HUMAN RESOURCE PLANNING PRACTICES AND CHALLENGES AT SPECIALIZED FINANCIAL AND PROMOTIONAL INSTITUTION

Abstract

Human resource planning is one of the most important human resource management practices in the organization. Organizations rely much on human resource planning to determine their current position and future needs of manpower. The purpose of this thesis is to examine the practice and challenges of human resource planning at Specialized Financial and Promotional Institution (SFPI) focusing on the process of human resource planning, integration of human resource planning with the strategic plan and identifying factors hindering the planning process. Due to its descriptive nature, the researcher deployed a descriptive method in order to assess and describe the practice of human resource planning in the organization under study. Besides, the study used both quantitative and qualitative approaches. The researcher divided the population into two major groups: managerial and non-managerial employees according to their position and responsibilities in the organization. For the managements are appropriate person to provide information about human resource planning and challenges the researcher undertook in depth study with the management and non-managerial employees were included just for triangulation of responses obtained from managerial employees. The findings of the study depicted that the following among many others: limitation of conducting current human resource inventory, limitation in preparing action plan to deal with forecast deficit through internal promotion, training or external recruitment. Thus, it is recommended that SFPI should conduct skill inventory by compiling the skill, education and experience of current employees and use this inventories to assess whether current staff can meet company goals. For understanding the company’s pool of current skill and future skill requirements aids in strategic efforts.