Workforce Planning

Understanding and addressing workforce gaps is crucial for organizational success in today's rapidly evolving business landscape. SkyHive's Workforce Planning tool empowers you to navigate this challenge with precision and foresight.

Why Use SkyHive's Workforce Planning?

1. Data-Driven Decision Making: Leverage real-time labor market intelligence to make informed workforce decisions.

2. Future-Proofing: Identify emerging skills and prepare your workforce for upcoming industry trends.

3. Cost-Effective Strategies: Optimize your resources by balancing between upskilling existing employees and new hires.

4. Agile Workforce Management: Adapt quickly to changing business needs with flexible workforce strategies.

Key Features

Skill Gap Analysis

Identify discrepancies between your current workforce capabilities and future requirements at both individual and organizational levels.

Build-Buy-Borrow Modeling

Explore different strategies to address skill gaps:

• Build: Develop existing talent through targeted upskilling programs.

• Buy: Recruit new full-time employees to bring in required skills.

• Borrow: Utilize contingent workers or consultants for specialized or temporary needs.

Real-Time Progress Tracking

Monitor the implementation of your workforce plan with live updates on hiring, training, and skill acquisition.

 

To create a new workforce plan:

Step 1: Click Workforce Planning on the left menu bar. If you don't see a menu bar, click on the hamburger menu icon in the top left corner, then select Workforce Planning

Step 2: Click ADD NEW WORKFORCE PLAN

Step 3: Give your new workforce plan a name and add the required positions

Step 4: For each position, could you indicate the number of employees, the ideal starting date, the office, and the skills required? SkyHive provides a list of skills associated with this position based on real-time labour market information. You can also search and add your skill requirements.

When selecting the skill, you can indicate the proficiency (Entry/Intermediate/Experienced) required for each.

Note: You can also select Jobs published and Positions defined within your Enterprise Structure.

Current Labour Market Skills: These skills are recommended based on live labour market demand for your selected position. 

Future Labour Market Skills: These skills are recommended based on predicted labour market demand for these positions. This process leverages a unique component of SkyHive’s engine known as Future Skills Analysis, which combines a regression-based model with the natural language processing of future-facing materials such as subject matter expertise, academic studies, research papers, etc.

Step 5: Once you have completed the required information, click NEXT to proceed to the next step:

In the Settings step, you can indicate the following:

• Planned Completion Date: for the workforce plan
• Minimum Match for Training: the minimum percentage of skills match that you would consider upskilling an existing employee to fill a position in your workforce plan 
• Minimum Match to Qualify for Position: the minimum percentage of skills match that you would consider an existing employee as qualified to fill a position in your workforce plan 
• Training Costs: whether only internal matches are considered

Once you have finished setting your preferences, click SAVE & CALCULATE to proceed.

Step 6: Based on the workforce requirements and your settings, SkyHive will then produce a workforce plan that indicates the following:

• Sources of available talent:
  • Qualified: Internal candidates who meet the role requirements set out in this workforce plan
  • Internal Matches: Internal Candidates who require some upskilling to meet the role requirements set out in this workforce plan
  • SkyHive Matches: Candidates from your applicant tracking system who may be a good fit for the role requirements set out in this workforce plan
  • Missing candidates: These are roles that could not be fulfilled with your current resources and may need to be sourced from additional sources
• Progress: the real-time progress of the workforce plan
• Retrain Cost: Average cost per employee to be upskilled to meet the requirements set out in this workforce plan

You will also see a detailed breakdown of candidate matches for each position required for the workforce plan:

You can also Lock or Replace talent from the three-dot menu

Step 7: Select a candidate's name to view their match breakdown and action items such as relevant training in cases where the internal candidate requires upskilling.

Step 8: Your new workforce plan will be added to your Workforce Planning dashboard, where you can change its status and monitor its progress in real-time. 

Best Practices for Effective Workforce Planning

1. Regular Updates: Review and adjust your workforce plan quarterly to stay aligned with business objectives.

2. Collaborative Approach: Involve key stakeholders from HR, Finance, and Operations in the planning process.

3. Scenario Planning: Create multiple workforce scenarios to prepare for different business outcomes.

4. Continuous Learning Culture: Foster an environment that encourages ongoing skill development.

By following this guide and utilizing SkyHive's powerful features, you will be well-equipped to create a dynamic, skilled workforce ready to meet the challenges of tomorrow.

Updated August 22, 2024 18:44