A recent Talent Think Tank (TTT), facilitated by Oasis HR, reports on what it means to effectively develop a Strategic Workforce Plan (SWP) and how by conducting this exercise HR have a crucial opportunity to partner strategically with the business.
In today’s current economic client, retaining talent and ensuring it’s in the right place at the right is critical to a business’s sustained success. However, such a plan can only be effectively executed if developed in-line with the company’s five year corporate strategy; illustrating growth, no growth or contraction. Therefore, the Think Tank suggests that SWP should be owned by the Executive Leadership Team but supported strategically by HR in terms of: staffing and recruitment, career development, succession planning, organisational alignment, learning and development, and compensation.
It was suggested that true SWP can be achieved via a four-step planning process, with responsibility for each step being clearly assigned: to the executive leadership team to set the strategic direction in the five year corporate plan (step 1), senior management to forecast the implications for their business units with specific regard to the supply of and demand for talent (step 2), and HR to analyse the resulting gaps between forecast demand and supply (step 3) as well as provide stewardship, guidance, support and process-management in the development of the SWP output (step 4).