The key actions to take now
To mature your workforce planning capability and look further into the future, we recommend taking action in four areas.
1. Align business strategy and capabilities to your workforce strategy
Workforce planning should be done alongside business planning in a two-track process. One is operational and aligned to business and budget planning, and the other is a longer horizon, data-driven, strategic sweep that accounts for seismic shifts in workforce supply and demand. The second track must forecast the impact of changes in the environment—including technological, generational and cultural—and define the required future workforce to meet these challenges.
2. Look for iterative improvements to your workforce planning process
For organisations with workforce planning processes in place, analyse the strengths and weaknesses of your approach and look for opportunities to improve. The key is to concentrate less on cyclical workforce planning processes and more on continuous improvement to the overall approach. Value comes from embedding processes, measuring outcomes, digitally enabling the process wherever possible, using better data and building your workforce planning capability.
3. Accelerate the development of critical capabilities
Once you have identified capability and capacity requirements, a tactical approach is essential to accelerate the development of critical capabilities. This means having a robust action plan to develop, buy, or borrow to address capability gaps. Successful organisations accelerate the development of critical capabilities to maximise investments and carefully consider the breadth of available reskilling, upskilling, and employment models.
4. Build confidence in your data to power your people-focused decisions
Data-based insights can tell you a lot about your people and drive better decisions at every level. However, data is rarely harnessed and taken from analysis to action. HR must take the lead in building confidence in data across the employee lifecycle. With the right data, you can create simple but powerful models to scenario plan and predict future needs.
We are here to help you
Having the analysis and insight required to make the right people and organisation decisions is more important than ever as businesses prepare for the workforce of the future and navigate disruptive megatrends, including changes in workforce demographics, technological shifts in how we work and global economic uncertainty. Using PwC’s Strategic Workforce Planning approach, we can help you proactively analyse your existing workforce supply and future demand to build the required capabilities and capacity to achieve business objectives. To discuss any of the above, please get in touch today.