Embarking on a workforce planning journey can be overwhelming. Determining what data to collect, what metrics to focus on, how to set up reporting, how to analyze all the outputs, and how to gather various stakeholder requirements are just a few of the initial requirements. It is no wonder why many organizations get perpetually stuck in the “how do we get this off the ground?” stage. Most organizations recognize there is a gigantic gap between ever-changing business requirements and what can be delivered through technology but they continue to fruitlessly fill those gaps with more people. This typically causes redundancy and confusion instead of implementing useful tools that foster collaboration.
Here are five reasons why organizations who adopt technology to support workforce planning are thriving:
- Centralization – Having a centralized location where all the planning activity takes place fosters collaboration and knocks out redundant activities. Workflow can be determined and comprehensive notes recorded so everyone knows why actions are taken. Having centralized plans allows several different functions to offer input. For example, finance can align the budget with talent acquisition.
- Data Integration – Having several data sources integrated together and transformed to provide high value insight. Historical data can be utilized to predict accurate attrition forecasts. The workforce can be segmented in meaningful ways for analysis and gap identification.
- Total Cost of Workforce – Organizations can accurately project labor costs, staffing needs, real estate needs, and even project IT hardware, software and support needs.
- Critical Gap Identification – Organizations can identify the critical positions to the business strategy coupled with a skills inventory and succession plan. They can also see how much internal talent is available along with external labor market analysis. Ultimately, they can plan for the gap by seeing what resources are available to support the business strategy. Deciding whether to build, buy, redeploy, or outsource.
- Comprehensive Plan – Now compensation and benefits, Talent Acquisition, Learning, Engagement, finance, and operations can all tap into the same plan to ensure the organization has the right people, at the right time, at the right cost, and with the right skills for business.
Technology is advancing rapidly and transforming every aspect of the business. Organizations who embrace technology to support their objectives are seeing the tremendous benefits and coming away with a true competitive edge.
To learn more about the power of cloud-based workforce planning technology please contact info@vemoworkforce.com to set up an online demo.
