00:42 Workforce planning is anticipating your organization’s future staffing needs, and identifying the steps needed to build that ideal workforce. Whether you’re expanding, maintaining, or downsizing, a workforce plan is an essential blueprint for managing the direction of your company.
00:59 Your first task is to gather market data. Learning about the national and local job markets—and the factors that influence them—will help you form your workforce plan.
02:03 Political and legislative trends also play their parts. Changes in federal, state, or local laws may have a positive or negative effect on your industry, your hiring ability, or the kinds of benefits you’re able to offer your employees.
02:57 After getting up to speed on market conditions and trends, Step 2 is analyzing your specific organization. Begin by gathering and examining information about your existing workforce, starting with a review of current positions.
03:43 After examining your workforce, develop basic supply and demand information in Step 3. Begin with demand, including employees who are planning to retire and your turnover rate.
04:29 Now you’re ready for Step Four, which is to develop your implementation plan, drawing on the information and analyses you have conducted up to this point.
05:06 Workforce planning is an ongoing endeavor, which brings us to Step 5: reviewing your plan annually to accommodate growth and change.
05:36 In closing, let’s have a word about cost-per-hire formulas, which take into account the expenses associated with attracting and securing new talent, and can be a useful tool in your workforce planning.