Final answer:
Determining the number of future hires in a firm is part of workforce planning in HR, which entails assessing manpower, forecasting needs, and designing hiring practices. It's influenced by the macroeconomic environment, and involves a strategic approach to employee retention and recruitment.
Step-by-step explanation:
Determining the number of employees a firm may need to hire in the near future is part of the workforce planning aspect of the Human Resources Planning process. This step involves assessing current manpower resources, forecasting future requirements, analyzing the gap, and then establishing a strategy for building the necessary workforce. It specializes and focuses on the retention of employees and hiring practices to ensure operational efficiency.
The demand for labor from firms largely depends on how they perceive the state of the macroeconomy. An expanding business environment means firms might increase hiring to meet expected demand, whereas in a recession, companies may initially retain employees, avoid the costs of hiring, and maintain flexibility until the economy recovers.
Understanding a company's hiring process can involve reviewing how a position is advertised, the way the HR team handles applications, and the subsequent recruitment of candidates. For instance, after a position is advertised, the HR team sifts through resumes and shortlists candidates for interviews, a crucial step in the hiring cycle.