Then the human resources department needs to analyze the availability of external human resources. It needs to look at employment trends to determine how many workers are going to be available and what types of workers are going to be available. By doing these two steps, the firm will have a sense of the gap between what they expect to need and what they expect to have; and then will also have a sense of what is expected to be available in the external marketplace.

The third step is to formulate a strategy. This will encompass a wide range of tasks. The number and types of workers needed must be identified. A time frame will need to be set with respect to when these workers will be needed. Then, the firm will need to structure its wages and benefits packages in line with what they expect will be needed to...
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