From the course: Human Resources: Strategic Workforce Planning

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Integrate forecasts of workforce supply and demand

Integrate forecasts of workforce supply and demand

From the course: Human Resources: Strategic Workforce Planning

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Integrate forecasts of workforce supply and demand

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- When you think about all the work that goes into estimating how many employees you will have on hand in a particular job, some future time period, together with an estimate of the number that you will need, it's easy to get lost in piles of spreadsheets. Yet, what a manager really wants to know is actually quite simple. By the end of year X, will I have more or fewer workers than I need in this job? If fewer, should I make, that is, train the talent I'll need or should I buy it? In this video, I'll show you how to integrate forecasts of supply with forecasts of demand. And I'll give you some guidelines on when to make and when to buy talent. Begin by comparing forecasts of net demand for workers in a particular job with net supply, say, over a three year period. Look at the bottom line. It shows an increasing deficit of talent each year in that job. That's what line managers need to know in order to make informed choices and decisions. So, again, do we make or buy the talent? When…

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