Take Inventory of the Type of Workers (Including the Skills

question 283

True/False

take inventory of the type of workers (including the skills of the workers) that the business already has, in order to determine if it has the most up to date workforce for its needs; he/she then proceeds with (2) analyzing each job; (3) forecasting the firm's requirements for various job titles, and (4) making a determination of the future supply of skilled labor available to meet the demands of the business. Lastly, the HR professional (5) develops a human resource strategic plan.

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Definitions:

Revenue

The revenue earned from regular business activities, factoring in discounts and allowances for returned goods.

Budget

An itemized forecast of an entity’s income and expenses expected for a specific period, usually showing how much money it intends to earn, spend, and save.

Donations

Voluntary transfers of resources, such as money or goods, to individuals or organizations without the expectation of direct return or compensation.

Spending Variances

Differences between the budgeted or standard cost amounts and the actual costs incurred.