5 Steps To Successful Workforce Planning

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HR360Inc
Published at : 04 Nov 2020
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https://blog.hr360.com/5-steps-to-successful-workforce-planning-video-blog

Video Highlights:
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.
Workforce Planning

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