From the course: Human Resources: Strategic Workforce Planning

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Forecast workforce demand

Forecast workforce demand

From the course: Human Resources: Strategic Workforce Planning

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Forecast workforce demand

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- Forecasting workforce demand, that is, the numbers of people with the skills your organization will need two to three years from now, is full of uncertainties. Think about changes in technologies or consumer buying habits. As a result, forecasts of workforce demand are often more subjective than quantitative. In this video, I'll show you how to develop a meaningful forecast. You begin by identifying pivotal jobs. Pivotal jobs are those that drive strategy and revenue and that differentiate your organization in the marketplace. Next, you'll need to analyze human capital risks. Human capital risks are anything people-related that could limit the ability of a business to be successful. For example, if Walmart wants to open more stores, a key consideration is whether or not it can find enough people to staff them. The human capital risk is that without those people the new stores won't be able to open. To discover the risks, you need to ask questions such as: What's the impact on…

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