It’s no secret that many HR activities rely on collaboration to succeed. But workforce planning, in particular, can create a high level of risk for organizations when stakeholders don’t work together effectively. Given that people costs are the single largest budget item for most organizations, getting the workforce plan right is fundamental to their fiscal health.
Though many departments across the organization ultimately contribute to the workforce plan, the backbone of the plan and its execution consists of the work done by Finance, HR, and Talent Acquisition. The ability of HR to stay in sync with Finance and Talent Management across the entire workforce planning cycle, therefore, is key.
Read on to learn how HR can more effectively:
Synchronize with Finance and take into account financial constraints and challenges
Synchronize with Talent Acquisition to provide hiring targets that account for employee movement
Monitor and track progress against the budget and hiring targets