Workforce planning is a key strategic imperative for business leaders. Effective planning supports company growth, innovation and the optimal utilization of talent. Having a pro-active and opportunistic talent management strategy allows organizations to avoid unnecessary disruption and the costs associated with turnover, talent shortages and changes in the business climate.
Elements of a Plan
Workforce plans should include specific initiatives that are tied to the organization’s strategic plan. Key components of an effective plan include:
- Talent Forecasts: This phase includes the collection and analysis of key workforce indicators, such as company growth projections, change in skills/competencies, turnover trends, retention issues, contingent staffing usage, anticipated vacancies due to voluntary or involuntary exits, as well as internal and external talent availability.
- Climate Analysis: A thorough assessment of the internal company climate, as well as the external business climate provides clarity, in regard to the threats and opportunities that may impact workforce plans.
- Action Plans: Specific and actionable plans for external sourcing and recruiting, as well as internal development are implemented to meet future needs. These plans also include meaningful metrics to measure effectiveness and provide early warning signals, should the plans not meet expectations.
Once a plan is in place, it may be important to explore a technology solution to support ongoing plan administration. Assessments of technology requirements and solutions are available, as deemed necessary by the organization.
The timeframe associated with a workforce plan is dependent upon the availability of data, access to leadership and subject matter experts, as well as the complexity of the organization’s strategic plan. An initial consultation will assist in scoping the effort and assigning timelines, resource requirements and fees.
Engaging our Services
Generally, a workforce planning engagement is handled on a project basis. Under this arrangement, we provide consulting support to the organization’s internal staff and provide analytical support, if needed. The optimal arrangement includes working with a designated Project Leader who is internal to the organization. This individual serves as the internal coordinator for the project and may be a primary subject matter expert.