Today, the demand for premier talent is forcing organizations to plan and recruit more efficiently. Workforce planning and HR analytics have become an important focal point for HR teams around the world, as they can tackle new challenges in sourcing and retaining the right candidates. With the today’s advancements in technology, the latest HR management systems are bringing in more data and key insights into the workplace, thus making HR planning an important process for businesses of all sizes.
Workforce planning involves aligning talent management with business goals, which allows an organization to meet its regulatory, service, and production requirements. It is a finance-led process for a great majority of companies, focusing primarily on managing employee count to budget to ensure there are no cost overruns. Businesses need to recognize the importance of a carefully mapped workforce plan to achieve its goals – advanced tools and strategies will help you to stay ahead.
Workforce planning involves several stakeholders, each with their specific role. While the HR duty is primarily responsible for designing and implementing a workforce planning strategy, there’s no doubt that executive leaders, finance, and managers are key players as well. Executive leaders are responsible for setting business directions which will become a key part of the workforce planning process, just as the finance function should offer important insights into the financial implications of an organization’s HR management operations. The functional team has to offer necessary workforce insights such as required skills, experience, and performance that both current and future candidates should meet.
Strategic planning begins with gaining strategic insight on all business imperatives and talent implications for your company. This analysis needs to be followed-up with a measurement of talent gap risks – talent demand and supply, workforce gaps, and risks. When modeling a workforce management plan, employers need to consider quantity, quality, and location. Also, the plan should include talent development and acquisition, contingent talent deployment and retention strategy, while also taking into account a possible change in company strategy triggered by the previous steps.
To be successful, businesses should invest in an advanced data engine with analytical tools to generate meaningful workforce data that combines internal, external, structured, and social data to produce in-depth insights into talent availability and shortfalls.
Workforce planning is a long-term planning and implementation process, it’s also liable to changes that can happen from one day to another. It is a continuous process that is highly susceptible to changes in the market or in the talent pool, requiring employers to stay flexible in their decision-making process. Real-time data and analytics help businesses make right decisions for both short-term success and long-term growth.
Our HR management platform can help predict any disruptions to your organization and minimize negative impacts on your business operations, in terms of workforce management.