Final answer:
Determining a firm's future human resources needs is referred to as human resources planning, encompassing the recruitment, selection, and ongoing development of employees to meet organizational goals.
Step-by-step explanation:
Determining a firm's future human resources needs is referred to as human resources planning. This process involves predicting and managing the demand for and supply of employees. Personnel selection is a key component of this, where companies recruit and select appropriate candidates for available positions.
After hiring, ongoing management development and performance appraisal are essential to developing the workforce and aligning employee skills with organizational goals. As skills can be taught but personality cannot be easily changed, hiring for cultural fit is also crucial. Improving human capital is fundamental to organizational success and involves training and developing the workforce. Thoughtful investments in human capital, starting from hiring through continuous professional development, are vital for achieving a firm's objectives.