Getting started with Strategic Workforce Planning: What to expect in terms of time investment
Strategic Workforce Planning (SWP) is a critical process that helps businesses align their human capital with their long-term goals. While many businesses recognize the importance of SWP, they may be unsure about how long it will take to implement this process for the first time. In this article, we'll explore the factors that influence the SWP schedule and provide an overview of what businesses can expect along the way.
1. Assess the current situation
The first step in the SWP process is to assess the current state of the company's workforce, including skills, competencies, and demographics. This stage involves collecting data from a variety of sources, such as human resource systems, performance reviews, and employee surveys. The time required at this stage can obviously vary considerably depending on the size of the organization, the availability and quality of the data, and the level of detail required for the analysis. However, on average, once data privacy is maintained, it takes a few weeks to identify what is needed and start forecasting the workforce (the Procurement portion of the SWP).
2. Identifying future workforce needs
Once the current situation has been assessed, comes the “demand” part of the process. Organizations should identify their future workforce needs by considering factors such as business goals, market trends, and technological advancements. This stage typically involves close collaboration between human resources professionals, line managers, and senior management, as well as consultations with external experts and industry peers. Depending on the complexity of the business and its sector of activity, this phase is in fact the most delicate the first time and can take several months. In an execution phase, this delay is expected to decrease as the SWP becomes more and more continuous.
3. Develop workforce strategies
With a clear understanding of the current workforce and future needs, organizations can start developing strategies to bridge the gap between the two. This phase involves creating action plans to address identified skills gaps, recruit and retain talent, and develop the workforce to meet long-term goals. The time required at this stage depends on the organization's ability to make decisions and reach consensus. If the right stakeholders and sponsors have been involved from day one, it can be quite immediate.
4. Implementing workforce strategies
Once workforce strategies are developed, businesses need to implement them. This stage involves the implementation of initiatives such as recruitment campaigns, training and development programs, and organizational restructuring. The process put in place can take from a few months to a few years, with ongoing monitoring and adjustments if necessary.
5. Monitoring and evaluation
Strategic Workforce Planning is not a one-time event, but rather an ongoing process that requires ongoing monitoring and evaluation. Businesses should regularly assess the effectiveness of their workforce strategies, making the necessary adjustments to respond to changing business conditions, workforce demographics, and other factors. This phase is continuous and should be integrated into the company's regular planning cycles.
Conclusion
The time required for initial SWP measurements can vary widely depending on the size, industry, and complexity of the business, as well as data quality and stakeholder engagement. For a population of 5,000 people, the whole process can take anywhere from 6 weeks to 3 months.
It is critical for organizations to be patient and committed to the SWP journey, understanding that the process can involve iterative adjustments and continuous learning.
By investing time and resources in SWP, organizations can create a solid foundation for long-term success. While initial implementation may require considerable effort, the benefits of a well-executed SWP process — such as improved talent acquisition and retention, increased workforce flexibility, and alignment with business goals — will more than justify the investment.
As businesses embark on their first SWP journey, it is essential to stay focused on the end goal: building a skilled and adaptable workforce that is well-positioned to lead the business toward its long-term goals. By engaging in the process and devoting the necessary time and resources to it, businesses can unleash the full potential of their workforce and confidently address the challenges and opportunities of an ever-changing business landscape.
