Implementing initiatives to support workforce planning objectives

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Implementing initiatives to support workforce planning objectives

Workforce Planning

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Topic areas include:

Succession planning Retention strategies Attracting skilled labour Diversity management Employer of choice options Values/ effects of workplace culture Talent Management Contingency planning Acquisitions and mergers

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This lesson looks at

Talent management Contingency labour Succession planning

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Many challenging workforce issues confront HR, including:

Heightened competition for skilled workers. Impending retirement of the baby boomers. Low levels of employee engagement. Acknowledgement of the high cost of turnover. Arduous demands of managing global

workforces. Importance of succession planning. Offshoring and outsourcing trends.

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Talent management

Talent management is a strategy. Leading companies invest in talent

management to select the best person for each job because they know success is powered by the total talent quality of their workforce.

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HR is evolving from policy creation, cost reduction, process efficiency, and risk management to driving a new talent mindset in the organisation.

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Talent management may be defined as

the implementation of integrated strategies or systems designed to improve processes for recruiting, developing and retaining people with the required skills and aptitude to meet current and future organizational needs.

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Anecdotally, talent management is often defined as performance management, incentive compensation, or talent acquisition. Talent management is also often confused with leadership development. Although leadership development is a crucial function of your organization, focusing on it exclusively is a legacy of last century. Our modern service and knowledge economies in the talent age require a broad and holistic view. A high performance business depends on a wide range of talent.

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Taleo’s graphical representation emphasizes the mandate of talent management to respond to business goals and consequently be the driver of business performance. Talent management is depicted as a circular—not a linear—set of activities.

http://www.taleo.com/research/articles/strategic/what-talent-management-121.html

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Contingent workforce management (CWM)

A contingent workforce is a provisional group of workers who work for an organization on a non-permanent basis, also known as freelancers, independent professionals, temporary contract workers, independent contractors or consultants.

(Reference Wikipedia)

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Contingent Workforce Management (CWM) is

the strategic approach to managing an organization's contingent workforce in a way that it reduces the company's cost in the management of contingent employees and mitigates the company's risk in employing them.

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Trends

According to the US Bureau of Labor Statistics the nontraditional workforce includes "multiple job holders, contingent and part-time workers, and people in alternative work arrangements."These workers currently represent a substantial portion of the U.S. workforce, and "nearly four out of five employers, in establishments of all sizes and industries, use some form of nontraditional staffing." "People in alternative work arrangements" includes independent contractors, employees of contract companies, workers who are on call, and temporary workers.

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Why?

Globilisation Rapid growth of industries Increased outsourcing Need for agility and cost saving/ changes to

employment levels Specialist projects Responsive to change On demand access to professionals and experts Reduced retirement and redundancy costs

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Advantages and Disadvantages of using Contingent Workers

Advantages [13] Disadvantages

Flexibility in type and amount of labour resources

Loyalty to employer or company

Save costs in benefits and taxDisturbs organizations core morale and culture

Immediate access to expertise not present internally

Training costs

Savings in long-term compensation costs

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When economy strong demand for contingent labour is strong

Allows workers to access expertise without the need for hiring and to get the advantages of this expertise.

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More individuals like this form of employment due to increased mobility it offers and the ease of changing jobs. Easy to pick up work due to internet.

Some retirees may seek re-entry to workforce as consultants

Tax advantages and flexibility of freelancing/self employment are appealing.

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Succession planning

See handouts Read case study on emergency succession

planning

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Succession planning (cont)

Process of identifying, developing and preparing suitable employees through mentoring, training and job rotation to replace key players such as CEO.

Just as important is the loss of key persons where there is no internal replacement and no available staff

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Retaining staff

See handouts

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Gaps in workforce needs

Best practice includes risk assessment of risks associated with gaps eg need for emergency succession planning of a crucial employee or other skills I your risk profile

Then risk management strategies developed and monitored and potential directions for action are planned.

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Strategy formulation

Potential strategies may include:

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1.improving attraction and recruitment strategies

Employment branding initiatives Improving recruitment and selection methods

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2.Improving labour supply

Increasing attractiveness of study for selected courses

Skilled migration to fill gaps Developing partnerships with other

organisation to access a different labour pool.

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3. Increasing investment in development of existing workforce

Understanding Return on investment for learning and development

Understanding critical skills and directing priority

Improving capability in succession planning/management

Developing knowledge management Creating room for learning

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4.improving employment agility

Better management of contract workforce Redesigning roles to increase supply from

alternative sources Introduce flexible work options

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5. Improving workforce capability

Improving the connection between strategic policy and workforce planning considerations

Identifying best practice workforce planning

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6. Improving participation, retention and culture

Removing barriers and disincentives to increased participation.

Promoting work life balance and flexible work practices

Promoting better health outcomes to ensure maximum participation in the workforce.