Strategic Workforce Planning: Developing Optimized Talent Strategies for Future Growth

Description

Strategic Workforce Planning is a practical guide to effectively assess, manage and prepare for current and future workforce requirements. It demystifies the often complex and seemingly technical world of strategic workforce planning to explain what it is, why it's necessary and most importantly, how to do it. Packed full of advice and real-world examples, Strategic Workforce Planning is a playbook for workforce planning from beginning to end. It enables HR professionals to answer core business questions including how do I analyze future hiring demand? How do I assess what skills will be required in the future? How should I prioritize investments like training and development? How do I assess the supply of talent around the world? How do I identify the business drivers that impact workforce demand? It also covers the impact of artificial intelligence (AI), automation and machine learning on the global workforce and how to deal with these implications. Whether you're a start-up, small business or a large corporate, this book will show you how to align people strategy with company strategy to ensure your organization maintains its competitive advantage. Introduction 1 01 Strategic workforce planning 4 What is strategic workforce planning? 4 The purpose and benefits of SWP 9 The challenges of SWP 15 Structuring an SWP function 18 Jobs, roles and skills in the SWP process 20 Summary of chapter objectives 23 02 Aligning workforce and corporate strategies 26 Workforce strategy 26 Corporate strategy 28 Factors that can affect a workforce strategy 31 Merging workforce and corporate strategies together 34 Summary of chapter objectives 37 03 Understanding workforce demand 40 Workforce demand 40 Factors that can affect workforce demand 44 Factors to consider when incorporating workforce demand into a Strategic Workforce Plan 47 Summary of chapter objectives 50 04 Understanding talent supply 53 Talent supply 53 Internal talent supply 54 External talent supply 63 Summary of chapter objectives 66 v vi Contents 05 Workforce segmentation 69 Workforce segmentation 69 Identifying workforce segments 71 Additional forms of workforce segmentation 75 Prioritizing workforce segments 79 Summary of chapter objectives 81 06 Total cost of the workforce 85 Cost-based SWP 85 Types of workforce costs 90 HR programme costs 94 Including costs in the Strategic Workforce Plan 96 Summary of chapter objectives 98 07 Skills-based strategic workforce planning 102 Skills-based SWP 102 Assessing skills supply and demand 105 Developing an internal skills inventory 108 Assessing future skills requirements 111 Summary of chapter objectives 113 08 Strategic workforce planning for location strategy 117 SWP and location selection 117 Location strategies to attract and retain talent 119 Developing selection criteria for a new location 121 Analysing current versus future location and site requirements 125 New location space planning 129 Summary of chapter objectives 135 09 Strategic workforce planning for contractors and the contingent workforce 138 Understanding contingent workers and contractors as part of the workforce 138 Costs and benefits of the contingent and contractor workforce strategy 143 Contents vii Incorporating contingent workers and contractors into the Strategic Workforce Plan 145 Choosing a master service provider and vendor management system 149 Criteria to include in the MSP and VMS assessment process 151 Summary of chapter objectives 154 10 Workforce analytics 157 Workforce analytics 157 When should workforce analytics be used? 159 Workforce analytics maturity curve 168 The role of workforce analytics in SWP 172 Summary of chapter objectives 175 11 Creating an effective strategic workforce planning function 178 Building the foundation for an SWP function 178 Crafting a vision for the SWP function 180 Building the SWP team 184 Establishing processes and systems for an SWP team 190 Incorporating data and technology into the SWP process 198 Data 199 Technology 201 Summary of chapter objectives 206 12 The role of change management in strategic workforce planning 210 Change management 210 The importance of change management in SWP 213 Creating a change-management plan for the SWP function 216 Implementation of the change-management strategy 219 Summary of chapter objectives 221 viii Contents 13 Strategic workforce planning for the future of work 224 How the landscape of work is changing 224 How technology will continue to change the way work is performed in the future 225 Understanding the role of SWP in the future of work 230 Summary of chapter objectives 234 14 Bringing it all together 236 Overview 236 Creating the vision for the SWP function 236 Building an SWP team 237 Defining the organization’s SWP process 240 Incorporating data and technology into the SWP process 241 Developing a baseline understanding of the composition of the workforce 242 Workforce segmentation 245 Developing workforce supply and demand projections 246 Developing a workforce strategy 249 Additional considerations 250 Summary 254 References 255 Index 261