What should workforce planning cover

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Table of Contents:
00:00 - Introduction
01:13 - What should workforce planning include?
02:16 - How to create an effective hiring strategy
03:31 - How to know what your team needs
04:26 - How to promote the right employees
05:32 - What are ways to reduce workforce cost
06:45 - How to show your HR stats
07:22 - Conclusion
Talent shortages, changing demographics, economic fluctuations, these are just a few of the many factors that have made talent management quite a challenge. Workforce planning emerges as a solution to align human resources with evolving market demands and adapt to these changes quickly. Without adequate workforce planning and the foresight that comes with it, both the business and its employees suffer. This is happening right in front of our eyes: in 2023, over 262,000 tech employees were laid off due to over hiring during the pandemic years, and this trend has unfortunately continued into 2024.
Clearly, companies are under mounting pressure to optimize their most valuable asset - their workforce. Decisions about who to hire, train, or let go can mean the difference between thriving and barely surviving. While no amount of workplace planning can be 100% future-proof, it does help managers, decision makers, and HR professionals to scale up efficiently, downsize responsibly, or transform labor through up scaling.
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