According to this research from the Conference Board, the aging workforce and approaching retirement of the "baby boom" generation is changing how companies plan and execute their business strategies, with a greater emphasis on workforce planning as a way of improving competitiveness and boosting productivity.
The Conference Board has found more companies are spending more time and effort analysing and forecasting the talent they have or need to acquire in order to execute their business strategy.
Strategic workforce planning, in essence, is aimed at helping companies make sure they have the right people in the right place at the right time and at the right price.
To engage senior executives in workforce planning, the process needed to focus on understanding the strategic business plan and its broad implications for the company's workforce.
"Strategic workforce planning enables the organization to slice-and-dice its workforce data to discover critical issues, compare different groups, understand patterns and trends, home in on critical segments of the workforce such as mature workers and top performers, and customize its approach to managing different segments of its workforce."
"By enabling leaders to see across lines of business, workforce planning can leverage talent within a company. Ultimately, the same workforce planning database tools will enable employees to shop for new jobs, assess their own developmental needs, and prepare for career moves inside the organization."