human resources when required and at the optimized cost.

The understanding of demand and supply help in the strategic planning process as well. Strategic planning involves designing and developing and organizational strategy in order to achieve its objectives. A firm cannot achieve its objectives without acquiring efficient and skilled human resources. Therefore, human resource planning is a crucial aspect of the strategic plan of a firm.

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