2. Understand the labor market. Understanding the labor market for the jobs necessary to drive your strategy will help you better understand the length of time it will take to fill a job, the salary you should expect to pay for the job, and potential challenges to filling the job. For example, a growing suburb might be in need of a new school, but the area is expensive and difficult to attract teachers. You need to take these factors into account as you build your strategic workforce planning.
Common factors to consider include macroeconomic forecasts, demographic trends, regulatory changes, and talent movement trends within your industry.