. Supports the budgeting process
As workforce planning outputs continue to grow more robust, other business leaders are likely to follow the example set by their counterparts at higher-performing companies and rely more on this evolving resource to help feed the budgeting process.
2. Supports the strategic/business planning process
A director of HR at a major North American energy and utility provider says it best: "Strategic workforce planning is an embedded part of the annual and multi-year business planning process".
3. Identifies shortage of qualified talent to fill critical roles
Strategic workforce planning helps highlight talent shortages, speeding up the process of identifying sources of new talent that could, upon hire, make significant business impact.
4. Serves as a mechanism for identifying critical talent
With proper integration, workforce planning improves communication between human resources and business units and subsequently the ability to identify and retain the most important talent.
5. (tie) Identifies skills gaps in the workforce
"We've needed to have discussions about the people and skills our businesses need to accomplish strategic initiatives, and those conversations make more feasible planning possible," says Toyota Financial Services workforce planning & analysis manager Michael LeBrun.
5. (tie) Acts as a mechanism for identifying critical roles
Mirroring item four, business units are more able and willing to work with human resources to identify specific roles that, if left unfilled, could damage the organization's bottom line and simultaneously deliver greater returns if properly filled.