According to research by Harvard Business Review, 15% participants said that they use “predictive analytics, which is based on HR data and the data within or outside the organisation sources.” In comparison, the other 48% predicted that they would be applying this strategy in the coming two years. Research suggests that it is necessary for organisations to predict their strategic workforce requirements beforehand and designate resources accordingly. So, what is are workforce strategies?
There is research confirming that skilled workers are the most important asset for any business to be successful. However, many organisations don’t have a proper workforce strategy to manage their valuable assets. Due to the unorganised hiring process, it is difficult for organisations to find the right employee at the right time. Here, the workforce strategy comes into the picture.
Workforce strategies refer to the management of your assets in the organisation by creating an automated process that analyses the company’s current and future hiring needs. These workforce strategies will help you hire the right employee for the right department of your organisation. Workforce strategies also evaluate the performance of workers to increase the organisation’s growth.
Importance of Workforce Strategy
Strategic workforce planning for any organisation is the key for creating a wealthy future for your employees and the industry. It analyses your business needs in terms of skills, experience, and competencies for facing the challenges and achieving the goals. Workforce strategy helps with the framework for hiring staff based on the organisation’s budget resources and understanding the existing staff to get the best out of them, so that the organisation can grow and achieve its business goals effectively. Strategic workforce planning is essential because it allows the organisation to have the right employees with the right competencies. Plus, it has the ability to make the managers and programmes more effective.
What are the Benefits of Strategic Workforce Planning?
A good workforce strategy can bring a lot of benefits for you and your organisation:
- Long-term planning for the future: By long-term planning, organisations can determine beforehand the number of employees they will have to deal with in the future according to the workload requirements. It also helps to make a backup plan so that if someone leaves, there should be another person in the company to fill the gap.
- Analysing performance of your current employees: Strategic workforce planning starts with performance analysis of your current employees. It includes two key areas- the quality and quantity of the workforce. Quality is assessed according to the current performance and future potential of the employees. Quantity is assessed on the basis of new hiring and promotion of current employees.
- Be prepared for future scenarios: Strategic workforce planning also prepares you for the unpredictable future. It also helps you avoid unexpected events which affect the development of the organisation.
Challenges in Strategic Workforce Planning
- Time Consuming: For a successful strategic workforce plan, you will have to talk to your managers about their recruitment needs. This is a time-consuming process because you will have to take time out of managers’ busy work schedule every month.
- Fewer engagement rates: Sometimes, the hiring managers don’t respond to the hiring demands and do not properly approach workforce planning. Their engagement is important for the right hiring of employees. Always make the process spontaneous, so the manager invests less brainpower, which undoubtedly increases the engagement.
Successful workforce planning is an exhausting task. But there are many software solutions available nowadays for streamlining the workforce strategies effectively. Thankfully, strategic workforce planning has become a simplified and hassle-free process through which companies can hire talented employees with specific skills without wasting any extra time and resources. Learn more about how you can outsource the hassles and the risk of managing remote and contingent workers with CXC.