Thanks to the far reach of globalization and virtualization, nearly all modern businesses are linked directly or indirectly with global market dynamics. This is true not only for global firms but also for locally-run companies. And never has this been clearer than with the current ripple effects of the recent slowdown in China, a country with the second largest economy in the world, on an already-vulnerable world market.
At present, we’re experiencing whole new levels of global volatility. The stock market seems caught in a rollercoaster ride. The resource sector has smashed against rock bottom. Demand for goods and services are constantly fluctuating. And experts across the board claim we’ll be dealing with these trends for many years to come.
This All Means a Whole New Set of Challenges
And when it comes to addressing these challenges, the best place a company can invest their time, focus, and capital is in creating an on-demand, quick-reacting workforce.
See, learning to not only survive but actually thrive in this type of economy requires a dynamic capacity and competency balance. The ability to closely match supply with demand every time the changes hit so you can immediately respond to fast-changing market demands without spinning your wheels.
For most businesses in most industries, workforce is very closely tied to supply.
Simply put, you need the staff on hand or you can’t deliver fast enough. On the other hand, having too much staff when times are slow creates bloated costs that eat away at profit.
In times like these, a whirlwind of constant back and forth between these two points can cripple the bottom line completely. The trick is developing a workforce that can be immediately adjusted any time.
For Many, This Sounds Virtually Impossible
How could you possibly maintain a workforce so closely tied to fast-changing market demand while staying in line with the strategic goals of an organization? After all, a work force is no simple entity.
Indeed, that’s the million dollar question (literally)…
The answer is to move away from the traditional workforce model and shoot for more flexibility by embracing on-demand staff.
It starts with seeing far enough ahead while staying reactive, so you can take on more people and train as needed as the changes arrive. And then holding just the right balance so you can jump to action or slow down as needed.
The Flexibility to Pivot As Needed Requires:
- Enterprise-wide capability to forecast current and future workload accurately and ahead of time…
- Proper perspective of both project workload and non-project workload like BAU, support, operational activities…
- The ability to account for holidays, vacations, training, etc…
- Real-time data to ensure crucial decision-making info is always up-to-date…
- The ability to forecast a future timeline as far ahead as your specific business requires…
These Factors Combine to Strike the “Reactive Sweet Spot.”
Once a business obtains these forecasting capabilities, the workforce can be built with just the right mixture of permanent employees, contractors, temps, and freelancers to keep the firm balanced lightly on its toes, so to speak.
And you won’t need to do last-minute hiring/firing or incur unnecessarily exorbitant costs on a whim, as you can start training additional staff or juggle around the existing resources just in time to meet the workload.
Not sure how to make that all happen?
Flexibility Requires Forecasting
This is why more and more companies are realizing the need for resource management software in these fast-paced economic times.
SAVIOM software gives you everything you need to maintain a constant, real-time perspective of your workload and workforce, while analyzing changing market dynamics so surprises don’t catch your company off guard.
Learn more by getting in touch today.
The Definitive Guide for Resource Planning and ForecastingDownload the eBook Now