What do you mean by skill inventory? Explain outplacement and external labour supply.

What do you mean by skill inventory?

•Evaluation of knowledge, skills, abilities and experience of each and every employee in the organization, is skill inventory. Company should keep its record and update it yearly.

•Whenever company have any job opening in their organization they can first search in their skill inventory to close this job opening in the organization. It works as a motivational factor for employees.

What is outplacement and external labour supply?

•When the organization do not require any of the existing employee to continue with company and help them out in finding new job in other firms known as outplacement.

•When the organization grows rapidly and start new areas of operations, and not able to find the new people internally then organization take the required skills from outside firms who supply the manpower as per requirement.