Incorporating The Discipline of Workforce Planning Through Analytics

With the current growing gig economy and freelance culture, more and more people opt for part-time jobs and opportunities on a temporary contractual basis. In 2018 alone, 56.7 million Americans opted for freelancing, and it is estimated that by 2027, more than 50 percent of the American workforce will freelance.

With employee culture becoming more flexible and fluid, it has become critical for organizations to understand the changing needs of their workforce and take adequate steps to prepare for future staffing needs.

The advent of technology and digitization has allowed organizations to gain efficiency and higher productivity. It has empowered organizations to make more efficient decisions in a lesser amount of time. However, many organizations are yet to learn to leverage it effectively to streamline the entire HR workflow.

Going back to where we started, the current gig culture has created an organizational shift, while also creating talent shortages, thus, impacting the ability to adapt and innovate. With HR managers and employers having the responsibility to upskill, reskill and cross-skill their existing workforce, it has become all the more necessary for organizations all across the globe to achieve dynamic operational standards and modern workforce planning and management methods.

Enter strategic workforce planning analytics.

To be fair, strategic workforce planning is not a new concept or a recent development. The process of analyzing, forecasting, and planning workforce demand and supply goes back to the 1960s and 70s. While this concept isn’t new, it has become an pressing need for employers and HR professionals to identify their optimal workforce mix and tailor their investment in the least amount of time possible.

The word “time” is critical in the current scenario. Considering the dynamics of the present workforce market, employers now need to step forward with a holistic perspective to cover up existing and future gaps while identifying forthcoming risks and assessing quick wins to yield potential profit.

It is through incorporating analytics in strategic workforce planning that every organization can achieve this and ascertain the most advantageous size and workforce mix for the short and long term.

Strategic workforce planning via analytics helps organizations to attain a future-ready state in the following ways:

  • Design a comprehensive action plan on utilization of various workforce types (both permanent and temporary) to derive maximum productivity
  • Plan and implement optimal reskilling strategies that align with the changing market standards
  • Be prepared and ready for the changes in workforce dynamics and derive reasoning behind those changes
  • Be pre-informed of the possible future work gaps and strategize fulfillment to avoid revenue losses

Analytics in strategic workforce planning overcomes the risks associated with “gut-feel” recruitment often associated with traditional hiring practices with data-driven choices, while saving time and effort. On a macro level, with automation becoming the “new normal” for the HR work sphere, the wiser thing left to do for organizations is to tap into its potential starting now.

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