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Q1. What are the benefits of manpower demand forecasting?


Benefits of Forecasting

Answer:
Forecasting is valuable for two reasons:
• The end-result if accurate is very valuable. An accurate forecast may improve likely hood of achieving all organizational goals for the year. It can help identify risks, clarify what needs to be done and sets fair expectations.
• The process of forecasting makes managers sensitive to change and helps them to curtail their flamboyant decision making on the manpower expenditure side is and helps focus on achieving the business goals. It also enables them to understand the impact of their actions on the organizations and their own future and helps build consensus.
Sometimes consensus is critical. The fact that everybody has agreed on a forecast may be more essential than its accuracy, particularly if the consensus involves many firms and organizations crossing organizational and cultural barriers. Consensus works both ways. An agreed forecast can be self-fulfilling.

Some of the other benefits of forecasting are:
1. It does not put stress on the system.
2. Lower stress on the system means lower manpower turnover.
3. Lower stress on the system means lower costs, and no need to do any unplanned expenditure.
4. Lower stress on the system means work gets delivered on time every time to the client.
5. Lower stress on the system means work gets delivery as per the quality standards every time to the client.
6. Lower stress on the system means that client does not make any escalations against employees and does not threaten to withdraw the business on concerns of quality or timeliness.
7. Lower stress on the system means lesser procedures and interference from the quality team or the management team.
8. Lower stress on the system means more freedom of control to resolve issues in the budding stages, than letting them reach a point where escalations arise.
9. Lower stress on the system means the employees have a stress free life and greater work-life balance.
10. Lower stress means the employees get enough time to spend with family and their presence can help resolve concerns or issues which if unresolved can grow exponentially and cause life changing events to occur.
11. Lower stress means the employees are able to learn more and add more value to the business and contribute more in terms of productivity.
12. Lower stress can be extrapolated to mean world peace (though some may not agree). Hence better demand forecasting, means happiness for all concerned.
13. Lower stress levels do not kill employees through massive heart attacks. But poor demand forecasting leading to higher stress levels can be harmful to the employee’s individual health.


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