Is your firm’s workforce plan in place and up-to-date?
A workforce plan is an essential ingredient for any firm that wants to be adequately prepared for the future. You may ask, "What is a Workforce Plan?" I am glad you asked. The typical workforce plan consists of the following items:
- Demand Analysis
- Supply Analysis
- Gap Analysis
- Solution Analysis
Let’s take a brief look at each of these segments in the workforce plan.
The Demand Analysis looks at the external environment and a number of factors that will affect the firm as they plan for the future. This demand segment is closely tied to the firm’s strategic plan because the strategic direction of the firm can have a major impact on the types of roles and the volume and timing for this talent.
The Supply Analysis looks internally at the firm to itemize the who, what and where of the current workforce. You might call this the human capital inventory of the firm. Knowning this information makes it much easier for the firm to prepare for the future as they get to the next step.
The Gap Analysis compares the Supply and Demand and helps the leadership of the firm better understand the areas where there is over and under supply of talent. This critical step is closely tied to accuracy in the previous steps and it will drive the final step.
The Solution analysis summarizes the previous steps and fully describes not only the quantities and qualities of the future needs, but this segment also gets into the "How" of this solution. Some of the methods may include the following:
- External hires
- Contract/contingent staff
This is just a quick summary of what can be a long and involved process. Our firm is currently conducting a workforce planning survey and you can participate in this survey by clicking on this link. All participants who provide demographic information will be given a copy of the results later this spring.
Workforce planning-Fail to plan and then you will plan to fail.