Key Benefits Of Strategic Workforce Planning

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A recent report by the renowned Hay group says ‘A talented and aligned workforce is crucial for bringing strategy to life and ensuring an organization delivers on its objectives ‘. This report also says that direct people costs make up an average of 40 per cent of organizational costs. So what is it that drives the organizations today? A talented workforce is the answer. How can a talented workforce be obtained? Pat comes the reply from any industry expert “Through proper strategic workforce planning.” Strategic workforce planning is the need of the hour with the entry of dynamic workforce diversity and booming technology owing to globalization.
Introduction
Strategic Workforce Planning (SWP) involves analyzing and forecasting the talent …show more content…

The first being, aging workforce and low birth rate which will result in the active workforce declining by 29 percent in 2050 will contribute massively to SWP. Secondly, as the work environment becomes dynamic and workforce becomes diverse, planning needs to be done beforehand to forecast the organization’s talent pool. Thirdly, with changing career patterns, expectations and succession planning taking a lead, SWP becomes the force in ensuring proper talent management in any organization. Given below is the strategic workforce challenge in each of the sectors as per a report published by Hay …show more content…

2) Becoming centers of excellence by possessing appropriate skills and qualifications of doing the workforce planning.
3) Adding strategic value by incorporating the right frameworks, models and tools.
4) Strategic workforce planning leads to increased productivity, optimum utilization of time and resources and effective management of costs.
5) Proper planning leads to good work-life balance amongst the employees.

An interesting case
The treasury of Australia has published its strategic workforce plan for 2012-2016 in which it indicates that the treasury has been operating in an increasingly complex policy environment which needs to move to a resource-constrained environment by 2015-2016. The decision to include SWP in the treasury is contributed by reasons such as staff tenure, gender diversity, good mix of skills and capabilities amongst the employees and so on. There are four workforce strategies for 2012-16 focus on increasing the department’s capabilities and capacity while downsizing which include recruitment wherein the new employees with desired competencies will be hired, development wherein downsizing would mean that staff need to be able to develop their individual capabilities to meet changing organizational requirements, mobility i.e. an extremely skilled agile workforce and lastly inclusiveness which means workforce capabilities are strengthened

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