Carlson Thought Leadership in Finance & Technology

Why Workforce Planning Helps People Do Their Best Work

October 24, 2019 / by Lauren Strohmeier

Workforce Planning-1As you look to the future, what does it look like? When you act with purpose, you build your future. By planning for what’s next, your actions today shape your experiences tomorrow.

Agile workforce planning does wonders for the workplace. It’s shaping the employee experience in amazing ways, building teams that work together well to create extraordinary solutions.  

With the marketplace constantly changing, it’s more important than ever to differentiate your business in ways that resonate. Engaging teams effectively is vital to standing out successfully. When teams are primed to thrive, they create opportunities for your organization to shine. Workforce planning is the key to channeling everyone’s skillsets for the good of your organization’s cause.

When you unlock your team’s full potential, the people become the determining factor of your envisioned future.

Optimized workforces are why today’s organizations achieve operational success. These organizations are using the leading business planning solution, Adaptive Insights Business Planning Cloud, to take workforce planning to the next level.

Here's why agile workforce planning helps people do their best work:

Finance and HR: A Strategic Partnership

Finance and HR make great companions in business planning. The productive union of these two functions connects people, processes, and technology to spark creative collaboration. When collaboration is at its best, it can lead to the rise of innovation.

As with any mutually fulfilling partnership, finance and HR depend on each other. For instance, the workforce is one of the largest sources of revenue and costs. Then likewise, finance makes decisions that make a difference in the lives of employees.     

With Adaptive Insights, you can align finance and HR by combining key metrics and analytics for both functions in a single robust platform. It connects people and financial data, resulting in a holistic business view that highlights opportunities.

Specifically, finance can analyze people data to determine how the workforce is contributing to the organization’s bottom-line. Using those insights, HR can strategically allocate resources, hire the right people at the right time, start programs that nurture talent, and more, to ultimately build an optimal workforce mix that aligns with financial goals.

When finance and HR are in sync, that organizational rhythm keeps results in tune with business strategy.

Adapt to Employee Experiences

As people work in roles that fit them, their individual strengths become the strength of the team. Workforce planning helps your organization gain business agility through the efforts of engaged employees. That begins with having flexible workforce plans that adapt to their experiences and needs.

With Adaptive Insights, you can analyze your workforce to determine how to evolve to better productivity and profitability. Its intuitive analytics, dashboards, and reporting give you the means to explore the composition of your workforce.

Make informed, insightful, and faster decisions through a comprehensive set of capabilities:

  • Model employee skills by location, ramp time, cost, and more to align personnel with business strategies
  • Perform driver-based, what-if scenarios to identify the best workforce structure
  • Get clear visibility into workforce composition 
  • Ensure your hiring levels meet business needs
  • Add planned hires, determine hire dates, change ramping assumptions, plan for attrition, and measure capacity impacts in real-time
  • Drill-down into data across dimensions such as job level, department, job grade, skills, projects, and locations
  • Factor in local and global business drivers and assumptions that can affect your workforce
  • Assess the impacts of major events such as relocations, new locations, mergers and acquisitions, and expansions
  • Determine which practice areas to grow
  • Develop forward-looking workforce plans that integrate with the corporate plan
  • Get the complete picture by loading data from HCM, payroll, and ERP/GL systems to plan headcount, salary, bonus, payroll tax, and hours

What are recommended ways to model your workforce? Dallas Moody, Director of our Adaptive Insights Practice, shares the following modeling best practices:

“Identify requisite skillsets to align them with the dimensionality in the model. I also suggest a standardization of your workforce by standard titles (i.e. individual contributor, manager, director, etc.), so you can stratify average salaries over time and look for capacity gaps along those lines.

There's a typical cutoff time for methodologies in client models, which is when the rationalizing of methodologies usually begins. It’s also important to consider an overall attrition assumption and how it impacts your model. Typically, you want to plan it outside of your core roster-based model and apply average salaries to it.”

Just like in business, planning is a journey. It must constantly evolve. When you continuously prepare your team to keep moving ahead, opportunity meets your preparation along the way.

Teams That Plan Together, Go Further Together

Workforce planning is collaborative. It encourages participation from members throughout the organization. Cross-functional insights are necessary to detect connections and to understand the effects of specific actions on other areas of the business.

Adaptive Insights is built for teamwork between finance and HR. It keeps workforce plans and budgets in sync with financial plans in real-time. With built-in workflows, finance and HR managers can enter, review, and approve plans and budgets. They can also view which employee reviews have been submitted and approved.

When finance and HR are empowered with collaborative processes, they can plan an employee experience in which knowledge-sharing and teamwork expand horizons.  

Workforce Planning: Planning for the People

In workforce planning, the people are at the center. You focus on the moments that matter to employees. When you plan for the people, your organization responds with agility to their well-being. As you build a dream team where people thrive, you can work together toward a bright future.

To discover more about workforce planning, please contact us for more information.

 

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