In Singapore, while Strategic Workforce Planning (SWP) is still in its infancy, it is fast becoming a priority for HR leaders and c-suites to address, Natalia Shuman, senior vice president, general manager for Kelly Services APAC and Europe, told HRD.
“The tight labour market and steep competition for the best talent in Singapore and the region have signalled a need for more companies to pay more attention to their workforce planning strategically,” Shuman said.
The public sector in particular has started to consider SWP a critical HR priority, so much so that the government’s Civil Service College recently ran its first dedicated seminar on how to implement SWP in organisations.
And HRs in other sectors should be just as concerned with workforce planning, Shuman said.
“HR leaders with capabilities of implementing SWP strategies have the opportunity to play a vital role in aligning their talent acquisition strategies with their organisation’s business strategy.
“This allows them to elevate their role in the executive setting and in the boardroom,” Shuman explained.
In building an effective strategy, HRs can help drive the company, she said.
“HR professionals who employ SWP strategies contribute significantly to their company’s ability to successfully mitigate risks, stay relevant and advance their market position.”
But what makes a strong workforce planning strategy?
There are several key components, and one big challenge, according to Shuman.
“The integration of strategic direction, financial planning and business aspirations must explicitly be tied to the workforce strategy.
“Often, strategic planning is conducted by business leaders without getting HR involved in getting the right talent to execute on the business strategy. That is a very big challenge.”
Finally, she stressed, a good SWP will provide detailed decision models that are able to guide critical business decisions related to talent needs and talent management.
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Workforce planning can help you to build a better workforce that can support business needs.