Why You Need Workforce Planning

Raffa Financial ServicesRaffa Financial Services on 07/23/2018

You’ve done your strategic planning and your succession planning. But have you done your workforce planning?

If not, you’re missing out on an important part of the business planning puzzle.

Breaking it down

The differences between strategic planning, succession planning, and workforce planning are subtle but important.

Your strategic plan defines your organizational mission, goals, and objectives for a specific period of time (typically 3 - 5 years), and outlines steps to achieve them. We’re talking big picture stuff here.

Your succession plan prepares for the unexpected departure of key leaders, identifies potential replacements, and uses that information to target employees for professional development. Think sustainability.

Your workforce plan lies somewhere in between. It analyzes your current staffing to determine what human resources are/will be needed to accomplish desired outcomes of your strategic plan, taking staffing strengths, skills, and gaps into account. A good workforce plan will answer the question: Do we have what it takes to get the job done? As in, now. Today.

You can put together the best strategic plan in the world, but if you don’t have the staff or talent needed to make it all happen, it’s not going to be worth much. This is where workforce planning can be extremely beneficial.

Filling in the blanks

Workforce planning will help you determine which organizational objectives are realistic and achievable based on current staffing. It can also identify any gaps that need to be addressed in order to make your strategic plan viable.

The process involves a complete inventory of current positions, skills, and limitations, with a focus on positions that are critical to organizational success. It provides information about team strengths and weaknesses and the financial cost of recruiting and hiring for specific positions and skills.

Once finished, your workforce plan will be an extremely helpful short and long-term decision making tool with regard to structuring your team, developing your employees, and determining when to hire and who to bring on board.

Aligning your strategic plan with your HR activities and making careful choices based on both will set you up for success.

Making it happen

As with all business planning, your workforce plan should be created with great attention and care. If you rush through it just to check it off the list, it’s not going to do its job.

A good workforce plan includes several key steps.

  1. Analyze your current workforce

Do you have adequate staff to fulfill each of the requirements and action items laid out in your strategic plan? Do any skills gaps exist? Do you need to do some external hiring or internal training?

  1. Look for strengths and weaknesses

What skills and positions are serving you well? What talent are you lacking? Do you need to expand either of these areas for capacity? Do you have the right infrastructure to support this? How quickly do you need to have your team up to speed?

  1. Put your plan in motion

Based on the information you have observed and gathered, create a comprehensive workforce plan complete with numbers, projections, timelines, and action items. Assign these things to specific teams or individuals for accountability, and communicate them clearly.

Tip: Implementation will only be successful if leadership fully commits to the plan and takes ownership of the process. Without buy in at the top, all of your hard work will be wasted.

  1. Evaluate and adjust

Workforce planning shouldn’t be a one-and-done event. You’ll want to schedule regular check-ins to assess progress and make sure the plan is fulfilling its purpose of supporting organizational goals.

Are your key stakeholders actively participating or have they lost their enthusiasm? Are deadlines being met? Is progress being made? Have things changed in your market, economy, or business structure? Does your plan still seem attainable or do you need to reevaluate?

Planning your way to success

Adding workforce planning into the mix might seem like an added responsibility you just don’t have time for. But not adding it into the mix could keep you from achieving the goals laid out in your strategic plan. And maybe even make your succession planning irrelevant.

By conducting a detailed analysis of current organizational resources and creating a plan that ensures you have the talent and tools you need, you’re greatly improving your odds of success.

And after all that work, a little success feels pretty darn good.

 

At Raffa, we help clients identify organizational challenges, create big picture strategies, and put customized solutions in place. From tailored benefit programs to custom retirement plans to risk management services, we’ve got you covered.

 

Photo by Cathy Yeulet 

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