All business owners want their business to constantly grow better. And to do this, you will need the help of a skilled and educated team. That’s why it’s very important to hire people that fit the job well and can help your business grow.
You need to be very careful in considering the current and future skills of your workforce. From the employees you already have on the team to the people that you need to hire to help you in the future — you need each of them to be able to begin strategic workforce planning.
With strategic workforce planning and an experienced HR team, you can tackle every obstacle that your business may face in the future.
Today, we are going to show you the different strategies you can apply with your team for strategic workforce planning.
What is Strategic Workforce Planning?
First, let’s define what strategic workforce planning is.
Strategic workforce planning is a way to analyze and measure your current workforce. This includes their skills, performance, and their future potential that will enable you to achieve your business goals.
Moreover, it also helps ensure a company that they are not overstaffed or understaffed and that there are no gaps in the skills and capabilities of each employee.
Aside from that, strategic workforce planning also helps leaders and business owners discover the training needs of their current and future employees. With the help of workforce planning, leaders will be able to steer their whole team and company towards a route that will help the whole organization improve.
7 Strategies for Strategic Workforce Planning
Don’t know where to start? Read these seven tips below:
1. Consider Your Business Goals
Strategic workforce planning is mostly about making sure that your employees can help you achieve your business goals for the whole company. In simpler words, it starts with the right human capital management. That’s why the first thing you need to tackle with strategic workforce planning is considering your business goals.
Start with your short team and long-term goals. What are you willing to do — to stake — to achieve these goals? Which steps should you take? Who are the best people that can help you achieve them?
Remember that you need to have everyone on board when planning for your goals — which means not just HR, but also other departments like finance, operations, customer service, etc. If you can unify everyone’s thoughts and ideas, you will easily come up with the best plan for the whole organization.
2. Analyze Your Current Workforce
Remember, you can’t start strategic workforce planning without the help of your employees. That’s why you should always start with them. Look at your current workforce and analyze everyone in the team. Do you already have the right people with the right skills to help you? Or perhaps you need more manpower in this area and that? Analyzing your current workforce requires two things: the quality of your workforce and the quantity of your workforce.
Quality means assessing your employees’ capabilities, performance, and future potential. Each one of your employees has its strengths and weaknesses. Make sure to team them up with a group that can help them eliminate their weaknesses and grow their strengths. Or you can have them trained in order to hone their skills and strengths. Training also helps fill in the gaps in their performance and skills.
Meanwhile, the quantity of your workforce is like its name suggests — the number of people that are included in your workforce. This includes current employees, newly hired, internal promotions, etc. Analyzing the scope of your workforce can also help you know how many people you need on your team in order to reach your goals.
3. Fill in Future Skill Gaps
After measuring your current workforce, the next thing to do is fill out future skill gaps. This is the best time to conduct a skills gap analysis.
A skills gap analysis will help you determine the gaps between your present employees’ current skills and the future skill level that you need for the betterment of your business and to achieve your business goals. This strategy can also help you determine how to fill in the gaps that some of your employees may leave behind once they retire.
Are you willing to hire new workers or do you prefer training your current employees so they can fill in these gaps? Or perhaps you prefer to do both? It's important for you as the leader to fill in these gaps so you can steer your team towards achieving your goals.
4. Prepare for Future Scenarios
The future is truly unpredictable. However, it cannot stop you from being prepared in case unexpected scenarios happen.
If you want to avoid seeing your team suffer from a huge downfall in the future, you need to make sure that you prepare them for whatever unexpected event may occur. It’s up to your HR team and your strategic workforce planning to come up with all the top ideas and suggestions that can help tackle any type of scenario.
To help your team prepare for these scenarios, you’ll need the help of HCM tools — like Oracle Cloud HCM. Oracle Cloud HCM can help you connect with all your employees from the newly hired to those who have retired, allowing you to accurately measure trends in your workforce performance.
5. Ask for External Advice
Strategic workforce planning is a challenging task — which is why it’s not something that you should take lightly. If you want solid and reliable workforce planning, you need to consider all the things that can help you achieve it.
That’s why you should never hesitate in getting assistance from an external party. You can hire someone who specializes in strategic workforce planning. These people will be able to support you and give you advice on when and how to start your planning.
6. Remember Your Company Culture
The people in your team may change — as well as their skills. However, no matter how much the current situation can affect your future decisions, you should never forget your company culture.
Stable company culture will help you steer your team toward a better route. When you are planning, make sure to take your company culture into account. Analyze how you want your people to develop and grow as a team. Know which core values you want everyone to preserve even if new and old people come and go.
Company culture is important in making your team grow closer which will improve cooperation in their work.
7. Monitor and Adapt
Even if you have already conducted your strategic workforce planning, it doesn’t just stop there. In fact, many factors may arise in the future that can affect your plans. But being fully prepared and having a team of people you can rely on, you’ll be able to easily adapt to changes that may occur.
You do this by learning how to stay on top of things — from your team, surroundings, sales, and even changes in the market. Monitoring can help you predict future scenarios that you may want your team to avoid. It will also help you clear a path to account for these scenarios so your team can continue to operate normally.
But aside from that, you and your team should also learn how to adapt. The world is constantly changing. That includes technology, market prices, customers, etc. So, the ability to adapt is increasingly valuable and critical to your business’s continued success.
Without proper strategic workforce planning, a business or a company can easily fall behind. That’s why it’s very important to be smart about the talent you hire. Aside from that, you should also know how to deliver and come up with the best strategic workforce planning you need to achieve your short-term and long-term goals. Remember these seven strategies to achieve the best strategic workforce planning and human capital management to help your business grow.
With the help of Oracle Cloud HCM, you can easily unify your workforce communications, workflows, listening, and support in a single and open platform. If you want to learn more about how you can adopt this in your strategic workforce planning, please contact us.