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How Many Parts Are You Playing? Determine How to Structure Your People Analytics Team.

By | Jasmine Panayides | www.myhrfuture.com

From economic instability to remote working policies, disrupting events in 2020 have forced many organisations to adapt their business and operating models rapidly. This, in turn, has left many HR leaders wondering how they can best plan for their workforce in a constantly evolving landscape. Tie this in with the current skills shortage that most industries face; the need for an effective workforce planning strategy has never been more transparent.

But workforce planning is more than just forecasting headcount and budget allocations. It is a process that aligns an organisation’s workforce with its overall business strategy and goals. It involves understanding the current and future workforce composition, identifying gaps, and developing action plans to bridge them. As our Insight222 People Analytics Trends 2022 report showed, Workforce Planning is also a key area where HR leaders and People Analytics more specifically add business value.

When developing a workforce planning strategy, many factors exist, such as company objectives, external market factors, and workforce trends. But at its core, it should be data-driven.

Why is a Data-Driven Approach to a Workforce Planning Strategy Important?

To make sound decisions about your future workforce needs, you must clearly understand your current workforce. This is where the power of data comes into force. 

Data can provide insights into the following:

  • The skills and experience of your current workforce

  • The skills and experience your future workforce will need

  • The skills gaps that exist within your workforce

  • The training and development needs of your workforce

  • The succession needs of your organisation

Making decisions about your future workforce without data is often a shot in the dark. You may invest in training and development that doesn’t address the skills gaps within your workforce or hire new employees without considering the skills and experience already present within your current team.

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www.myhrfuture.com
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