Workforce Planning in a Booming Economy
Posted By: Elynor Moss on August 12, 2014 |
A fast-growing economy puts pressure on any company’s workforce planning. As the unemployment rate in the U.S. dips toward 6 percent and productivity gains taper, there are fewer qualified candidates to fill a swelling number of open positions. Many HR departments must adjust their efforts in order to fill a widening gap between the supply and demand of new talent.
Re-Assessing Your Current Workforce Plan
There are many signs that the U.S. is finally heading out of its long recession. Your workforce planning efforts must identify the areas most affected should the economy take off.
Company projections for growth in the workforce may no longer be realistic. Ask what it would take to meet a surge in open positions. Perhaps an increase of contingent staffing for the short-term is in order.
Increased demand for employees also increases pressure on your retention policies. Review current retention policies, especially for your most valued employees.
Scrutinize how your company’s compensation and benefits packages compare to those of competitors. Look for creative benefits improvements that appeal to a younger generation of workers.
Re-evaluate new college graduate acquisition programs. A larger internal talent pool of graduates could be tapped as the economy grows. Perhaps your company can improve its university presence and expand internship and training programs.
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