6.2.3 Challenges in workforce planning

• What does workforce planning involve?

  Forecasting future employee needs
• Steps in the workforce planning process

  1️⃣ Forecasting Future Needs

  2️⃣ Analyzing Current Workforce

  3️⃣ Identifying Skills Gaps

  4️⃣ Developing Action Plans
• The workforce planning formula is: Workforce Required = Total Hours Needed / Hours per Employee
• How do demographic shifts impact workforce planning?

  Altering the supply of workers
• Match the demographic trend with its impact on workforce planning:

  Aging Workforce ↔️ Increased retirement rates

  Increased Diversity ↔️ Broader range of skills

  Generational Shifts ↔️ Varied technology proficiency
• What is a skills gap in workforce planning?

  Difference between current and required skills
• The skills gap analysis formula is: Skills Gap = Required Skills - Current Skills
• The skills gap analysis formula is: Skills Gap = Required Skills - Current Skills
• A skills gap is the difference between current and required skills within an organization
• A skills shortage occurs when there are enough qualified workers in a specific market.

  False
• What are common causes of a skills gap?

  Outdated training ||| Changing industry needs ||| Lack of employee development
• What are common causes of a skills shortage?

  Economic growth ||| Technological advancements ||| Demographic shifts
• Match the impact with its corresponding skills issue:

  Reduced productivity ↔️ Skills gap

  Hampered business growth ↔️ Skills shortage
• The skills gap analysis formula is: Skills Gap = Required Skills - Current Skills
• Technological advancements have no impact on workforce planning.

  False
• How does artificial intelligence impact workforce planning?

  Automates repetitive tasks ||| Requires AI specialists
• What happens to workforce planning during the expansion phase of the business cycle?

  Increased hiring, investment in training
• Match the retention factor with its corresponding attribute:

  Competitive salaries ↔️ High retention

  Rigid schedules ↔️ Low retention
• The workforce planning formula is: Workforce Required = Total Hours Needed / Hours per Employee
• Demographic shifts do not influence workforce planning.

  False
• How does an aging workforce impact workforce planning?

  Increased retirement rates ||| Need for succession planning
• What is the impact of Artificial Intelligence (AI) on workforce planning?

  Automation of repetitive tasks
• Big Data Analytics requires the expertise of data scientists.
• Cloud computing has increased the demand for cybersecurity experts.
• What is the primary use of robotics in workforce planning?

  Automating manufacturing and logistics
• Order the phases of the business cycle in their correct sequence.

  1️⃣ Expansion

  2️⃣ Peak

  3️⃣ Contraction

  4️⃣ Trough
• What action might companies take during the contraction phase of the business cycle?

  Workforce reduction
• Talent retention is an organization's ability to keep its valuable employees.
• High talent retention reduces recruitment costs for organizations.
• What is the formula for calculating the retention rate?

  $Retention Rate =$$(Employees Remaining / Total Employees) x 100$
• Regulatory and compliance issues are critical for maintaining a fair and safe workplace.
• Match the type of standard with its focus:

  Compliance ↔️ Legal obligation

  Ethical Standards ↔️ Moral duty
• Adherence to regulatory and compliance issues protects both the organization and its employees.
• What does workforce diversity refer to?

  Unique employee characteristics
• Inclusion involves creating an environment where all employees feel valued.
• A diverse workforce leads to a broader range of skills and perspectives within an organization.
• Match the aspect with its focus in workforce diversity and inclusion:

  Diversity ↔️ Representation

  Inclusion ↔️ Participation and engagement
• Improved employee satisfaction is a key benefit of workforce inclusion.
• What is one benefit of improved innovation and creativity in a diverse and inclusive workforce?

  Broader range of skills
• Diversity refers to the presence of different groups, while inclusion focuses on creating an environment where all feel valued