{"id":9296,"date":"2025-03-24T09:56:08","date_gmt":"2025-03-24T13:56:08","guid":{"rendered":"https:\/\/primepay.com\/?p=9296"},"modified":"2025-05-02T15:31:36","modified_gmt":"2025-05-02T19:31:36","slug":"workforce-planning","status":"publish","type":"post","link":"https:\/\/primepay.com\/blog\/workforce-planning\/","title":{"rendered":"Workforce Planning: 4 Strategies to Build a Resilient Company"},"content":{"rendered":"\n<p><em>What\u2019s your workforce strategy?<\/em> If your answer is something vague, like \u201chiring the right people,\u201d then your plan needs a refresh.&nbsp;<\/p>\n\n\n\n<p>While the last few years have left executives shaking their heads, organizations that continue to take a strategic workforce planning approach \u2013 despite setbacks \u2013 come out on top.&nbsp;<\/p>\n\n\n\n<p>The reason is simple: According to <a href=\"https:\/\/www.shrm.org\/labs\/resources\/strategic-workforce-planning-navigating-the-future-of-hr\" target=\"_blank\" rel=\"noreferrer noopener\">SHRM<\/a>, they can better navigate hiring challenges, skill gaps, and shifting market conditions. That said, executing a workforce strategy can be extremely difficult to plan when things feel constantly up in the air.&nbsp;<\/p>\n\n\n\n<p>But economic volatility, evolving technology, and changing workforce expectations aren\u2019t going away, so it&#8217;s critical to rethink how you\u2019re planning for talent. Luckily, a well-crafted workforce strategy helps you stay ahead and balance cost-efficiency with your organization\u2019s long-term growth.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is Workforce Planning?<\/h2>\n\n\n\n<p>Workforce planning is the process of aligning an organization\u2019s talent strategy with its business objectives. It helps companies anticipate staffing needs, identify skill gaps, and prepare for future challenges.<\/p>\n\n\n\n<p>There are two key types of workforce planning:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Operational workforce planning:<\/strong> Focuses on short-term needs, such as filling open positions and adjusting staffing levels.<\/li>\n\n\n\n<li><strong>Strategic workforce planning: <\/strong>Takes a long-term view, analyzing future skill needs, <a href=\"\/learn\/hr\/succession-planning\/\" target=\"_blank\" rel=\"noreferrer noopener\">succession planning<\/a>, and market trends to build a more resilient workforce.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-info-light-trans-20-background-color has-background\"><strong>Note:<\/strong> Successful workforce planning is an ongoing process, not a one-time event. Businesses should continuously refine their approach based on real-time workforce data.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4 Workforce Planning Strategies<\/h2>\n\n\n\n<p>If you\u2019re looking to build a resilient workforce (and to be honest, who isn\u2019t?), embed the following workforce planning strategies into your business plan to ensure you make strategic decisions for your company and people.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Workforce Analysis: Using Data to Plan for the Future<\/h3>\n\n\n\n<p>A strong workforce strategy starts with workforce analysis, AKA using data to understand talent trends and anticipate hiring needs.&nbsp;<\/p>\n\n\n\n<p>If you think a workforce analysis sounds similar to a <a href=\"\/blog\/hr-gap-analysis\/\" target=\"_blank\" rel=\"noreferrer noopener\">skills gap analysis<\/a>, you\u2019re right. The difference is minute: <strong>While a skills gap analysis helps identify the skills your workforce currently has versus the ones it needs to meet goals, a workforce analysis looks at the broader scope<\/strong> (think demographics, roles, performance levels, and succession planning needs).&nbsp;<\/p>\n\n\n\n<p>By integrating your workforce analysis with your company\u2019s goals, you can proactively address talent challenges rather than reacting to them. Besides patting yourself on the back for a job well done, addressing hiring needs will help your team decide where to invest in talent and when to adjust <a href=\"\/blog\/when-is-hiring-season\/\" target=\"_blank\" rel=\"noreferrer noopener\">hiring efforts<\/a>.&nbsp;<\/p>\n\n\n\n<p><a href=\"\/blog\/hr-metrics\/\" target=\"_blank\" rel=\"noreferrer noopener\">Key metrics<\/a> to track include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Employee turnover rates<\/li>\n\n\n\n<li>Skills gaps<\/li>\n\n\n\n<li>Workforce demographics<\/li>\n\n\n\n<li>Productivity levels<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1878\" height=\"943\" src=\"https:\/\/primepay.com\/wp-content\/uploads\/PrimePay-DEI-Reports.png\" alt=\"PrimePay DEI Reports\" class=\"wp-image-4328\" title=\"\" srcset=\"https:\/\/primepay.com\/wp-content\/uploads\/PrimePay-DEI-Reports.png 1878w, https:\/\/primepay.com\/wp-content\/uploads\/PrimePay-DEI-Reports-768x386.png 768w, https:\/\/primepay.com\/wp-content\/uploads\/PrimePay-DEI-Reports-1536x771.png 1536w\" sizes=\"auto, (max-width: 1878px) 100vw, 1878px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>Choose HR software with robust <\/em><a href=\"\/software\/hr\/hr-reporting\/\" target=\"_blank\" rel=\"noreferrer noopener\"><em>analytics and reporting functionalities<\/em><\/a><em> to give you a birds-eye view of your workforce and help determine your hiring needs.&nbsp;<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Scenario Planning: Preparing for Multiple Outcomes and Economic Volatility<\/h3>\n\n\n\n<p>It\u2019s no secret that responding to change is top of mind for many businesses. In fact, <a href=\"\/insight\/2024-current-state-of-the-employee-experience\/\" target=\"_blank\" rel=\"noreferrer noopener\">64% of HR leaders<\/a> say their organization experienced change last year, many of which stemmed from industry disruptions, natural disasters, shifts in remote work trends, and increasing or decreasing demands.<\/p>\n\n\n\n<p><strong>Economic uncertainty can make workforce planning challenging, but it also creates opportunities for agile businesses.<\/strong><\/p>\n\n\n\n<p>Therefore, you\u2019ll want to combat reactive thinking and utilize scenario planning, a strategic methodology for analyzing trends and uncertainties that enables organizations to prepare for various potential future states.&nbsp;<\/p>\n\n\n\n<p>One aspect to consider for all scenario plans is whether you need to expand or decrease your workforce. Of course, with these types of decisions, budget always comes into play. <strong>Because your organization (and at times, people\u2019s jobs) are at stake, your decisions must be data-driven and not just gut reactions to the economy or an impending issue.<\/strong><\/p>\n\n\n\n<p>One way to ensure you have real-time data at your fingertips is using an HCM. <a href=\"\/client-story\/primepay-on-primepay-1\/\" target=\"_blank\" rel=\"noreferrer noopener\">Suzanne Fohl<\/a>, CFO of PrimePay, says: \u201cBy using our own platform daily, we benefit from its advanced integration capabilities, unifying people and financial data in a single system. This technology enables our HR and Finance teams to collaborate effectively, leveraging real-time insights to drive data-informed, strategic decisions that enhance organizational performance.&#8221;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1280\" height=\"720\" src=\"https:\/\/primepay.com\/wp-content\/uploads\/Timeline-1.gif\" alt=\"Timeline\" class=\"wp-image-9300\" title=\"\"><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>By reflecting on past structures and planning for the future, leaders can better understand and structure their workforce for multiple outcomes.<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Talent Acquisition and Retention: Building a Sustainable Workforce<\/h3>\n\n\n\n<p><a href=\"\/blog\/hiring-retaining-remote-employees\/\" target=\"_blank\" rel=\"noreferrer noopener\">Recruiting and retaining top talent<\/a> is a core part of strategic workforce planning.&nbsp;<\/p>\n\n\n\n<p>To attract and build a thriving workforce, companies should:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Prioritize trust. <\/strong><a href=\"https:\/\/primepay.com\/webinar\/bhrs-employee-burnout-and-turnover-prevention\/\" target=\"_blank\" rel=\"noreferrer noopener\">Barry Marshall<\/a> of P5 encourages leaders to consider why they\u2019re monitoring employees. He says, \u201cForty-one percent of organizations are monitoring their employees. You have to ask the question: Are we building trust in an environment? And if we&#8217;re monitoring employees from a position of distrust \u2013 as in I don&#8217;t trust you to do the right thing, so I&#8217;m going to monitor and make sure you are \u2013 then you are shooting the culture before it even begins.\u201d<\/li>\n\n\n\n<li><strong>Focus on improving your entire employee lifecycle.<\/strong> It may seem like a big task (and it is!), but focusing on your <a href=\"\/blog\/hire-to-retire\/\" target=\"_blank\" rel=\"noreferrer noopener\">hire to retire process<\/a> will solidify your retention program, no matter how seasoned your employees are. If you want to know where big holes are in your employee lifecycle, turn to your <a href=\"\/blog\/steps-for-effective-employee-offboarding\/\" target=\"_blank\" rel=\"noreferrer noopener\">offboarding data<\/a> to help guide future planning.<\/li>\n\n\n\n<li><strong>Collect valuable feedback via <\/strong><a href=\"\/blog\/employee-experience-surveys\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>employee surveys<\/strong><\/a><strong>.<\/strong> Unfortunately, only <a href=\"\/insight\/2024-current-state-of-the-employee-experience\/\" target=\"_blank\" rel=\"noreferrer noopener\">53% of HR leaders<\/a> gather data at least quarterly to understand how their company\u2019s culture compares with others. The good news? It allows you to stand out as an employer and listen to <a href=\"\/blog\/employee-insights-better-workplace\/\" target=\"_blank\" rel=\"noreferrer noopener\">employee insights<\/a> to create a superb employee experience.<\/li>\n\n\n\n<li><strong>Train your managers.<\/strong> Do you know how many managers actually receive training? Very little, says <a href=\"https:\/\/www.forbes.com\/councils\/forbescoachescouncil\/2021\/07\/02\/seven-important-things-a-manager-training-program-helps-an-organization-do\/\" target=\"_blank\" rel=\"noreferrer noopener\">Lillit Cholakian<\/a> of NewGen Global Leaders. She explains: \u201cManagers are often promoted to their positions because they work hard, have the required technical and professional skills, and understand the work. However, they rarely have prior training in how to lead, empower, and motivate their people.\u201d Luckily, her advice is tactical and achievable: \u201cInitial and ongoing training, mentoring, and coaching are critical to every manager\u2019s effectiveness, influence, and success, and hence, the company\u2019s success.\u201d<\/li>\n\n\n\n<li><strong>Measure flight risk.<\/strong> To get ahead of retention concerns, measure flight risk. <a href=\"https:\/\/primepay.com\/insight\/2024-current-state-of-the-employee-experience\/\" target=\"_blank\" rel=\"noreferrer noopener\">Our research<\/a> shows that when employees land in roles that are too challenging, aren\u2019t challenging enough, or don\u2019t align with their skill set or career path, they\u2019re more likely to leave.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1840\" height=\"778\" src=\"https:\/\/primepay.com\/wp-content\/uploads\/flight-risk-data.png\" alt=\"flight risk data\" class=\"wp-image-9298\" title=\"\" srcset=\"https:\/\/primepay.com\/wp-content\/uploads\/flight-risk-data.png 1840w, https:\/\/primepay.com\/wp-content\/uploads\/flight-risk-data-768x325.png 768w, https:\/\/primepay.com\/wp-content\/uploads\/flight-risk-data-1536x649.png 1536w\" sizes=\"auto, (max-width: 1840px) 100vw, 1840px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>There are many ways to <\/em><a href=\"https:\/\/primepay.com\/insight\/2024-current-state-of-the-employee-experience\/\" target=\"_blank\" rel=\"noreferrer noopener\"><em>measure flight risk<\/em><\/a><em>, including the most common strategies above.<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Reskilling and Upskilling: Investing in Talent Development<\/h3>\n\n\n\n<p>Sure, investing in talent development is a retention strategy (that could be listed above), but advancing your people\u2019s skills is <em>so much more<\/em> than that.&nbsp;<\/p>\n\n\n\n<p>For example, when you\u2019re focused on learning and development, you\u2019re:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Ensuring that employees are prepared for new challenges.<\/strong> According to the <a href=\"https:\/\/www.weforum.org\/stories\/2020\/10\/top-10-work-skills-of-tomorrow-how-long-it-takes-to-learn-them\/#:~:text=Kate%20Whiting&amp;text=50%25%20of%20all%20employees%20will,in%20the%20next%20five%20years.\" target=\"_blank\" rel=\"noreferrer noopener\">World Economic Forum<\/a>, 50% of employees will need reskilling by 2025 as technology reshapes jobs. Reskilling prepares both employees and employers for the future.<\/li>\n\n\n\n<li><strong>Helping your business stay competitive.<\/strong> You know that retaining employees reduces hiring costs, but many leaders forget that when someone walks out the door, so does their institutional knowledge. By offering continuous learning opportunities, you\u2019re keeping employees engaged and solidifying your business strategy.<\/li>\n\n\n\n<li><strong>Providing a clear view of employees\u2019 futures.<\/strong> A reported <a href=\"https:\/\/www.shrm.org\/topics-tools\/news\/organizational-employee-development\/employees-want-additional-opportunities-career-skills-development\" target=\"_blank\" rel=\"noreferrer noopener\">40% of employees<\/a> don\u2019t see a clear path to advance their careers, often resulting in disengagement or voluntary turnover. But \u201cemployees are eager for growth, development, and upskilling,\u201d says Kristie Leigh, talent development manager for JK Moving Services. She notes that most of her company\u2019s professional development programs enrollment is self-initiated, nodding to the need and desire for scaling up.<\/li>\n<\/ul>\n\n\n\n<p>While creating a robust reskilling and upskilling program is preferable, there are other ways (read: lower budget) to support professional development. Consider holding internal workshops to help employees learn soft skills like building confidence or improving communication, hosting a book study, or building a mentorship program.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Refining Your Workforce Planning Process<\/h2>\n\n\n\n<p>HR and Finance leaders play a crucial role in shaping the future of work. The key is staying agile, using data effectively, and investing in employees to drive long-term success.<\/p>\n\n\n\n<p>That\u2019s why a proactive workforce strategy will help your organization avoid talent challenges and better respond to economic shifts, technological advancements, or evolving employee expectations. Ultimately, by integrating workforce analysis, strategic planning, and talent retention and development, companies can build a more resilient and adaptable workforce.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What\u2019s your workforce strategy? If your answer is something vague, like \u201chiring the right people,\u201d then your plan needs a refresh.&nbsp; While the last few years have left executives shaking their heads, organizations that continue to take a strategic workforce planning approach \u2013 despite setbacks \u2013 come out on top.&nbsp; The reason is simple: According [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9297,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[21],"tags":[],"class_list":["post-9296","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-human-resources"],"acf":[],"_links":{"self":[{"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/posts\/9296","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/comments?post=9296"}],"version-history":[{"count":3,"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/posts\/9296\/revisions"}],"predecessor-version":[{"id":9874,"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/posts\/9296\/revisions\/9874"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/media\/9297"}],"wp:attachment":[{"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/media?parent=9296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/categories?post=9296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/tags?post=9296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}