Securing the future
- by
- Jk
Securing the future
Workforce planning is key component of talent
management that makes optimum
utilization of human resources in an
Organization, and is ideally expected to help
gain sustainable competitive advantage. An
organization can generate the capability to
achieve success even in dynamic business
scenarios by leveraging human resources.
Strategic workforce planning (SWP) helps
forecast requirements both quantitative
and qualitative in the medium-to long
term-such as skills, qualification, technical
competencies, and behavioral xyz).
Integrating workforce supply and demand
analysis into the strategic planning cycle
ensures organizations have the five rights
right number of people, right skills, [in the]
right place, (at the) right time, and (at the)
right cost.
Before the constantly changing business landscape of the digital era, organizations could get away with underestimating the importance of planning as part of their workforce strategy However, this is changing. Lower entry barriers and integrated value chains are eroding organizational boundaries and propelling industry convergence. Shifts in business, operating models, technology, and workforce are creating an atmosphere conducive to changing the workforce planning approach. Disruptive digital advances such as Industry 4.0, automation, artificial intelligence(AI), and machine learning will have a significant impact on workforce. An aging workforce, demographic shifts, gig economy, and globalization are creating turbulence in workforce supply and demand. We are at an inflection point with respect to the workforce planning approach. We must understand the maturity journey of workforce planning approaches from traditional workforce planning to strategic workforce planning. These two differ from each other on account of the data taken as input, the analysis involved, and the outcomes.
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