02. Developing talent management strategy with workforce planning



An organization's workforce is a highly important asset for success. It's essential for businesses to employ the right number of employees with the right skills and put them in suitable roles to ensure productivity and profitability. Workforce planning is a workforce management practice that can also help a company prepare for future hiring challenges. 


What is work force planning?

Workforce planning, also known as strategic workplace planning, is the process of analyzing, forecasting and planning workforce supply and demand. It involves reviewing current staff, examining current and future personnel needs and identifying gaps between supply and demand. By identifying gaps, organizations may plan effectively to ensure their organization has properly skilled employees in the correct roles. This helps support the organization in maintaining efficient operations and achieving its goals.

Why is work force planning important?



Key steps in workforce planning





Benefits of work force planning


Issues relevant workforce planning in Sri Lankan context

  1. Demographic Shifts: Changes in the demographic landscape, such as an aging population or shifts in the working-age population, can impact workforce planning by affecting the availability of skilled workers.


  3. Skills Mismatch: There may be a disconnect between the skills demanded by employers and the skills possessed by the available workforce. This mismatch can lead to challenges in recruitment and retention.


  5. Education and Training: The quality and relevance of education and training programs may impact the preparedness of the workforce for the demands of the job market.


  7. Economic Stability: Economic conditions and stability play a crucial role in workforce planning. Economic downturns can lead to job losses, affecting both employers and employees.


  9. Technology Adoption: Rapid technological advancements can create a skills gap if the workforce is not adequately trained to adopt and utilize new technologies. This can impact the planning for future skill requirements.


  11. Globalization: Sri Lanka's integration into the global economy can impact workforce planning, as businesses may need to adapt to global market trends and competition.


  13. Government Policies: Changes in labor laws, immigration policies, and other government regulations can influence workforce planning strategies for businesses operating in Sri Lanka.


  15. Employee Engagement and Retention: Retaining talented employees is crucial for organizational success. Issues related to employee engagement, job satisfaction, and work-life balance can impact retention rates.


  17. Health and Well-being: Issues related to employee health and well-being, especially considering the challenges posed by events like the COVID-19 pandemic, can impact workforce planning strategies.


  19. Gender Diversity: Ensuring gender diversity in the workforce and addressing any existing gender-related challenges can be a part of workforce planning initiatives.

How to overcome above problems

1. Open to change.
2. Minimize efficiencies.
3. Focus on professional development.
4. Enhance retention.

In conclusion, effective workforce planning is an imperative for organizations navigating the complexities of the modern business landscape. The dynamic interplay of demographic shifts, technological advancements, and economic fluctuations necessitates a proactive approach to ensure that an organization's human capital aligns with its strategic goals.



References

AUTHOR, 2023. Revolutionize Your Talent Management Strategy With Workforce Planning. [Online]
Available at: https://www.tmi.org/blog/revolutionize-your-talent-management-strategy-with-workforce-planning
[Accessed 18 11 2023].

Buckner, L., 2023. Workforce Planning: Definition, Process and Principles. [Online]
Available at: https://www.indeed.com/career-advice/career-development/workforce-planning
[Accessed 18 11 2023].

 Team, I. E., 2022. What Is Workforce Planning? (Definition And Steps). [Online]

Available at: https://in.indeed.com/career-advice/career-development/what-is-workforce-planning#:~:text=Below%20are%20some%20principles%20that%20the%20human%20resources,skills%20development.%20...%206%20Reduce%20labour%20costs.%20
[Accessed 18 11 2023].








Comments

  1. MAHESH KULARATHNANovember 20, 2023 at 7:46 AM

    Workforce planning is important because it allows you to make better decisions about how to effectively use the talent you have, as well as what resources should be allocated to recruiting efforts and when. According to my view workforce planning is very important to SL because it helps businesses reduce labor costs, improve productivity, and respond to changing customer needs. It also supports to improving employee retention and work-life balance, which contributes to a more stable and efficient workforce.

    ReplyDelete
    Replies
    1. zahranazharDecember 14, 2023 at 5:41 AM

      Thanks for the comments. In the current context there is a high employee turnover ratio in Sri Lanka due to economic crisis. Therefore, this is very important to achieve organization objectives. Refer the article for an additional knowledge (https://www.humanresourcestoday.com/retention-and-turnover/workforce-planning/)

      Delete
  2. Nillmini EkanayakeNovember 28, 2023 at 11:55 AM

    Adding to your points, Developing a talent management strategy with workforce planning involves aligning organizational goals with the skills and capabilities of employees. Workforce planning identifies current and future talent needs, considering factors like retirements, skills gaps, and industry trends. A robust talent management strategy integrates recruitment, training, and development initiatives to attract, retain, and develop a skilled workforce. This approach ensures that the organization has the right talent in the right positions, fostering employee growth and contributing to overall organizational success.

    ReplyDelete
    Replies
    1. zahranazharDecember 18, 2023 at 12:42 AM

      Absolutely, your emphasis on the integration of talent management strategy with workforce planning is spot on. Aligning organizational goals with the skills and capabilities of employees is a proactive way to address both current and future talent needs. The consideration of factors like retirements, skills gaps, and industry trends in workforce planning is crucial for staying ahead in a dynamic environment.

      Furthermore, your description of a robust talent management strategy, encompassing recruitment, training, and development initiatives, reflects a holistic approach to building and sustaining a skilled workforce. Ensuring that the right talent is in the right positions not only meets immediate needs but also contributes significantly to long-term success. This approach, focused on employee growth, not only benefits individuals but becomes a cornerstone for overall organizational success. Well-articulated insights into the strategic interplay between talent management and workforce planning!

      Delete

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