Strategic Workforce Planning
Are you sure you have the right workforce to deliver on the results you are promising?
The competition for talent, rapid technological change and the continuing urgency to create more innovative products and services are factors that create the perfect storm in organisations today. How organisations respond to these challenges will determine whether they prosper or decline. Companies do not have the luxury of investing unlimited time and resources into the entire talent pool and must leverage their resources into the right person, at the right time, in the right position.
Workforce planning is a tool that assists organisations and managers plan for the future, anticipate change, manage the workforce and meet business goals. It provides a framework for making workforce decisions that align with meeting the strategic goals of the organisation. The workforce plan identifies how future staffing and skill requirements will be met through staff development, internal deployment, recruitment and succession planning. This ensures that planning is proactive and talent surpluses and shortages are avoided, where possible.
The major workforce risks that occur due to low capability in strategic workforce planning are:
- Business objectives not being met because of gaps in essential skills and capabilities.
- An increase in business risk from;
- Demographics such as an ageing workforce
- Skill shortages from a lack of available talent
- Lack of requisite leadership and performance
- Lack of critical roles (foregone revenue / increased OH&S risk / decreased market share).
- Low employee engagement due to uncertainty about possible career paths.
- Not matching employees to areas of need, resulting in an excessive wages bill.
Workforce Insight’s methodology, designed for organisations starting their workforce planning journey, covers four main areas:
- Conducting strategic analysis and workshops to cover your organisation’s strategy.
- Creating a demand and supply model that will improve resource allocation.
- Working with you to analyse your critical risks and develop pragmatic HR solutions.
- Setting you on the pathway to effective implementation of your workforce plan.
By implementing strategic workforce planning in this way it is possible to achieve the following:
- A reduction in business costs by better allocating resources to your workforce.
- The ability to quickly and strategically respond to change as an organisation.
- Improve efficiency, effectiveness and productivity (employees possess the right skills and are a good fit for the job).
- Facilitate strategic staffing and planning for future workforce requirements. You will be able to identify critical staffing needs in a timely manner, monitor attrition and ensure replacements are available to fill key vacancies.
- Assist with the identification and management of people with the knowledge critical for effective and efficient business operations, and make sure they don’t walk out the door when you need them the most.
Strategic workforce planning with Workforce Insight enables you and your organisation to create more productive workforces by enabling insight into strategies that retain key talent, lower turnover in critical positions, reduce people risks and increase performance.