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Strategic Workforce Planning: Aligning Talent with Business Objectives
A well-formed workforce plan that is aligned with business goals can help companies improve productivity, reduce costs, and drive enterprise value. The plan should include detailed action on acquiring, engaging, developing and managing the right talent at the right price to enable the organization to achieve its stated business goals.
If your team is conducting its Workforce Planning separate from the business, they are missing a big opportunity to optimize cost, profit, service delivery and productivity. Having worked with many HR teams, we have helped find millions in ROI using analytics to model and realign their workforce to meet these uncertain times.
In theory, a good workforce plan fits hand in glove with the organization’s business goals and KPIs. In reality, most HR organizations are scrambling to backfill headcount, hire new talent and control workforce costs without linking it to the business.
This is how it usually plays out:
CEO directs Finance to control workforce costs
CEO directs HR to hire more talent
No wonder workforce budgets are a point of contention between HR and Finance! Ideally, the two teams would work together along with the business to find a solution that meets the CEO’s requirements and is aligned with the business goals.
Key Benefits of Aligning Workforce Planning to Business Goals
Improve business insights through real-time insights
Lower workforce cost and inefficiency due to conflicting interventions
Reduce workforce risks and provide visibility into the impact of workforce strategies
Allow management to optimize between workforce cost, profit, service delivery and productivity
Make faster adjustments to workforce strategies
SOLVE™️ Helps Companies Align Their Workforce Plan
Many companies face this workforce planning misalignment without knowing it.
SOLVE™ Workforce Intelligence Software helps companies better align their workforce strategies with business goals by providing over 620 HR metrics, what-if scenario modeling, automated reports and ad hoc analyses.
SOLVE™ Workforce Planning
Use SOLVE™ Workforce Planning to model and optimize workforce supply and demand based on workforce cost, headcount, staffing levels, skills and financial projections. Create and save unlimited scenario models to find the optimal solutions to achieve financial targets and business objectives.
Key features Include:
Demand Forecasting of future company and job level headcount demand based on organizational drivers and measured against Total Cost of Workforce (TCOW), total revenue and expense, and level of services provided across the organization.
Supply Forecasting of talent incorporating account tenure, age, retirement projections, and historical employee movement through the organization with considerations of TCOW for the organization, job roles and functions.
Retirement Calculator to project overall and job-level projected retirements with visual distribution of workforce segments by age and/or retirement eligibility.
Workforce Gap Analysis to model and visualize overall supply and demand headcount gaps, map Profit per FTE against TCOW, and analyze headcount, cost, tenure, age, skills and engagement gaps against goals.
Workforce Plan on a Page to provide a summary view of workforce optimization and key metrics for talent, labor cost, productivity, retention, hiring, engagement, and leadership impact.