How HR supply forecast is done?

How HR supply forecast is done?

Supply forecasting measures the number of people likely to be available from within and outside an organization. It helps in quantify number of people and positions expected to be available in future to help the organization for raising its plans and meet its objective. It clarifies likely staff mixes that will exist in the future. It also helps in preventing shortage of people where and when they are most needed. The HR supply forecasting can be anticipated by Markov Analysis in which transition probability matrix is developed to determine the probabilities of job incumbents remaining in their jobs for the forecasting period. Another method used in supply forecasting is succession analysis.