What Are the Key Elements of Workforce Planning?

by Revelio LabsJuly 26, 2022

Every business leader desires to achieve greater goals and grow their business. Achieving such success needs you to apply apt workforce intelligence tools. These tools help your business get the right employees with the right skills. For workforce planning to be successful, observe the following key elements:

Business Goals & Objectives

Business goals help determine the success of any investment plan. You need to define your business objectives to clarify your workforce planning.

The business goals occur in the form of a vision and mission at a top level. These goals provide more details of your business needs at the business level.

Extending business objectives to the division and functional business levels offers several benefits. Establishing a staffing plan that aligns with your business goals is more accessible.

You can identify challenges and plans at the proposal or idea conception stage. You get to understand if they affect your workforce planning requirements.

Determining the key competencies and skills for specific departments becomes easier. You're able to identify and define your business objectives. This lets you support your business' growth and help drive it towards success.

At Revelio Labs, we develop the best workforce intelligence tools in the industry. Our tools analyze and help understand every business' goals and workforce requirements. They help define your business goals and trends with clarity. This makes your workforce planning process successful. By getting more precise business strategic goals, we can work on the following:

Talent Development

The goals help us identify the right programs to fit your skill needs. They enable us to provide insights into identifying and motivating top performers to keep them.

Talent Acquisition

Defining your business goals tells a lot about your business' recruitment strategy. At Revelio Labs, we help determine how best to adjust your recruitment strategy to find, test, and locate the right talent. This helps achieve your organization's goals.

Gaps and Risks Identification

Once you get the right talent, gaps and risks emerge. The next thing is to know how your business should handle skills shortages arising from business growth.

Other factors that arise from this process include:

  • Surrounding location
  • Mode of operation
  • Projected rise or fall in the volume of work
  • Financial goals

Defining business goals is a key element of workforce planning. Our experts at Revelio Labs convert any investment plan you create into top quality. The plan we help create is also an accurate tool to support your business growth.

Current Workforce Evaluation

Evaluating your current workforce involves understanding the current staff and future workforce trends. At Revelio Labs, our experts assess the gap between your business' future needs and the current reality. We can create an effective strategy to close the gap.

We need to understand your business's current workforce to evaluate effectively. The best way to do that is to access the following types of data:

  • Employment type
  • Salary information
  • Length of service
  • Demographics
  • Distribution of workers per department
  • Recruitment information, including quality of hire, sources of hire, and cost per hire
  • Labor turnover statistics per role type and division
  • Contract worker data, including fluctuations in supplementary workers
  • Reward details such as information about how workers at different levels get recognized and rewarded
  • Competency measures that distinguish abilities and skills

At Revelio Labs, we use practical tools to get the data needed to assess your business' current workforce. We combine the data with workforce intelligence tools and insights from key stakeholders. This helps you meet your business goals and structural changes. Our experts also get insight into your competitor's talent acquisition trends. This helps maintain an effective workforce.

Establishment of Future Demands (Requirements)

Determining future workforce demands and requirements is another core element of workforce planning. It involves comparing the current workforce data with the long-term business objectives identified.

Our experts conduct the comparison at a department level. This helps us understand the varied workforce requirements for each department.

We then create a holistic summary to identify the business' anticipated shortfalls. You're able to address these shortfalls by analyzing the following:

  • Forecast of specific workforce needs concerning business' strategic goals and vision
  • Anticipated changes in business structure, job design, and positions
  • Full-Time Equivalent (FTE) requirements to provide work
  • Forecast of the number of staff required by:
  • Occupation
  • Competence
  • Grades
  • Location of positions
  • Anticipated changes in markets, technology, products, and services

Our workforce intelligence tools provide an analysis of your current staff. We then compare your current workforce state with the trends in the industry. This helps us identify practical solutions to meet your business' future workforce needs.

Gap Analysis

Gap analysis identifies the disparities between current and future workforce demand and supply patterns. The analysis includes:

  • Anticipated areas of skills shortage
  • Predicted areas with the possible reduction of workers
  • Labor turnover rates
  • Talent acquisition metrics showing time to hire and cost per hire
  • Succession planning predictions
  • Activities correlating with business goals
  • Comparison of the currently available resources with resources required for the future.
  • Skills and grade levels
  • Net human resource demands
  • Increase and decrease in productivity levels
  • EEO (Equal Employment Opportunity) profile
  • Position requirements (job design and structure)
  • Career progressions and succession plans
  • Critical competency/skill gaps
  • Gaps in diversity
  • Critical positions that will be or are difficult to fill
  • External and internal workforce trends

Our experts at Revelio Labs use workforce intelligence tools to identify gaps. We establish apt workforce management initiatives to help close the gaps. Our specialists also leverage available opportunities to help achieve your strategic business goals.

Action Plan

An effective plan that helps close the gaps identified is a component of any HR strategy. It's the key to enhancing workforce productivity, capability, and capacity.

Our dedicated action planners have vast years of experience in creating effective plans that help achieve business goals. We use predictive analytics to design an action plan that helps meet your business' workforce needs.

We help unite different stakeholders in your organization to create the plan. Once complete, the plan gets verified by the senior leadership team. This helps provide an effective action plan to close the workforce gaps.

Our action plan helps focus on the core areas to best support your organization's goals. We also highlight the measures to hire and keep the highest quality workforce.

We aim to develop a strategy that provides a conducive environment for your staff. That's the best way for your workforce to work well and operate at the most outstanding level.

Optimize Your Workforce Intelligence Today with Revelio Labs

Are you looking to optimize your workforce planning process? If so, Revelio Labs is your go-to solution. We offer the best workforce intelligence tools to help acquire and standardize your company's employment records. This enables us to develop a world-class HR database that helps assess your company's current workforce composition and trends. Contact us today to request a demo.