Workforce Forecasting Methods You Need to Try in 2019
HR and procurement departments have the insurmountable task of anticipating labor and qualification needs, procuring talent, and deploying workers efficiently to minimize costs and maximize productivity – sometimes at very short notice.
They must do all of this in an environment where nearly half of millennials plan to quit their jobs within 2 years and 67 percent of recruiters say it’s harder than ever to find and place talent.
If you need to alleviate the stress and burden of last-minute staffing requests, here are a few of the most effective workforce forecasting methods for 2019.
Launch a Demand Forecasting Initiative
In lieu of a crystal ball, HR departments and staffing firms can launch their own comprehensive demand forecasting and staff planning initiatives. Such an initiative may require buy-in from management and other partners, but it will typically contain the following steps:
- Creating a roadmap
- Obtaining commitment from the entire organization
- Defining KPIs
- Implementing tools and solutions
- Managing changes in the procurement environment
Staff planning can be an arduous process, but with the right roadmap and a commitment from everyone in the organization, it can go much more smoothly.
Conduct an Environmental Analysis
Whether you procure for your clients or your own organization, it pays to get a bird’s-eye view of your current talent pool. You can conduct a current employee analysis to identify which roles are already being filled, what strengths and weaknesses exist in your talent pool, and where gaps exist. You can even sort talent based on education and certification requirements.
Most experts accomplish this with a simple chart, but new and exciting digital solutions are available as well. People analytics technology, which collects and compiles data to help HR professionals understand people-related investments, trends, and opportunities, is particularly useful for conducting an environmental analyses.
Once you have a detailed analysis of your employee landscape, you can either hire or train to fill skill gaps. More importantly, you’ll have a better understanding of how to find and place talent based on needs in the coming months and years.
Deploy Predictive Scheduling and Labor Forecasting Solutions
The future of staff planning is expected to be even more challenging. According to a study by Georgetown University, there will be 55 million job openings in the U.S. by 2020.
The age of the full-time employee is showing signs of dissipation. In its place, flexible workforces and contingent staffing organizations are becoming more prominent.
To manage this influx of temporary workers, more and more organizations will need to deploy predictive scheduling and labor forecasting solutions, so they can anticipate staffing needs in a matter of days or hours, rather than weeks.
Most of tomorrow’s solutions will be powered by AI and data. They are only just emerging, but already, there are plenty of use-cases in which talent acquisition technology has made serious inroads.
An Example of People Analytics in Action
Merck KGaA, a biotechnology company based in Germany, realized that too many of their talent decisions were based on "gut feelings," rather than data. The multi-national company was also using several separate regional systems to define and source talent rather than a single source.
To solve these challenges, the company implemented a technology solution that consolidated millions of different data points, allowing managers and HR professionals to access a single source of information about the company's 50,000 strong workforce.
Start Today
By launching demand forecasting initiatives, conducting qualitative and quantitative analysis, and deploying the latest talent acquisition tools, organizations can better prepare themselves for future labor demands.
To learn more about the future of staffing and talent procurement, register for Contingent Staffing 2019, happening at the Hyatt Regency Minneapolis, MN on July 23rd through July 25th, 2019.