By Ankit Goyal - March 28, 2022 4 Mins Read
Author – Ankit Goyal, Vice President, Healthcare & Financial Services, Polestar Solutions
Ever since the Great Resignation started dominating headlines in 2021, it has completely changed how, where and why we work. It has had a profound impact on employers of all sizes and with that has now become paramount that companies push boundaries to reinvent workforce planning. It is now critical to understand where your business is heading to in order to answer the following questions —
With the right approach to workforce planning, employers can minimize churn and remain proactive against it, as well as track, manage and assess the impact of hires and terminations on financial performance.
A Move Towards an Agile & Connected, Workforce Planning Strategy
It is essential for HR decision-makers to keep in sync with the business needs and drivers from both strategic and operational viewpoints, and use business priorities to drive HR priorities. However, today’s organizations face difficulties across a range of areas such as visibility, obtainability, readiness and affordability — making it difficult for them to create new opportunities and stay ahead of the curve. Right from designing better well-being programs at work, to managing capacities of individuals and teams, to encouraging employees to make autonomous decisions, companies are reinventing their workforce and workplace strategies.
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Keeping in mind the above, there is an indicative need for agile and connected workforce planning, talent strategy and compensation modelling to avoid being on the edge and letting the Great Resignation sneak up on your business. Here’s how the Great Resignation is impacting companies and the technologies and planning processes they can put in place to solve it;
Challenges and the Way Ahead
Having said that, the road to success is quite bumpy because capabilities within HR are still limited, there are a lot of constraints around technology with limited options on the market, most being purpose-built, and there still remains a lot of complexity in bringing internal/ external data for HR and across the business for planning, scenario analysis and forecasting. Furthermore, the criticality of planning in HR is also not institutionalized.
In order to plan and get insights into the downstream and upstream implications of what you want to do, employers need to connect not just the dots but process, data and people. It is important to look at the big picture and put in place workforce planning strategies that will truly help you tackle the challenges posed by The Great Resignation and thrive going forward.
Ankit is an experienced BI & EPM professional with over 10 years of client consulting in various industries (Pharmaceuticals, Healthcare, FSI, Energy) across the globe. As a business leader he works closely with organizational leaders to drive solutions to problem statements for various business functions - Finance, Sales, Manufacturing, Supply Chain/Logistics & Human Resources with the help of data.
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