Final answer:
The two common forecasting techniques to project organizational HR demand are qualitative methods, including observation, surveys, and interviews, and quantitative methods, which use demand and supply analysis and statistical data.
Step-by-step explanation:
The two common forecasting techniques used to project the organization's demand for human resources are qualitative methods and quantitative methods.
Qualitative forecasting techniques often involve observation, surveys, and interviews to gather information about current job roles and performance to predict future HR needs. Observing someone proficient in a position helps identify necessary skills, and interviews with incumbents, their peers, and supervisors yield a consensus on job requirements.
Quantitative methods use statistical data and mathematical models, like the demand and supply analysis of labor markets, to forecast HR needs. In this analysis, one can consider variables such as annual salary or hourly wage as a measure of price and quantify labor by the number of workers or hours worked. Through these methods, organizations can predict and plan for future staffing requirements based on historical data and trends.
Both these techniques help in creating a balance between the supply of labor and the organizational demand, thereby enabling effective HR planning and decision-making.