Human resource planning (HRP) involves forecasting an organization's future needs for employees and ensuring the adequate supply of qualified workers. The key steps in HRP are analyzing organizational objectives, taking inventory of current human resources, forecasting future demand and supply, estimating personnel gaps, formulating an action plan to address deficits or surpluses, and monitoring implementation of the plan. HRP is important as it helps organizations plan for future personnel needs, cope with changes, develop talented workers, protect vulnerable groups, support international strategies, and lay the foundation for other HR functions like recruiting and training.