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Strategic Planning Is About Workforce Management for Future Business Success

Written by: Leanne Hoagland-Smith

Article Overview: Is workforce management within your strategic plan? After you read these statistics, it should be.

Strategic Planning Is About Workforce Management for Future Business Success

Workforce management news is not good for U.S. employers.

1. Did you know that 40% of the U.S. workforce is nearing retirement?
2. Did you know that by 2010, 64 million baby boomers will be retiring or close to retiring?
3. How will your company function with 4 out of every 10 of your employees aren’t there tomorrow?
4. Did you know the current replacement pool for these positions is about 10% smaller?

So what proactive workforce management actions are you taking in anticipation of this obstacle that will dramatically affect your ability to achieve your desires results?

Possibly, you saw the graying of your workforce and maybe were even hoping for that retirement day when you could reduce your labor costs. Unfortunately, you did not know that the potential labor pool was 10% smaller. This vital piece of information could negative any savings that you had previously anticipated.

So what strategies have you implemented in anticipation of this labor shortage?

First, maybe it is time to review your current workforce and identify key individuals. Key individuals are those who you know are directly responsible for increasing sales or indirectly responsible for their behind the scenes efforts.

Then, make sure that key individuals are in each department within your organization. This may be the time to learn if those nearing retirement are thinking of actually retiring. Also, now is the time to review current workforce development and strengthen relationships with existing key employees who are not near retirement, but could jump ship.

Consider implementing an internship program to begin to build relationships with individuals who will shortly be entering the workforce.

Finally, establish a strategic plan to replace any retiring workers. This may require some innovation including recruiting, job sharing and telecommuting.

Now that you know that the future workforce is going to be tight and therefore highly competitive, you are now proactive and ahead of the curse instead of reactive and behind the infamous 8-Ball.

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