External labour supply
While the organisation grows quickly, diversifies into newer areas of operations (capital market operations, merchant banking, mutual funds, etc. in the references of a bank) or while it is not able to discover the people internally to fill the vacancies, it ought to look into outside sources. To the extent an organisation is capable to anticipate its outside recruitment requirement and looks into the probable sources of supply keeping the market trends in mind, its difficulty in finding the right personnel with suitable skills at the required time would become simple as shown in box 4.
Organisations, currently, do not generally track the qualifications of thousands of worker manually. Information of workers in terms of skills, knowledge, experience, abilities etc., are computerised, by using various packaged software systems. [Now there are over 300 computerised human resource information systems available].
Box : Important Barometers of Labour Supply
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1. Total migration into and out of the area
2. Education status of workforce
3. Demographic modification in population
4. Technological advancement and shifts
5. Population Mobility
6. Demand for particular skills
7. National, regional unemployment rates
8. Actions of competing workers
9. Government rule, regulations, pressures
10. Economic Forecasts for the next few years
11. The magnetism of an area
12. The magnetism of an industry in a particular place
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