Mgt 510 Workforce Planning

Workforce planning makes certain that the people with the right skills are placed in the right place, at the right time. It needs careful analysis and should be comprehensive but should be more complicated than what the organization needs. Environmental factors play a very important role in this process, this includes: local labor market, economic conditions, and industry trends.

Local labor market serves as the potential source of labor for the organization, and one of its major drivers is the location. The company’s access to quantity of potential workforce depends on which area they’re in including the knowledge and skill sets these people possess.

Labor force trends should be monitored by managers so that they can formulate tactics in procuring the right people for the right job and actions to take to avoid labor shortage.

Technological trends also affect the quantity, quality and type of potential workers that the organization need.

Economic Conditions has a big impact on the availability of the workforce. Unemployment rate affects the availability of the workers. An increase in unemployment rate would make the search for qualified employees easier, as the unemployment falls it will become difficult for companies to look for the qualified workers. The general health of the economy affects the workforce planning. During recession, the demand for services and products drop. The consumer’s demands affect the demand for laborers.

Globalization affects how the managers should plan on how to acquire workforce especially if the company has locations in different countries or uses offshoring. The availability and quality of human capital varies in every country, and its economic health should also be taken into consideration.

Industry Trends also plays a major role in workforce planning. Various industries uses predictable consumers purchasing patterns that fluctuate over time