Managing Costs through Workforce Planning

hrQ

With the evolution of workforce planning, this is both unnecessary and unwise. Workforce planning provides a platform by which cost-cutting can be a quantitative precision exercise where outcomes are more certain and the ability of the organization to remain effective can be preserved.

Prepare for Nurse Retirements and Shortage with Intelligent Workforce Planning

Visier

According to a survey by the National Council of State Board of Nursing and the Forum of State Nursing Workforce Centers, 55% of registered nurses (RN) are age 50 or older. Healthcare providers have a unique driver to connect their workforce decisions to business outcomes: cost of healthcare delivery, and patient outcomes and satisfaction. This is good news for the HR department, since analytics will enable them to take data about their workforce and turn it into actionable insight.

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Workforce Planning Collaboration: The Talent Acquisition and HR Partnership

Visier

Whether an HR team is working on compensation and benefits, career development, or performance management, it needs to take into account input from all stakeholders involved, including employees, their managers, and Finance, among others. But there’s a case to be made that workforce planning is the one process that creates the highest level of risk for the organization if stakeholders don’t work together adequately. In terms of executing the plan, the game has only begun.

3 Real-Life Lessons About Workforce Planning

Pingboard

Today’s employees, especially millennials, are willing to change jobs in favor of new ones that meet their career-development, compensation, and other aspirations. The post 3 Real-Life Lessons About Workforce Planning appeared first on Pingboard.

Applied AI in Talent

AI is both disrupting and transforming everything about workforce management. For HR leaders, that means changing the types of skills and competencies companies need, changing the way existing employees do their jobs, and altering the recruiting landscape. This handbook looks at how AI is shaping the way we think about workforce planning and development at the highest levels.

Driving Innovative Business Models through Workforce Planning

hrQ

Workforce planning is one of the most critical competencies for an HR organization. Workforce planning can help a business answer questions ranging from how many people it needs, where they should be located, what jobs they should do, how much they should be paid, and even whether they should be working for your company. It can help determine the right investments in recruiting, compensation, training, and a host of other things.

Case Study: Strategic Workforce Planning for Rail Infrastructure Managers

Analytics in HR

This requires tremendous changes in the current workforce. In this case study, strategic workforce planning is applied to solve this national problem, impacting millions of commuters. This article will focus on the strategic workforce challenges for the 700 Train Traffic Controllers and 150 operational planners whose jobs will change tremendously because of this. At the moment, the train schedule runs automatically if it fits into the pre-planned train schedule.

4 Reasons Why Your Business Should Focus on Workforce Planning

Pingboard

According to research conducted by Accenture , 61 percent of executives say they are not well prepared to change their workforce skill and job mix to transition into a digital business. Workforce planning can help to achieve a healthy balance between external hires and existing company talent.

Workforce Planning Success

Vemo

Embarking on a workforce planning journey can be overwhelming. Here are five reasons why organizations who adopt technology to support workforce planning are thriving: Centralization - Having a centralized location where all the planning activity takes place fosters collaboration and knocks out redundant activities. Having centralized plans allows several different functions to offer input.

5 Essential Workforce Planning Tools for any HR professional

Analytics in HR

Workforce planning tools are an essential part of the HR professional’s toolkit. In this article we’ll go over 5 strategic workforce planning tools, explain their use and give examples and excel templates on how to use them. What are workforce planning tools? Workforce planning tools are instruments that help analyze current capabilities and future needs for the employee population. Strategic workforce planning map.

How Healthcare Employers Can Invest in Strategic Workforce Planning

Precheck

How Healthcare Employers Can Invest in Strategic Workforce Planning Apr. Healthcare organizations are facing a workforce crunch. So what should healthcare organizations include in their strategic workforce planning initiatives? How can they overcome these workforce challenges? Here’s how you can strategically build a healthcare workforce of the future. Identify Leaky Pipelines in Your Workforce.

The 5 Steps of Analytics-Driven Workforce Planning

Analytics in HR

To determine how to align and sustain these three objectives, HR uses some form of workforce planning. Unfortunately, many companies still base their talent plans on unreliable sources and methods such as using country retirement age instead of actual retirement age data, outdated benchmarks, and financial headcount budgets with no historical trends or link to business strategy, and sadly, gut feel. Here are five key steps to use analytics to inform your workforce plans: 1.

Why Agile Workforce Planning is Key for Organizational Success

Visier - Talent Acquisition

This is supported by a critical element that is often overlooked: agile workforce planning. In short, to have a responsive workforce, the process that supports this (workforce planning) needs to be adaptable itself. Typically, workforce plans are executed on an annual basis, with budgets firmly set for the year. The 4 Critical Elements of Agile Workforce Planning. What are the main elements of agile workforce planning?

How To Plan for Compensating Tomorrow’s Workforce

TLNT: The Business of HR

Compensation & Benefits HR Trends Incentives Talent Management Workforce Planning FeaturedThe Terminator had a big impact on my understanding of the future. In the Terminator franchise , machines become so artificially intelligent that Skynet ultimately takes over and attacks humans in a judgment day. While judgment day has been pushed out further during the course of the series, the sense is that it still looms just over the horizon.

Compensation Singularities

Compensation Cafe

Have you heard of the Compensation Singularity Rule? It turns out the client had applied the Compensation Singularity Rule. The Compensation Singularity Rule (CSR) states, in part: A singular compensation data point is vastly more reliable and is far more effective for determining true market rates than hundreds of thousands of compensation survey data points, provided that the singular data point is sufficiently large compared to the median survey rate.

HR Moments Matter: 3 Compensation Challenges Solved With People Analytics

Visier

In this post, Allison McConville, Visier’s VP of Human Resources , will shares how you can use data to support the people moments that matter, enabling the best compensation decisions for both your employees and your organization. . Managing Compensation Costs.

Innovative HR and Why Technology Innovators Can’t Survive Without It

Visier

Indeed, investing resources into a top-notch HR analytics function–one with the right mix of people, processes, and technology–is key to successful workforce management in 2018 and beyond, no matter what industry you’re in. Develop The Right Mix of Workforce Diversity.

Think You Know Your Total Cost of Workforce? Think Again.

Visier

Do you have a detailed and accurate understanding of your total cost of workforce (TCOW)? TCOW is essential to building an efficient workforce plan and staying competitive. Are there variable compensation costs such as bonuses that you could consider? Workforce Planning

HR Moments Matter: 3 Compensation Challenges Solved With People Analytics

Visier

In this post, Allison talks about Compensation. Compensation is one of the key culture-definers for organizations. In Aligning Compensation Systems With Organization Culture , the authors state: “Depending on how [compensation is] designed, communicated, and managed, it can positively or negatively influence an organization’s culture and impact an organization’s optimal performance.”. Look for insights that reveal how fair your compensation practices are.

#ECTalent: Future Proofing the Business (Strategic Workforce Planning)

Strategic HCM

Rafael Ramirez from Oxford’s Said Business School talked about some of the scenario planning he had been involved with at Shell and since. There’s also a fair amount of short-term planning, but there’s a gap in the middle – at least in HR (more so than in Strategy, technology, Risk Management etc). Linda Seber, HRD EMEA at Boeing talked about their small Strategic Workforce Planning team within HR but working with the business.

Gig Workers' Pay Varies by Classification and Industry

SHRM Resources

Benefits Workforce Planning CompensationSkilled workers and retirees are capitalizing on the tight labor market by turning to gig work. Often, their pay is better than traditional workers and many receive health benefits through a working spouse, new research reveals.

Human Performance Deserves More Than a Review

The Aristocracy of HR

I will or have received compensation for this post. Featured HR Innovation HR Technology HR Technology Trends and Tips Performance Management CHRO HRIS Human Performance Deserves More Than a Review Human Resources Janine Nicole Truitt Succession Planning Talent Think Innovations LLC Technology The Aristocracy of HR Trakstar Workforce Workforce Planning000000000000Campaign/FTC disclosure: This is a sponsored blog post.

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Workforce Planners: 4 Steps to Improving Profit Margins for Services

Visier

To further complicate things, when dealing with a multi-year project, the workforce will likely become more expensive within the contract’s lifetime. For professional services firms, keeping a close eye on rising workforce costs is crucial. The Power of Precision in Scenario Planning.

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The Immutable Laws of Compensation (Part 2)

Compensation Cafe

The Third Immutable Law of Compensation: Compensation is always done for, and by, people. Second Corollary: Compensation strategies, decisions, and execution will always contain errors or assumptions that cause them to go awry. (See See Dan’s Third Law of Compensation Motion.).

Life Cycles and Compensation

Compensation Cafe

Compensation programs need to adapt to these different stages as companies grow and evolve. For example, compensation plans needed for start-ups are very different compared to those needed for mature companies. Let’s see how the various stages impact compensation. . Compensation : Salaries are limited as companies are not flush with cash. There is no formal compensation program. Compensation : There a rapid growth in the number of employees.

Are you pushing the limits on your labor?

The Aristocracy of HR

Each of these components serves a different and essential purpose to your workforce planning. Compliance Featured Human Resources Talent Management Worker Classification Workforce Planning #TAOHR Are you pushing the limits on your labor? Ask Czarina benefits Business Compensation Department of Labor Fee-For-Service Nursing Healthcare Healthcare HR Healthcare Practitioners HR101 Industrial Psychology Janine N.

How Improving HR’s Analytics Capability Prevents Chaos Over New Overtime Rule

Visier

WorldatWork, a global association for HR management professionals, predicts that the new rule will have a significant impact on both workers and employers : “This phased-in approach will still disrupt long-term wage planning for many organizations, and future annual updates based on unknown increases will wreak even more havoc on compensation planning for large businesses.” This means eliminating the reliance on spreadsheets to assess and plan out the workforce.

The Immutable Laws of Compensation (Part 1)

Compensation Cafe

I was happy to see the repost Dan Walter’s article of the Newtonian Laws of Compensation Motion since I had been ruminating on the laws of compensation. . But here I want to discuss a few lesser-known, though equally fundamental laws: I’ll call them the Immutable Laws of Compensation.

Compensation’s Role In Acquisitions

Compensation Cafe

Much has been written about acquisitions and Compensation’s involvement in them. Regardless of whether the target company will be an autonomous operation or fully integrated into the parent company, Compensation in the acquiring company has work to do. Types of Acquisitions: Full integration : There is hardly an acquisition where both companies have the same overall compensation system. Compensation needs to work closely with top management on this.

The Pros and Cons of Six Different Competency Models

Avilar

4) Workforce Surveys. In addition to Expert Panel Discussions and Workforce Surveys, creators of the competency management program can evaluate certain employees’ time records or calendars, conduct one-on-one interviews, or directly observe the employees in these specialized roles.

Giving a voice to the voiceless with technology

The Aristocracy of HR

I will receive compensation for this post. Truitt Perception Retention Succession Planning Talent Think Innovations Technology The Aristocracy of HR Ultimate Software UltiPro UltiPro Perception Workforce Planning000020000010Campaign/FTC disclosure: This is a sponsored product review. I only work with companies I feel have great products, services and offerings.

Innovative HR and Why Technology Innovators Can’t Survive Without It

Visier

Indeed, investing resources into a top-notch HR analytics function — one with the right mix of people, processes, and technology — is key to successful workforce management in 2016 and beyond, no matter what industry you’re in. There are a few areas where technology companies commonly struggle to improve when it comes to their people: Recruitment, Workforce Diversity, Retention, and Strategic Workforce Planning. Advance Your Workforce Planning.

How ConAgra Foods Drove HR Transformation With Analytics-Driven Planning

Visier

When a company acquires another business, bringing the two workforces together is the single most challenging undertaking of the entire project. First, one has to get an accurate inventory of all the people, the locations in which they work, their job levels and the attendant compensation, accrued vesting in pensions, equity and other benefits, span of control, levels and titles, managers and supervisors.

HR: Stewards of Compensation?

HRExecutive

Forbes contributor Robin Ferracone just posted this morning an interesting Q&A she conducted last month with Jerry McGrath, DHR International’s global HR practices leader, on the topic of HR’s role in determining executive compensation. She then offers five areas HR executives can focus on “to become the stewards of compensation” at their organizations: 1. Linking Talent to Strategy: Compensation has largely been a backward-looking exercise.

Are Your Sales Compensation Plans Just Experiments?

Compensation Cafe

If the commission plan is well designed and a salesperson hits it out of the ballpark, what's the problem? It looked at the compensation plan of a large U.S. Even though most of the salespeople won’t exceed quota, the fact that a ramp rate exists still makes the plan motivating. They’ve also improved commission plan design because they can use analytics to estimate the consequences of what will happen if certain variables change.

Boo! Four Scary Employee Engagement Situations to Avoid With Better Survey Data Analysis

Visier

Getting a great employee engagement score, but discovering that 15% of your workforce spends half their day on non work-related tasks. But simply surveying your workforce for sentiment data once a year and getting a sleek report won’t give you the insights you need to avoid serious snafus. Focusing on performance can be a great motivator for your workforce, but it also can bring unintended consequences. E mployees raising a publicized stink with the union over your rewards.

Why We Will All Love the New HR

Visier

But in a world where workforce costs dominate total operating expenses — averaging nearly 70% of costs — businesses can no longer afford to have HR take a backseat or keep to the status quo. . The Bureau of Labor Statistics has projected the need for over 1 million nurses in the workforce by 2022. An estimated 50 percent of the oil and gas industry’s workforce is set to retire in the next five to seven years, a phenomenon known as the Great Crew Challenge.

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Right-Sizing the Workforce for a New Reality

Visier - Talent Acquisition

As organizations grapple with the new reality, we are seeing a focus on operational workforce planning (looking three to 12 months ahead). This is very different from strategic workforce planning, which typically looks anywhere from three to 10 years into the future. Aligning headcount supply with a longer term business vision is complex–but so is the kind of here and now planning that is going on these days. What is our Total Cost of Workforce?

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How Workforce Analytics Helps Prevent Another Bad Hire

Visier

However, the opposite proved to be true: when the organization started using Visier’s workforce intelligence solution , the analytics revealed that the so-called “high scoring” candidates (who were hired!) What led to improvements was a proper workforce intelligence solution that showed the end-to-end results of the hiring process. Without workforce analytics, it’s difficult to identify what makes a strong hire. Test Theories and Workforce Planning Scenarios.

The Changing Workplace, Part 1: Why Remote Work is Gaining Permanence

Workday

Welcoming and facilitating telecommuting is a big part of planning for how work will look long-term as we weather this storm, even after the local orders are lifted. How should employers factor that reality into their plans for returning to the workplace? We need to ensure we retain the strong and skilled workforce we have, and we want to keep the potential for diversity and equity growing, just as it hopefully was before pandemic times.