Forecasting: The Key to Successful Human Resource Management

In the age of competition, companies do not have any other choice than to
compete better than their competitors. Human resource management has a critical
role to play in supporting the corporate strategic plan. All the HR functions
contribute positively to achieving the objective. The main task of human resource
management is to support other departments to have the best people. Therefore,
there is a critical need to get the best people in the right place at the right time.
Forecasting helps to match the requirements and the availabilities of employees.
There are two kinds of forecasting methods: qualitative and quantitative methods.
On the other hand, the Miles and Snow typology could be used by companies as a
tool to identify their positions. This paper discusses how typology and forecasting
are valuable for successful human resource management to function in a company.
Keywords : Forecasting, human resource management