Throw the in silo HR core function such as out of the door. The HR core functions such as learning, workforce planning, development, hiring, and recruitment. It has now become more of a holistic talent management system with the integration of human resources.
Companies have to face a lot of music due to increasing number of challenges such as increased competition, skill shortage, under-utilization of expertise, lower engagement levels, increased competition, and changes in the external labor market. Everything must be observed from the perspectives of the employees such as planning, management, talent streamlining, and an effective talent management strategy.
A unified lens to observe the talent capabilities of the people and their skill gaps, improvement of the goal alignment, management of the order of work priorities. When several such practices are implemented throughout the organization, it helps the employee productivity, talent retention, innovation, and engagement.
Achieving the balance of functions, structures, and capabilities at all the levels is difficult but critical. It helps in the improvement of employee productivity, increases the responsiveness to employee demands and compensation expectations, and innovation as well as the engagement. Many organizations have reorganized their functionalities and operations to oversee the HR department.
The problems have drastically changed its face in the world of talent management. The shortage of talent is less a problem nowadays for the companies than the innovation and engagement of the employees. The talent management strategy has become sort of an ecosystem which was very difficult ten years ago. Today many issues related to the alumni, job networks, existing staff, and channel partners which help in the talent acquisition in the world of talent management.
Workforce planning is important for understanding the kind of skills, expertise, and capabilities required to accelerate the business from the dimensions of functional, kind of talent required, geographic locations, and what not. The organizational systems and structure are in for a major overhaul and have become so agile. The planning part has to involve flexibility in terms of regional boundaries and role functions for greater talent retention.
Consider these points before developing an effective workforce planning:
- The development and management of technical and professional career development
- The rewarding and promotion of talent differently on different levels of high potential and high-performance
- Understanding the talent in phases of planning such as the motivational factors, the work responsibilities, and the requirement of expertise for the present and the future.
Analytics as important as the workforce planning. You have to understand basically the motivation of the employees, the engagement drivers, and the culture of the organization fine-tuned to their needs, alignment of motivational factors with the customer expectations. The key drivers of engagement and talent retention can be appreciation, gaining recognition, to strike a balance between the work and life, gaining recognition, and to have an excellent relationship with the boss. The analytics from all of these insights give you a detailed description of what to base your decisions on.