Why companies need to prioritize workforce planning

Workforce planning is a subset of human resources, and it's all about making sure your company has the right number of employees at the right time. It's basically an HR roadmap for the next few years that includes projected hiring needs, employee turnover rates, retirement ages and more. The goal? To make sure you have enough people to meet your business goals. Sounds straightforward enough, but according to Human Capital Institute (HCI), just 25% of organizations are proficient in this area.

In this post, we'll explore why employers should prioritize workforce planning and how they can implement an effective process using tools like Faethm.

Organizations are dealing with increasing uncertainty

In a recent study, 86% of executives admitted that their organizations are dealing with increasing uncertainty. Organizations need to be prepared for this by having a workforce plan in place.

Organizations have to deal with more competition, market volatility and regulatory complexity than ever before. This means that organizations need to deliver better results than their competitors in order to survive - but if they don't have the right people in place this becomes harder and harder.

This is why workforce planning is so important: it helps organizations understand what skills they'll need for the future, how much time it will take for employees to acquire those skills, and who is best suited for each role based on who has them now or could learn them quickly enough.

More than 60% of organizations struggle with workforce planning

In today's global economy, businesses are facing an unprecedented level of uncertainty. The rise of AI and automation is changing the way that business works—and not always for the better.

In order to stay competitive, companies need to make sure they have a workforce in place that can adapt to new circumstances. Yet more than 60% of organizations struggle with workforce planning and it's becoming harder than ever before to find qualified employees who fit their unique requirements.

A solid workforce planning process helps you build a better company: one where employees are able to do their best work without being held back by outdated systems or restrictive processes. 

Supercharge your enterprise strategic workforce planning with AI

The process of creating a workforce plan is still largely manual, which can be time-consuming and prone to inefficiencies. With AI’s ability to make data-driven decisions, you can have your workforce plan created in a matter of hours or days instead of weeks or months.

In addition to being able to create strategies quicker, you will also be able use AI tools that allow you to quickly assess the impact of different scenarios on your business. This allows management teams the ability to easily run through multiple scenarios and understand how one decision impacts another within their organization.

For those who want to use AI for their enterprise strategic workforce planning, Faethm provides a cloud-based solution that uses machine learning and AI technology to help organizations plan for the future. It can be implemented in as little as three weeks, while also providing real-time insights into your current workforce and any opportunities or challenges you may face in the future. This enables you to identify any gaps in your workforce strategy before they become critical issues that could affect productivity or financial performance over time.

It's crucial for organizations to be able to plan for the future

Many organizations are already aware of this need to plan for the future. However, what they don’t realize is that workforce planning is a key part of ensuring that an organization can adapt to changing circumstances.

Organizations need to be able to plan for the future and adjust their strategies as needed. If you can't plan for your workforce, then you're not going to be able to adapt when things change – which means you're unlikely to succeed.

We know that workforce planning is a tough nut to crack. And who knows, maybe you’re thinking that workforce planning doesn't even apply to you. But as the workforce continues to evolve and uncertainty increases, forward-thinking organizations will have a distinct advantage in attracting top talent. After all, if you can predict the future, you can get ahead of your competition. To learn more about how we help companies like yours plan for the future with our Workforce Planning solution, request a demo below.