Workforce planning is a forecasting strategy that helps organizations continuously balance labor supply against the upcoming demand. In addition, it can help businesses address resourcing challenges such as skill shortages, evolving job trends, rising costs, etc.
A robust workforce plan is not a singular action but a step-by-step process that works in alignment with the business goals. It ensures sustainable organizational performance by identifying the talent needs preemptively. Moreover, it helps minimize hiring/firing cycles, reduces unplanned attrition, and facilitates succession planning.