Long-term workforce planning can be challenging for companies of all sizes as it requires the company to align their workforce with their future needs. Because of our significant experience as a recruitment agency in Cyprus we are aware that labour force planning plays a vital role in forecasting staffing requirements, bridging skill gaps your employees may have by providing them with training and improving employee retention.
This blog post will explore the essential elements of a prosperous long-term workforce planning strategy. It will discuss how organisations can accurately forecast their staffing needs, address skill gaps and create a culture of stronger employee retention.
Pay Transparency and Employee Award System
An employee’s decision to remain with the company or depart is influenced by their compensation and the transparency of their payment. When planning a workforce strategy, employers should consider boosting pay transparency and establish awards or bonuses in accordance with the performance of the staff. In this way, employees try to learn new skills and achieve goals while getting awarded for their accomplishments, which helps to ensure stronger retention.
Fostering Professional Development
Companies should recognize and utilise their employees’ different and various skills. Employees should be offered the opportunity to grow and develop their skills, in this way their skills can be used for the future needs of the company. Apart from that, employees feel motivated to learn new skills and progress in their current positions.
Companies should ask their employees for feedback and suggestions for the training they receive. Companies should know what employees enjoy from the training process and how they learn better, in this way they can improve their coaching process and keep the employees motivated.
Operating Model, Skill Assessments and Growth
According to Britton Bloch, a workforce planning strategy starts with an operating model: analysing business objectives, the scope of related work, expertise needed, and skills assessments. Skills assessments are vital to correctly evaluate recruiting needs, and assess upskilling and employee development requirements.
By establishing skills assessments you are also indicating the areas that need improvement and development. Companies can support these sectors and drive growth by providing coaching and training to their employees. The teams in these sectors will become prepared to overcome any obstacles they may face in the future.
Establish Clear Career Paths and Succession Planning
The human resources team of Forbes states that employees should have clear career paths and be aware of their growth in the company. These employees are more likely to stay and progress in their positions. This is the reason that companies need to create realistic career paths with the forecast needs and a strong internal mobility, providing their employees with the skills and knowledge to progress in their position.
Moreover, a strong succession planning model is vital. It helps to focus on the key areas your employees want to grow into, the impact on their team and what ultimately would keep employees satisfied, driven and motivated, helping to achieve stronger retention.
Analyze Patterns And Trends
As a recruitment agency we work together with companies to acknowledge their human capital strategies in their long-range planning. We help them to match the experience, the skills and the capabilities they need with the right person that will fit right into the culture of the company.
During the assessing of candidates we consider patterns, growth rates and industry trends that help us to make informed predictions of what the company will need in the future.
Establish a Healthy Work Culture
Similarly with what it was mentioned earlier, companies need to consider strategies to navigate a tight labour market. Tactics for recruitment include expanding the talent pool, conducting recruitment agencies and carrying out interviews to find new talent. Companies should strengthen connections with educational programs and training existing workers.
The advance in technology and use of AI makes it possible to track the way employees learn and their motivation. During this “learning curve,” focusing on the employee experience and engagement will provide security and opportunity to your staff. A healthy work culture is a huge factor that employees consider to stay in a company. They feel appreciated when their company cares about their upskilling, career progression and they are transparent with the payments and rewarding system.
Companies should have a clear plan and strategy to establish a long-term workforce planning. If we take all the tips we discuss in this article we understand something important: companies achieve employee retention when they care about their employees. When they make significant contributions to the employees education while providing them with a clear career path and progression.
This is the reason companies should acknowledge the skills their employees need to have in the future, hire the right people and train them accordingly to achieve great results.
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