What goes into The Making of a Successful Workforce Plan

What goes into The Making of a
Successful Workforce Plan?
At any given time, a variety of skillsets is required to meet the demands of
a volatile market; and, getting people in the right place and with the right
skills is a serious resourcing constraint that organizations often face. Large
talent gaps in critical areas are likely to get worse as the competition heats
up. Although a preferred module in most HCM solutions, talent analytics
has to contend with many imponderables to create a business-driven
workforce. Workforce planning fills the void by offering short- and long-term
solutions that identify current pain points, future shortages or surpluses of
critical talent. The world of workforce planning is getting more complex.
Building a workforce planning approach involves dealing with major
challenges at every stage of staff lifecycle—recruiting, retention,
organization design, learning development, compensation and benefits.
Integrating each of the stages in the workforce planning approach provides
insight on those talent segments that deliver high returns and need greater
investment. To leverage this approach with impact and to deliver value, the
HR leadership should consider the time and the type of support the
business needs. Among other things, it involves the integration of internal
and external data to drive talent management strategies that will help
prepare for and respond to change.
The success of any resourcing strategy revolves around delivering value.
Let us look at the elements that contribute to a successful workforce plan:
Focus on the critical business decisions. Workforce planning helps you
to focus on talent decisions that will actually affect the ability of the
organization to reach its business goals.
Consider different scenarios. By anticipating future workforce scenarios,
workforce planning can give a heads-up on important trends with respect to
market conditions, fiscal performance, labour availability, etc.
Monitor trends in hiring supply and demand. Making use of internal and
external resource mix judiciously requires walking on a thin rope. With
integrated workforce planning, the HR leadership team can manage an
optimal mix of internally grown talent and external hires.
Make investments in workforce decision support systems. Investing in
enabling technologies is a critical component that allows you to execute
successful strategies.
Focus on sustaining and managing performance. Driving performance
and efficiency throughout an organization is possible with the right
framework in place. With workforce planning, you can have access to the
information and analysis necessary to future-proof your strategies.
Evaluating current and future challenges. To make full use of workforce
planning, you should not negate the critical workforce segments driving the
business. This shall help you to drive allocation of talent investments and
align HR with corporate strategy.
Resource source: https://www.peopleworks.in/blog/2018/08/07/what-goes-intothe-making-of-a-successful-workforce-plan/
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