WilsonHCG’s latest roundtable was co-hosted by Humanly and held a hive of busy talent acquisition (TA) leaders who navigated a honeycomb of ideas, myths and reasons around strategic workforce planning (SWP). The event was led by Mark Edgar, chief people officer of Wajax, and co-host of Future FoHRward. He led a vibrant discussion.
Articulating SWP as a concept is far simpler than its execution. Despite the term’s ubiquitous use, workforce planning suffers from a lack of a universal definition, leading to differing practices and outcomes.
A strategic workforce plan goes beyond traditional hiring tactics to encompass a comprehensive blueprint for future-proofing an organization’s workforce. For long-term success, TA leaders must tie these efforts back to achieving business goals.
True strategic planning requires an intricate balance of foresight, adaptability and alignment with overarching business objectives. It demands a shift from the dated 1967 perspective of merely placing the right people in the right positions to a more holistic approach that considers the dynamic interplay of skills, corporate culture and evolving market demands.
At best, SWP functions as a valuable tool to draw leaders together, helping them speak the same language. At worst (even if poorly executed), workforce planning functions as a catalyst to think, brainstorm and imagine what’s possible.
The greater the volume of open jobs, the less evolved the planning phase is. Balancing planning and execution are key to effective workforce planning that informs business strategy rather than weighing it down.
While some organizations have all the right people, processes and platforms to execute and manage an effective strategy, it’s obvious most have a “just-in-time” approach and are stuck in the HR planning stage. Understanding the level of planning is vital. Whether it’s sophisticated planning or a hybrid approach to overall strategy, TA leaders must ensure their plans are fit for purpose.
Everyone is scrambling to do more with less — and this increased pressure means recruiters feel reduced to “filling jobs” just to hold onto their own. Prioritizing SWP, as a result, is a steep challenge for many talent teams.
Time and money commitments around SWP results in a significant commercial advantage. Insights around where existing talent is sitting, along with skills registers, drive informed decisions for locating great candidates and attracting them at the right time.
A thoughtful roadmap on where your organization is and where it’s going elevates your employee value proposition (EVP) to new heights. Bite-size efforts over time, including alignment between SLTs, managers and recruiters around roles of people in the business, their contributions and how upskilling or hiring result in business KPIs has powerful impacts in the near and long term.
Workforce planning does not exist in a vacuum. External influences, such as talent trends and economic conditions, have a profound effect on SWP and should always be considered when formulating a strategy.
The right people, in the right place at the right time drive business-impacting results. Support functions are equally important to revenue-driving roles, so a holistic approach that factors in the dynamic interplay of skills, corporate culture and evolving market demands is crucial.
Talent defines the value of businesses, and effective SWP props up and informs business strategies. An active, engaged workforce creates a culture of belonging that attracts key talent.