Implementing initiatives to support workforce planning objectives

1. Implementing initiatives to support workforce planning objectives Workforce Planning

2. Topic areas include: • Succession planning • Retention strategies • Attracting skilled labour • Diversity management • Employer of choice options • Values/ effects of workplace culture • Talent Management • Contingency planning • Acquisitions and mergers

3. This lesson looks at • Talent management • Contingency labour • Succession planning

4. Many challenging workforce issues confront HR, including: • Heightened competition for skilled workers. • Impending retirement of the baby boomers. • Low levels of employee engagement. • Acknowledgement of the high cost of turnover. • Arduous demands of managing global workforces. • Importance of succession planning. • Offshoring and outsourcing trends.

5. Talent management • Talent management is a strategy. • Leading companies invest in talent management to select the best person for each job because they know success is powered by the total talent quality of their workforce.

6. HR is evolving from policy creation, cost reduction, process efficiency, and risk management to driving a new talent mindset in the organisation.

7. Talent management may be defined as the implementation of integrated strategies or systems designed to improve processes for recruiting, developing and retaining people with the required skills and aptitude to meet current and future organizational needs.

8. Anecdotally, talent management is often defined as performance management, incentive compensation, or talent acquisition. Talent management is also often confused with leadership development. Although leadership development is a crucial function of your organization, focusing on it exclusively is a legacy of last century. Our modern service and knowledge economies in the talent age require a broad and holistic view. A high performance business depends on a wide range of talent.

9. Taleo’s graphical representation emphasizes the mandate of talent management to respond to business goals and consequently be the driver of business performance. Talent management is depicted as a circular—not a linear—set of activities. • http://www.taleo.com/research/articles/strategic/what-talent-management-121.html

10. Contingent workforce management (CWM) • A contingent workforce is a provisional group of workers who work for an organization on a non-permanent basis, also known as freelancers, independent professionals, temporary contract workers, independent contractors or consultants. • (Reference Wikipedia)

11. Contingent Workforce Management (CWM) is • the strategic approach to managing an organization's contingent workforce in a way that it reduces the company's cost in the management of contingent employees and mitigates the company's risk in employing them.

12. Trends • According to the US Bureau of Labor Statistics the nontraditional workforce includes "multiple job holders, contingent and part-time workers, and people in alternative work arrangements."These workers currently represent a substantial portion of the U.S. workforce, and "nearly four out of five employers, in establishments of all sizes and industries, use some form of nontraditional staffing." "People in alternative work arrangements" includes independent contractors, employees of contract companies, workers who are on call, and temporary workers.

13. Why? • Globilisation • Rapid growth of industries • Increased outsourcing • Need for agility and cost saving/ changes to employment levels • Specialist projects • Responsive to change • On demand access to professionals and experts • Reduced retirement and redundancy costs

14. Advantages [13] Disadvantages Flexibility in type and amount of labour resources Loyalty to employer or company Save costs in benefits and tax Disturbs organizations core morale and culture Immediate access to expertise not present internally Training costs Savings in long-term compensation costs Advantages and Disadvantages of using Contingent Workers

15. When economy strong demand for contingent labour is strong • Allows workers to access expertise without the need for hiring and to get the advantages of this expertise.

16. More individuals like this form of employment due to increased mobility it offers and the ease of changing jobs. Easy to pick up work due to internet. • Some retirees may seek re-entry to workforce as consultants • Tax advantages and flexibility of freelancing/self employment are appealing.

17. Succession planning • See handouts • Read case study on emergency succession planning

18. Succession planning (cont) • Process of identifying, developing and preparing suitable employees through mentoring, training and job rotation to replace key players such as CEO. • Just as important is the loss of key persons where there is no internal replacement and no available staff

19. Retaining staff • See handouts

20. Gaps in workforce needs • Best practice includes risk assessment of risks associated with gaps eg need for emergency succession planning of a crucial employee or other skills I your risk profile • Then risk management strategies developed and monitored and potential directions for action are planned.

21. Strategy formulation • Potential strategies may include:

22. 1.improving attraction and recruitment strategies • Employment branding initiatives • Improving recruitment and selection methods

23. 2.Improving labour supply • Increasing attractiveness of study for selected courses • Skilled migration to fill gaps • Developing partnerships with other organisation to access a different labour pool.

24. 3. Increasing investment in development of existing workforce • Understanding Return on investment for learning and development • Understanding critical skills and directing priority • Improving capability in succession planning/management • Developing knowledge management • Creating room for learning

25. 4.improving employment agility • Better management of contract workforce • Redesigning roles to increase supply from alternative sources • Introduce flexible work options

26. 5. Improving workforce capability • Improving the connection between strategic policy and workforce planning considerations • Identifying best practice workforce planning

27. 6. Improving participation, retention and culture • Removing barriers and disincentives to increased participation. • Promoting work life balance and flexible work practices • Promoting better health outcomes to ensure maximum participation in the workforce.