6.20.2 Steps in Workforce Planning

• Steps in workforce planning in the correct sequence

  1️⃣ Analyze current workforce

  2️⃣ Forecast future workforce needs

  3️⃣ Identify skills gaps

  4️⃣ Develop action plans to address skills gaps

  5️⃣ Implement workforce plans

  6️⃣ Monitor and evaluate workforce planning
• One key aspect of analyzing the current workforce is understanding its demographics
• Employee satisfaction is an important factor to consider when analyzing the current workforce
• The formula for calculating total employee costs is: Total Costs = Salaries + Benefits + Training Expenses
• Match the aspect of workforce analysis with its description

  Demographics ↔️ Age, gender, ethnicity, location

  Skills ↔️ Technical expertise and soft skills

  Costs ↔️ Salaries, benefits, training expenses
• Forecasting future workforce needs involves using both quantitative and qualitative
• Employee turnover is a factor that influences future workforce needs
• The formula for projecting future workforce size is: Future Workforce = Current Workforce × (1 + Growth Rate
• Steps to identify skills gaps

  1️⃣ Assess current skills

  2️⃣ Define required skills

  3️⃣ Compare and identify gaps
• The formula for calculating skills gaps is: Skills Gap = Required Skills - Current Skills
• Addressing skills gaps requires targeted training and recruitment programs
• The choice between recruitment, training, or internal development depends on organizational goals
• The formula for calculating total employee costs is: Total Costs = Salaries + Benefits + Training Expenses
• Understanding employee costs helps organizations identify gaps and improve recruitment strategies.
• What is the purpose of analyzing the current workforce in workforce planning?

  Identify gaps
• Match the aspect of workforce analysis with its description:

  Demographics ↔️ Age, gender, ethnicity, location

  Skills ↔️ Technical and soft skills required

  Performance ↔️ Individual and team productivity

  Costs ↔️ Salaries, benefits, training expenses
• Steps involved in forecasting future workforce needs

  1️⃣ Quantitative Methods: Analyze historical data

  2️⃣ Qualitative Methods: Expert opinions and scenario planning
• Qualitative methods in forecasting workforce needs consider market conditions, technological advancements, and expansion plans
• Employee turnover is a factor influencing future workforce needs.
• What is the formula for projecting future workforce growth due to market expansion?

  \text{Future Workforce} = \text{Current Workforce} \times (1 + \text{Growth Rate})</latex>
• Identifying skills gaps involves comparing current employee skills with those required
• Steps in identifying skills gaps

  1️⃣ Assess current skills

  2️⃣ Define required skills

  3️⃣ Compare and identify gaps
• Match the skill with its current level, required level, and gap:

  Data Analysis ↔️ Intermediate, Advanced, High

  Digital Marketing ↔️ Basic, Expert, Critical

  Project Management ↔️ Proficient, Advanced, Moderate
• What is the formula for calculating the skills gap?

  $\text{Skills Gap} =$$\text{Required Skills} - \text{Current Skills}$
• Addressing skills gaps enables targeted training and recruitment programs.
• Action plans to address skills gaps include recruitment, training, and development
• What is the formula for calculating the Return on Investment (ROI) in workforce planning?

  $\text{ROI} =$$\frac{\text{Benefits} - \text{Costs}}{\text{Costs}} \times 100$
• Match the key element of workforce planning with its key strategies:

  Recruitment ↔️ Job postings, interviews

  Training and Development ↔️ Workshops, online courses

  Performance Management ↔️ Performance reviews, feedback sessions

  Compensation and Benefits ↔️ Competitive salaries, bonuses
• Recruitment costs include advertising costs, recruitment agency fees, and HR salaries
• What is the formula for calculating the ROI of training programs?

  \text{ROI} = \frac{\text{Increase \in Productivity} - \text{Training Costs}}{\text{Training Costs}} \times 100</latex>
• Effective implementation of workforce plans ensures organizational goals are met.
• Key performance indicators (KPIs) are used to monitor and evaluate workforce planning
• Match the KPI with its description and formula:

  Employee Turnover Rate ↔️ Percentage of employees leaving, $\frac{\text{Number of Employees Left}}{\text{Average Number of Employees}} \times 100$

  Recruitment Costs ↔️ Total expense of hiring, $\text{Advertising Costs} +$$\text{Recruitment Agency Fees} +$$\text{HR Salaries}$

  Training ROI ↔️ Effectiveness of training programs, \frac{\text{Increase \in Productivity} - \text{Training Costs}}{\text{Training Costs}} \times 100
• What is the purpose of monitoring and evaluating workforce planning?

  Alignment with goals