Collaborating closely with finance can help HR professionals to model the financial impact of workforce issues and prevent unexpected costs, which is a strategic goal for both departments. By understanding how their roles and actions affect their company's financial performance, both finance and HR can work together to reduce costs and increase the effectiveness of their workforce planning.
Talent and skills planning is also a core area that contributes to effective workforce planning. Resorting to traditional workforce management methods, businesses limit their ability to adapt to dynamic changes, which could lead to HR failing to keep pace with decision-makers. This failure could have a significant impact on the business, especially with the increasing challenges of hiring in a fluctuating labour market.
Company-wide workforce planning, including talent and skills planning, enables the CHRO and teams to comprehensively plan their workforce across the entire employee lifecycle—from recruiting and onboarding to developing skills and optimizing organizational deployment. It also equips them to apply every available lever for identifying, retaining, and cultivating their best workers.
Start your journey to building a resilient workforce today. We can help you to gain an understanding of how workforce planning with a purpose-built tool like Workday Adaptive Planning can improve business evolution by becoming more agile and gaining insights that are critical to moving the business forward.
For detailed insights on how to build a future ready resilient plan for your workforce speak to our experts today.