What is workforce planning, and why is it important?

Workable

Table of contents: What is workforce planning? What is involved in workforce planning? How to create a workforce plan. What is workforce planning? Workforce planning aligns core business goals with people strategy.

Why HR Needs Data-Driven Workforce Planning to Avoid Talent Shortfalls

Visier

One fascinating source of information that the BLS publishes is known as JOLTS , or Job Openings and Labor Turnover Survey. We are in an unprecedented war for talent: companies cannot hire fast enough to keep up with their workforce demands. “Companies cannot hire fast enough to keep up with their workforce demands” – @VisierAnalytics Click To Tweet. Today, HR has the opportunity to enter the spotlight again as a leader in workforce planning.

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The Role Of HR Analytics In Workforce Planning

Get Hppy

An unprecedented increase in job openings shows that the demand for talent is forcing companies to plan better and recruit better. Workforce planning and HR analytics have become a key focus point for HR professionals around the world, as they confront new challenges in finding and retaining the right employees. Companies cannot hire fast enough to keep up with their workforce demands.”. The challenge of workforce planning.

How To Reduce Employee Turnover with Workforce Analytics

Visier

With voluntary resignations at an all-time high and unemployment rates historically low, employee retention is a key objective for most HR organizations, and employee turnover is the single most prevalent HR metric. However, knowing your turnover rate does little to support strategic business plans. To achieve true insight, a more in-depth analysis of what’s causing turnover in different parts of the organization is required.

STRATEGIC WORKFORCE PLANNING: A MUST HAVE 2019 NEW YEAR’S RESOLUTION

myhrtoolkit

Among the chaos, do you think your workforce plan is ready to kick into gear come 02 January 2019? I’m taking a calculated guess that the answer is more of a “nay or a “meh”, than a yeah… The cliché of “fail to plan, is planning to fail” does have a twin brother called “failing to plan strategically, guarantees failing to succeed operationally”. DEFINING SWP – STRATEGIC WORKFORCE PLANNING. It has arrived!!!

Predicting Employee Turnover using R

Analytics in HR

Employee turnover is a major challenge for companies today, especially when the labor market is competitive and certain skills are in high demand. Retention of valued employees makes good business sense. Traditional approaches such as employee engagement surveys and proper training for managers are important components of a good workforce planning strategy. So, let’s focus the analysis on that employee segment.

Benchmarking & What-If Analysis

Vemo

Take turnover comparisons by performance ranking, for example. You could see if high performers are turning over at the same or different rates across the organization and then conduct further analysis to see what the primary drivers of turnover are. In fact, you could look at any population within your organization and perform a turnover comparison. What-If Analysis Our tool provides proven and reliable predictive forecasts.

10 Workforce Intelligence Cures for Improving Nurse Retention

Visier

Healthcare has long been a highly regulated industry with a diverse and specialized workforce — one that’s hard to hire and even harder to retain at the best of times. Even though healthcare has been projected to add 4 million jobs — more than any other industry — between 2012 and 2022 , turnover is high and hospitals perennially face a shortfall of registered nurses (RN). In turn, better retention is likely to lead to better care and higher patient satisfaction.

How To Reduce Employee Turnover with Workforce Analytics

Visier - Talent Acquisition

With voluntary resignations at an all-time high and unemployment rates historically low, employee retention is a key objective for most HR organizations, and employee turnover is the single most prevalent HR metric. However, knowing your turnover rate does little to support strategic business plans. To achieve true insight, a more in-depth analysis of what’s causing turnover in different parts of the organization is required.

10 Workforce Intelligence Cures for Improving Nurse Retention

Visier - Talent Acquisition

Discover how people analytics and workforce intelligence helps you uncover the information you need to improve nurse retention. A high turnover rate puts hospitals at risk by increasing costs and potentially impacting the quality of patient care. Nurse turnover is costly.

Successful People Analytics Change Management Starts with the Right Vision and Goals

Visier - Talent Acquisition

Outsmart, the leading people analytics and workforce planning conference, takes place online on May 5-6, 2021. They did a cost of turnover analysis to show the impact of current turnover and the potential for improving it. Outsmart Exclusive Workforce Planning

How to Avoid Talent Gaps with Data-Driven Succession Planning

Visier - Talent Acquisition

According to the Association for Talent Development , only 35% of organizations have a formalized succession planning process. As with most things, the best way to manage these risks is to be prepared and to have a plan. Succession planning with data.

Replacement Planning: 3 Steps to Develop Your Organization’s Strategy

HR Bartender

If there’s one activity that has more of an impact than succession planning, it’s replacement planning. A replacement plan identifies “backups” for positions. Replacement planning is often mentioned in conjunction with succession planning because it identifies individuals who can assume roles at some point in the future and shows how ready they are for that role. And recruiters will want to have a say in how that plan is developed.

Five Powerful Ways Your HR Team Can Leverage Big Data

SuccessFactors

But analysis is crucial if you want to reveal patterns and trends to improve your business. Analyzing Big Data helps businesses get better insights, understand processes within the company, make important business decisions according to patterns found in research and analysis, and plan strategic business moves. Planning. Analyzing various internal surveys can help HR understand what improves retention.

Using people analytics to improve health care performance

HR Times

Using data to drive more effective health care workforce planning. Along with overall consolidation in the industry, the health care workforce is undergoing radical changes that come with challenges: Rising turnover —While the national rate of hospital employee turnover leveled off at 17.1 percent in 2015 (slightly below 2014), 2 bedside registered nurse (RN) turnover increased from 16.4 More than half (55 percent) of the RN workforce is age 50 or older.

These Are the 5 Types of Jobs with the Most Turnover

Linkedin Talent Blog

Marketing roles had the highest turnover rate of any job function—an impressive 17%, according to our latest analysis of LinkedIn professionals. That’s more than 50% higher than the global turnover average of about 11% , as defined by the percent of LinkedIn members who indicated they left a company in 2017. And admit it—you’re probably a little curious about where your own profession stacks up in the turnover rankings.)

Developing a Strong Hiring Plan

HR Daily Advisor

What can you do to make sure your hiring plan is solid? Today we’ll look at workforce analysis. A workforce analysis can identify those gaps so that employers can develop an actionable plan. And HR professionals who take the lead in this workforce analysis and planning will be positioned as strategic leaders rather than crisis managers. Often, future hiring plans are hard to predict, making long-term planning difficult.

4 ways tech can help you retain women

HRExecutive

In recent months, Carter says, the company has been encouraging employers to think through real-time issues like women leaving the workforce amid the pandemic—so that they can proactively tackle the issue instead of instituting reactive measures.

What is HR Data Analytics & How Do We Leverage It?

Ultimate Software

But in contrast to the murky ethics of sourcing and selling consumer-driven data , leveraging internal HR data analytics to make better workforce decisions has been a key Human Resources best practice for decades. While data and analytics are often used interchangeably, data is the source of information and analytics is the process of applying statistics, modeling, and analysis to make sense of the data’s insights. From Data Reporting to Prediction: A Retention Case Study.

HR: Workforce Dynamics Are Driving Change In Oil And Gas

SuccessFactors

And we see many factors driving the shifting oil and gas workforce, including demographics, technology, and globalization. Those responsible for leading talent acquisition, growth, and retention will increasingly be in pivotal roles. Culture of continuous learning: According to Gallup’s State of the American Workforce, organizations that embrace learning outperform their competition with having 21% high profitability. Plus, it had turnover issues due to an aging workforce.

HR: Workforce Dynamics Are Driving Change In Oil And Gas

SuccessFactors

And we see many factors driving the shifting oil and gas workforce, including demographics, technology, and globalization. Those responsible for leading talent acquisition, growth, and retention will increasingly be in pivotal roles. Culture of continuous learning: According to Gallup’s State of the American Workforce, organizations that embrace learning outperform their competition with having 21% high profitability. Plus, it had turnover issues due to an aging workforce.

Effective People Analytics: the Importance of Taking Action

Analytics in HR

Laid bare, this “analytics path” shows that you don’t simply perform an analysis and get the desired results – there are crucial steps in between analytics and outcomes. Rather, it’s an iterative practice, where one analysis generates another.

Using people analytics to improve health care performance

Bersin

Using data to drive more effective health care workforce planning. Along with overall consolidation in the industry, the health care workforce is undergoing radical changes that come with challenges: Rising turnover —While the national rate of hospital employee turnover leveled off at 17.1 percent in 2015 (slightly below 2014), 2 bedside registered nurse (RN) turnover increased from 16.4 More than half (55 percent) of the RN workforce is age 50 or older.

How to Measure the Value of People Analytics

Reflektive

More than half (52%) of organizations that use people analytics rate themselves as excellent at conducting multi-year workforce planning, while an additional 38% rate themselves as adequate. The progression looks like this: Data collection; people analytics; data-driven decision-making; improvement in employee hiring, development, and engagement; improved workforce productivity; return on investment; competitive advantage. Turnover rates within the first year.

How people analytics can help your business

Insperity

That’s important because HR analytics can help business leaders at companies of all sizes make thoughtful, data-driven choices when planning their HR strategies. To help you get some answers, let’s take a closer look at how HR analytics can better your workforce. Workforce modeling.

People Analytics Lessons for Financial Services Leaders

Visier - Talent Acquisition

For example, examining attrition through the lens of survival analysis, I was able to identify costly turnover occurring roughly two years after hire. As a result, HR put incentive and retention programs in place to manage undesired turnover.

Why Data is the Key to Strategic HR Decisions

Visier

Workforce analytics are now better than ever, but organizations need to properly access them, align their information with decision-making, and act accordingly. The competitive urgency to use analytics isn’t new; however, in the past two years there has been an increased understanding that workforce intelligence is not just about making HR better, it’s about making the business better. It’s modeling and forecasting to make better business decisions on areas such as: Turnover.

Data 239

10 Benefits of Using Big Data in Human Resources

CakeHR

The data available prior to, as part of and following the hiring process all support organisations to have a more engaged and efficient workforce. It’s the effective use of workforce analytics that can help respond and predict times when growth will be beneficial to the organisation. .

Retain the Best Employees and Develop More Talent

InforHCM

Turnover rates decline and employee satisfaction improves. Talent management requires four business management components: Workforce Planning. Recruiting and Retention. A single source assists the human resource department and the departments they support manage and maintain core aspects of the workforce. It links goals to performance management, compensation plans, and learning & development. Improve employee satisfaction and retention.

The Best Way to Prove the Worth of the Talent Function

Visier

Great HR leaders understand this and can demonstrate how workforce dynamics impact business outcomes. This means that, in addition to considering human dynamics, the modern CHRO has the challenge of helping the company develop resource plans that are matched to financial expectations while delivering or exceeding desired business outcomes. This approach requires a rapid, multi-dimensional analysis of all current employee data.

Visier 248

10 Assignments For Human Resource Managers To Develop Future Skills

CuteHR

HR managers should be at the center of the conversation to understand future needs, analyze current gaps, and design a plan. Create and present new dashboard to CHRO including key metrics and qualitative analysis. Competency developed: Strategic workforce planning.

10 Assignments for Human Resources Managers to Develop Future Skills

Huneety

HR managers should be at the center of the conversation to understand future needs, analyze current gaps, and design a plan. Create and present new dashboard to CHRO including key metrics and qualitative analysis. Competency developed: Strategic workforce planning.

10 Assignments for Human Resources Managers to Develop Future Skills

Huneety

HR managers should be at the center of the conversation to understand future needs, analyze current gaps, and design a plan. Create and present new dashboard to CHRO including key metrics and qualitative analysis. Competency developed: Strategic workforce planning.

How People Analytics Delivers Financial Impact [New Report]

Visier - Talent Acquisition

These are the employee lifecycle activities from hiring to retention, as well as organizational effectiveness activities from optimizing planning to optimizing productivity. . The value of people analytics is different for each organization.

5 steps to get started with people analytics

Zoho People

Many organizations have started investing in applications that use people data to assist with talent acquisition and management, performance management , employee retention, and strategic workforce planning.