Final answer:
Strategic human resources planning involves forecasting labor demand and supply. Surplus strategies address excess employees, while shortage strategies attract and retain talent.
Step-by-step explanation:
Strategic human resources planning plays a crucial role in organizations by aligning HR goals and objectives with the overall business strategy. It involves a systematic process that includes forecasting the organization's future labor demand and supply. This contributes to strategic planning by aligning HR goals with the overall business strategy.
Forecasting involves predicting the future workforce needs based on factors like business growth, industry trends, and technological advancements. This helps identify potential labor shortages or surpluses.
In a labor surplus situation, where there is an excess of employees, HR can implement surplus strategies such as hiring freezes, voluntary redundancy programs, or reducing working hours to address the surplus and reduce costs. These strategies contribute to the organization's strategic planning by ensuring efficient resource allocation and cost savings.
On the other hand, in a labor shortage situation, where there is a scarcity of skilled workers, HR can devise strategies such as recruitment, training and development programs, and offering competitive compensation packages to attract and retain talent. These strategies contribute to strategic planning by ensuring the organization has a competent workforce to achieve its goals.