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Creating a path for continuous strategic workforce planning

How to integrate talent with finance and risk to better balance staffing needs.

Most companies conduct strategic workforce planning (SWP) on an annual, at best quarterly, basis. Ideally, it should be done continuously. Ongoing planning helps organizations avoid the boom-and-bust cycle of rapid hiring and subsequent layoffs, often seen in recent years, which only creates the conditions for costlier rehiring in the long run.

As a function of supply and demand, SWP determines what resources are needed to get work done and what options are available to fulfill that demand. To accomplish this, organizations can hire new talent, develop current talent, engage more part-timers or freelancers, or leverage automation and artificial intelligence. Or, in human resources (HR) terms, buy, build, borrow, bot, or base.

Strategic workforce planning, then, is at its core a dynamic, future-focused process. When optimized, it can ensure that the right number of people with the right skills at the right cost are in the right place at the right time to deliver on short and long-term organizational goals in a risk-reduced manner.

It may sound straight forward, but many corporate executives agree that their strategic workforce planning could be improved. Half (50.7 percent) of human resources leaders say that their workforce planning being limited merely to headcount planning is a top challenge and an area for making significant progress over the next 12 months.[1] Other leaders (44 percent) consider their workforce plans to be solely driven by the finance function, giving short shrift to talent dynamics.[2]

In this paper, we discuss the benefits of integrating the workforce planning component into the wider enterprise performance-planning process. We also describe effective ways to hire, develop, outsource, and automate your staffing needs so that you can accomplish the strategic, operational, and financial goals that will support your business growth.

Dive into our thinking:

Creating a path for continuous strategic workforce planning

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