Workforce planning is analyzing the organization’s workforce to see if they have access to sufficient numbers of human resources at the right job, at the right time, and plan accordingly.
It is an assessment to see if your organization has the talent to help achieve their future objectives and goals
Workforce planning is crucial for translating your business strategy into reality. It aligns human resources to the organizations’ goals, by identifying its current and future needs, and taking measures to close the gap. According to Financial Express, “organizational success depends on having the right employees with the right competencies at the right time. Workforce planning provides managers the means of identifying the competencies needed in the workforce not only in the present but also in the future and then selecting and developing that workforce. Finally, workforce planning allows organizations to address systematically issues that are driving workforce change.”
Workforce planning is essential for succession planning as well. Usually done for executive positions, it will let you know which leader is likely to retire or resign, and then pave the way for a smooth transition. The transition could involve additional qualifications, training, interviews, and so on.
Identifying current business objectives and laying out workforce requirements. The idea is to align the business goals (both long term and short term) and the talent needs for the same. Is your business expanding? Or are you releasing new products or services? Relocating or opening a new branch? Have clarity on what you are looking for based on your plans.
Analyze current workforce. Once you know where your business is headed, and know what kind of skill set you are looking for, you can check if you can fulfill it with your existing workforce. See if you have the right people doing the right job, at the right time. Devise an action plan. While assessing your current workforce, also provide projections for attritions and turnovers.
Break down your future requirements and close the gap. How many more employees do you need for achieving your objectives? How are you planning to achieve this? Do you need more employees or can we use the existing workforce? Do you have to provide additional training for future needs? Do you have to invest in employee development programs? Are your employees willing to relocate? Does it need org restructuring? Would it be a good idea to invest in new employees, rather than training the existing ones? These are some questions you must consider.
Do a continuous evaluation. You need to monitor your strategy to see if it is working and make adjustments wherever necessary.
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