Answer to Question 1
The five steps in the typical workforce planning process are described below.
1. Identify the business strategy. A firm's strategic vision, mission, and strategy affect current and future staffing requirements by influencing the types and numbers of potential employees.
2. Articulate the firm's talent philosophy and strategic staffing decisions. Firms differ in their commitment to things like promoting workers, retaining workers, and their preference for hiring people with certain skills or training them after they are hired. Because these factors influence the nature of the firm's future labor supply and the type of workers it will need, they are important to understand when forecasting and planning.
3. Conduct a workforce analysis. Forecast both labor demand and labor supply, and identify any gaps between the two.
4. Develop and implement action plans. Develop action plans to address any gaps between labor demand and labor supply forecasts. The action plans should be consistent with the firm's talent philosophy, and can include recruiting, retention, compensation, succession planning, and training and development. Action plans can be short-term or long-term, depending on the firm's needs and the predictability of the environment. Action plans to address aging workforce issues or workforces that have a disproportionate number of similarly aged employees may need a longer timeframe.
5. Monitor, evaluate and revise the forecasts and action plans. As the environment changes, forecasts and action plans may need to change as well.
Answer to Question 2
True
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