HR demand forecast

Demand forecasting is the process of estimating the future quantity and quality of the people required. The basis of the forecast must be the annual budget and long term corporate plan, translated into activity levels for the each function and department. Demand forecasting must consider several factors are competition (foreign and domestic), economic climate, laws and regulatory bodies, changes in the technology, and social factors. Internet factors include budget constraints, production levels. New products and services, organizational structure, and employee separations.