Based on forecasts of workforce supply and demand, operating managers need to know the answer to a simple question: 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—or buy the talent I need? In this video, Wayne Cascio shows you how to integrate forecasts of supply with forecasts of demand and he suggests guidelines on when to make and when to buy talent.
- 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 firms make talent, they commit to investing…
Wayne reviews what SWP is and how it delivers value to companies large and small. He steps through how to build a talent inventory, forecast the internal and external supply of labor, and approach succession planning. Plus, he explains how to tackle global talent management effectively.
- What is strategic workforce planning (SWP)?
- How does SWP deliver value?
- Building a talent inventory
- Forecasting the internal and external workforce supply
- Succession planning
- Evaluating the usefulness of SWP systems
- Who owns talent development?