-
What is Strategic Workforce Planning?
If you're interested in becoming a better HR professional, then check out our HR Certification Courses here: https://hr.university/hr-certification-online/
__
Strategic workforce planning analyzes your current staff levels to see how they can fit in your company down the line. Moreover, workforce planning makes sure that the right person does the right job. This way, you will avoid understaffing or overstaffing.
Also, strategic workforce planning lets you see how you can train your current and future employees, how to line up your company goals with the recruitment strategy, and it helps you assess the skills of applicants you hire.
__
An easy way to subscribe to our channel to keep up with everything HR is to go here: https://bit.ly/2XvC66R
If you're interested in learning more ab...
published: 21 Mar 2022
-
HR Basics: Workforce Planning
HR Basics is a series of short courses, designed to highlight what you need to know about a particular human resource management topic. In today’s HR Basics, we explore workforce planning, how to identify current workforce issues, forecast future needs and implement a plan to ensure those needs are met.
Workforce planning is the process of making sure that individuals with the right skills are where they need to be, at the right time, to meet a firm’s current and future need. In many ways, workforce planning is an ongoing balancing act. Companies must balance the demand for labor with the available supply of labor.
Workforce planning is dependent on labor supply and demand. Labor demand refers to the number and types of employees the company needs to meet its current and future strategic...
published: 25 Jan 2019
-
What are the steps in a Workforce Planning process?
#BitesizedLearning with #myHRfuture
Edition 9 with Al Adamsen providing an overview of the key steps in a workforce planning process to help you build your Strategic Workforce Planning capability.
This content comes from the myHRfuture Academy online training course called "Getting Started with Workforce Planning" - go to https://academy.myhrfuture.com/p/getting-started-with-workforce-planning to enroll in the course.
The myHRfuture Academy is the leading destination for HR professionals looking for online courses that focus on the future of the HR profession.
Our course content is designed by leading HR professionals that are innovators and experts in their fields. They regularly run workshops or present at industry conferences and come from some of the world’s largest companies.
We...
published: 14 Feb 2019
-
What is Workforce Planning & Forecasting?
#resourcemanagement #agile #tempusresource
Samantha Varner, Director of Customer Success and Implementation Services, at ProSymmetry, shares with us what workforce planning and forecasting is, how it benefits you, and how to begin workforce planning today.
Learn how Prosymmetry can help you with your Resource Management: https://www.prosymmetry.com
Schedule a demo today: https://www.prosymmetry.com/schedule-demo/
Have a question? Contact us: https://www.prosymmetry.com/contact-us/
published: 01 Sep 2023
-
Workforce Planning Quick Demo
When, where, and how we work has rapidly changed. In this demo, learn how Workday Adaptive Planning can your team continuously plan for new needs and fill critical skills gaps.
View related videos:
https://www.youtube.com/watch?v=f7fSkvE_Kss&t=59s
https://www.youtube.com/watch?v=W2R1a8onB3o&t=12s
Hashtags: #Workday, #Workforce Planning, #HCM
Please subscribe and follow us:
Youtube Channel: https://www.youtube.com/user/workdayvideo
Twitter: https://twitter.com/workday
Linkedin: https://www.linkedin.com/company/workday/
Facebook: https://www.facebook.com/workday
Instagram: https://www.instagram.com/workday/
published: 04 Jun 2021
-
Overview: Welcome to Workforce Planning
This video introduces you to some of the key headcount and employee compensation planning capabilities in Workforce Planning, such as the best practice, out of box wizards, and drivers for easy benefit, tax, and additional earning calculation and management, employee compensation planning, and demographics.
Related videos:
- Configuration: https://youtu.be/gcybLHqRMMQ
- Loading Data: http://bit.ly/2KT3zpn
- Loading and Calculating Incremental Data With Data Management: https://bit.ly/35cOwAt
- Setting up Demographics: http://bit.ly/2NbdPfq
- Integrating With Financials: https://bit.ly/3bNuSgR
#OracleEPMCloud #Planning #WorkforcePlanning
published: 04 Jan 2022
-
Workforce Planning & Forecasting
Workforce planning and forecasting help us understand how people move into, through, and out of our organization, and allow us to plan for future talent supply and demand.
published: 11 Jul 2022
-
HR Tutorial - Strategic workforce planning
Learn the right questions to ask when developing your SWP system. Explore more Human resources courses and advance your skills on LinkedIn Learning:
https://www.linkedin.com/learning/topics/human-resources-3?trk=sme-youtube_M141136-06-08_learning&src=yt-other
This is an excerpt from "Human Resources: Strategic Workforce Planning," a course on LinkedIn Learning taught by Wayne Cascio. Wayne is a University of Colorado professor holding the Robert H. Reynolds Chair in Global Leadership.
Human Resources: Strategic Workforce Planning
https://www.linkedin.com/learning/human-resources-strategic-workforce-planning?trk=sme-youtube_M141136-06-08_learning&src=yt-other
#HR
#HowTo
#LinkedIn
published: 13 Jul 2022
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Stafferi - AD 2025
Stafferi is an advanced workforce planning and shift scheduling software designed to optimize staffing across industries. With a focus on ensuring the right people are at the right place at the right time, Stafferi helps companies improve productivity, reduce unnecessary costs, and streamline daily operations.
Designed for businesses of all sizes, Stafferi’s flexible platform adapts to various industries, including manufacturing, logistics, construction, retail, and healthcare. Whether you manage daily production shifts or long-term workforce planning, Stafferi provides the tools you need to ensure seamless staffing operations.
published: 11 Jan 2025
-
Workforce Planning
The quality of a firm’s workforce planning decisions directly affects the performance of a manager’s staff. If, as a manager, you do not have the right number of employees with the right skill sets, you will find your unit unable to take advantage of potential business opportunities. Alternatively, operating in excess of your staffing requirements or employing people who are not adding a sufficient amount of value to the activities they do is an inefficient use of your firm’s financial capital.
A surplus of employees translates into bloated payroll levels, benefits, and other employee-related expenses. The greater your labor costs, the lower your profitability is likely to be. Finally, the effectiveness of the people you manage is likely to be directly affected by the quality of your wor...
published: 02 May 2020
7:32
What is Strategic Workforce Planning?
If you're interested in becoming a better HR professional, then check out our HR Certification Courses here: https://hr.university/hr-certification-online/
__...
If you're interested in becoming a better HR professional, then check out our HR Certification Courses here: https://hr.university/hr-certification-online/
__
Strategic workforce planning analyzes your current staff levels to see how they can fit in your company down the line. Moreover, workforce planning makes sure that the right person does the right job. This way, you will avoid understaffing or overstaffing.
Also, strategic workforce planning lets you see how you can train your current and future employees, how to line up your company goals with the recruitment strategy, and it helps you assess the skills of applicants you hire.
__
An easy way to subscribe to our channel to keep up with everything HR is to go here: https://bit.ly/2XvC66R
If you're interested in learning more about strategic workforce planning, then go here:
https://hr.university/strategic-workforce-planning/
Join our HR community of 7,000+ professionals here: https://bit.ly/join-hru
Connect with me here:
LinkedIn: https://www.linkedin.com/in/joshua-fechter/
Twitter: https://twitter.com/joshfechter5
Instagram: https://www.instagram.com/joshua.fechter/
#StrategicWorkforcePlanning #HRUniversity #JoshFechter
https://wn.com/What_Is_Strategic_Workforce_Planning
If you're interested in becoming a better HR professional, then check out our HR Certification Courses here: https://hr.university/hr-certification-online/
__
Strategic workforce planning analyzes your current staff levels to see how they can fit in your company down the line. Moreover, workforce planning makes sure that the right person does the right job. This way, you will avoid understaffing or overstaffing.
Also, strategic workforce planning lets you see how you can train your current and future employees, how to line up your company goals with the recruitment strategy, and it helps you assess the skills of applicants you hire.
__
An easy way to subscribe to our channel to keep up with everything HR is to go here: https://bit.ly/2XvC66R
If you're interested in learning more about strategic workforce planning, then go here:
https://hr.university/strategic-workforce-planning/
Join our HR community of 7,000+ professionals here: https://bit.ly/join-hru
Connect with me here:
LinkedIn: https://www.linkedin.com/in/joshua-fechter/
Twitter: https://twitter.com/joshfechter5
Instagram: https://www.instagram.com/joshua.fechter/
#StrategicWorkforcePlanning #HRUniversity #JoshFechter
- published: 21 Mar 2022
- views: 20665
9:46
HR Basics: Workforce Planning
HR Basics is a series of short courses, designed to highlight what you need to know about a particular human resource management topic. In today’s HR Basics, we...
HR Basics is a series of short courses, designed to highlight what you need to know about a particular human resource management topic. In today’s HR Basics, we explore workforce planning, how to identify current workforce issues, forecast future needs and implement a plan to ensure those needs are met.
Workforce planning is the process of making sure that individuals with the right skills are where they need to be, at the right time, to meet a firm’s current and future need. In many ways, workforce planning is an ongoing balancing act. Companies must balance the demand for labor with the available supply of labor.
Workforce planning is dependent on labor supply and demand. Labor demand refers to the number and types of employees the company needs to meet its current and future strategic objectives. Labor supply refers to the availability of current or potential employees to perform a company’s jobs.
Workforce planning requires attention on external workface availability, and the characteristics of the internal workforce, which are impacted by a number of factors. Factors such as interest rates, inflation, and economic decline or growth affect the availability of workers and should be considered when organizational and HR plans and objectives are formulated.
The second step in the workforce planning process is figuring out where you want to go, aligning human resource strategy with workforce planning issues and goals. To some extent, managers can control internal labor factors. Managers also have to evaluate factors in the external environment over which they have less control. These factors relate to the local labor market, economic conditions, and industry trends that impact the supply and demand for goods and services.
The third step of workforce planning process is figuring our how to get there through the identification of actions and metrics. A company’s organizational culture affects the different tactics firms use to deal with labor shortages and surpluses as well as how their employees will react to those tactics.
Strategic workforce planning usually covers a three to five year forecast period, aligned to business needs and outcomes. It focuses on identifying the workforce implications, current, transition and future of business strategic objects and includes scenario planning.
https://wn.com/Hr_Basics_Workforce_Planning
HR Basics is a series of short courses, designed to highlight what you need to know about a particular human resource management topic. In today’s HR Basics, we explore workforce planning, how to identify current workforce issues, forecast future needs and implement a plan to ensure those needs are met.
Workforce planning is the process of making sure that individuals with the right skills are where they need to be, at the right time, to meet a firm’s current and future need. In many ways, workforce planning is an ongoing balancing act. Companies must balance the demand for labor with the available supply of labor.
Workforce planning is dependent on labor supply and demand. Labor demand refers to the number and types of employees the company needs to meet its current and future strategic objectives. Labor supply refers to the availability of current or potential employees to perform a company’s jobs.
Workforce planning requires attention on external workface availability, and the characteristics of the internal workforce, which are impacted by a number of factors. Factors such as interest rates, inflation, and economic decline or growth affect the availability of workers and should be considered when organizational and HR plans and objectives are formulated.
The second step in the workforce planning process is figuring out where you want to go, aligning human resource strategy with workforce planning issues and goals. To some extent, managers can control internal labor factors. Managers also have to evaluate factors in the external environment over which they have less control. These factors relate to the local labor market, economic conditions, and industry trends that impact the supply and demand for goods and services.
The third step of workforce planning process is figuring our how to get there through the identification of actions and metrics. A company’s organizational culture affects the different tactics firms use to deal with labor shortages and surpluses as well as how their employees will react to those tactics.
Strategic workforce planning usually covers a three to five year forecast period, aligned to business needs and outcomes. It focuses on identifying the workforce implications, current, transition and future of business strategic objects and includes scenario planning.
- published: 25 Jan 2019
- views: 65934
5:06
What are the steps in a Workforce Planning process?
#BitesizedLearning with #myHRfuture
Edition 9 with Al Adamsen providing an overview of the key steps in a workforce planning process to help you build your Str...
#BitesizedLearning with #myHRfuture
Edition 9 with Al Adamsen providing an overview of the key steps in a workforce planning process to help you build your Strategic Workforce Planning capability.
This content comes from the myHRfuture Academy online training course called "Getting Started with Workforce Planning" - go to https://academy.myhrfuture.com/p/getting-started-with-workforce-planning to enroll in the course.
The myHRfuture Academy is the leading destination for HR professionals looking for online courses that focus on the future of the HR profession.
Our course content is designed by leading HR professionals that are innovators and experts in their fields. They regularly run workshops or present at industry conferences and come from some of the world’s largest companies.
We know that you're busy and that in-person training or conferences can be expensive and time-consuming, that's why we've created bite-sized training courses that are broken into short video clips and are designed for you to get incredible insights at the pace that you want, so you can learn wherever and whenever you want.
Read, watch and learn with @myHRfuture
https://www.myhrfuture.com
https://www.myhrfuture.com/academy
Follow myHRfuture to stay up-to-date with news, articles on the future of HR:
https://www.myhrfuture.com/resources/
https://www.myhrfuture.com/blog/
https://twitter.com/myHRfuture
https://www.linkedin.com/company/myhrfuture/
https://wn.com/What_Are_The_Steps_In_A_Workforce_Planning_Process
#BitesizedLearning with #myHRfuture
Edition 9 with Al Adamsen providing an overview of the key steps in a workforce planning process to help you build your Strategic Workforce Planning capability.
This content comes from the myHRfuture Academy online training course called "Getting Started with Workforce Planning" - go to https://academy.myhrfuture.com/p/getting-started-with-workforce-planning to enroll in the course.
The myHRfuture Academy is the leading destination for HR professionals looking for online courses that focus on the future of the HR profession.
Our course content is designed by leading HR professionals that are innovators and experts in their fields. They regularly run workshops or present at industry conferences and come from some of the world’s largest companies.
We know that you're busy and that in-person training or conferences can be expensive and time-consuming, that's why we've created bite-sized training courses that are broken into short video clips and are designed for you to get incredible insights at the pace that you want, so you can learn wherever and whenever you want.
Read, watch and learn with @myHRfuture
https://www.myhrfuture.com
https://www.myhrfuture.com/academy
Follow myHRfuture to stay up-to-date with news, articles on the future of HR:
https://www.myhrfuture.com/resources/
https://www.myhrfuture.com/blog/
https://twitter.com/myHRfuture
https://www.linkedin.com/company/myhrfuture/
- published: 14 Feb 2019
- views: 54265
1:23
What is Workforce Planning & Forecasting?
#resourcemanagement #agile #tempusresource
Samantha Varner, Director of Customer Success and Implementation Services, at ProSymmetry, shares with us what work...
#resourcemanagement #agile #tempusresource
Samantha Varner, Director of Customer Success and Implementation Services, at ProSymmetry, shares with us what workforce planning and forecasting is, how it benefits you, and how to begin workforce planning today.
Learn how Prosymmetry can help you with your Resource Management: https://www.prosymmetry.com
Schedule a demo today: https://www.prosymmetry.com/schedule-demo/
Have a question? Contact us: https://www.prosymmetry.com/contact-us/
https://wn.com/What_Is_Workforce_Planning_Forecasting
#resourcemanagement #agile #tempusresource
Samantha Varner, Director of Customer Success and Implementation Services, at ProSymmetry, shares with us what workforce planning and forecasting is, how it benefits you, and how to begin workforce planning today.
Learn how Prosymmetry can help you with your Resource Management: https://www.prosymmetry.com
Schedule a demo today: https://www.prosymmetry.com/schedule-demo/
Have a question? Contact us: https://www.prosymmetry.com/contact-us/
- published: 01 Sep 2023
- views: 2716
2:50
Workforce Planning Quick Demo
When, where, and how we work has rapidly changed. In this demo, learn how Workday Adaptive Planning can your team continuously plan for new needs and fill criti...
When, where, and how we work has rapidly changed. In this demo, learn how Workday Adaptive Planning can your team continuously plan for new needs and fill critical skills gaps.
View related videos:
https://www.youtube.com/watch?v=f7fSkvE_Kss&t=59s
https://www.youtube.com/watch?v=W2R1a8onB3o&t=12s
Hashtags: #Workday, #Workforce Planning, #HCM
Please subscribe and follow us:
Youtube Channel: https://www.youtube.com/user/workdayvideo
Twitter: https://twitter.com/workday
Linkedin: https://www.linkedin.com/company/workday/
Facebook: https://www.facebook.com/workday
Instagram: https://www.instagram.com/workday/
https://wn.com/Workforce_Planning_Quick_Demo
When, where, and how we work has rapidly changed. In this demo, learn how Workday Adaptive Planning can your team continuously plan for new needs and fill critical skills gaps.
View related videos:
https://www.youtube.com/watch?v=f7fSkvE_Kss&t=59s
https://www.youtube.com/watch?v=W2R1a8onB3o&t=12s
Hashtags: #Workday, #Workforce Planning, #HCM
Please subscribe and follow us:
Youtube Channel: https://www.youtube.com/user/workdayvideo
Twitter: https://twitter.com/workday
Linkedin: https://www.linkedin.com/company/workday/
Facebook: https://www.facebook.com/workday
Instagram: https://www.instagram.com/workday/
- published: 04 Jun 2021
- views: 26106
3:50
Overview: Welcome to Workforce Planning
This video introduces you to some of the key headcount and employee compensation planning capabilities in Workforce Planning, such as the best practice, out of ...
This video introduces you to some of the key headcount and employee compensation planning capabilities in Workforce Planning, such as the best practice, out of box wizards, and drivers for easy benefit, tax, and additional earning calculation and management, employee compensation planning, and demographics.
Related videos:
- Configuration: https://youtu.be/gcybLHqRMMQ
- Loading Data: http://bit.ly/2KT3zpn
- Loading and Calculating Incremental Data With Data Management: https://bit.ly/35cOwAt
- Setting up Demographics: http://bit.ly/2NbdPfq
- Integrating With Financials: https://bit.ly/3bNuSgR
#OracleEPMCloud #Planning #WorkforcePlanning
https://wn.com/Overview_Welcome_To_Workforce_Planning
This video introduces you to some of the key headcount and employee compensation planning capabilities in Workforce Planning, such as the best practice, out of box wizards, and drivers for easy benefit, tax, and additional earning calculation and management, employee compensation planning, and demographics.
Related videos:
- Configuration: https://youtu.be/gcybLHqRMMQ
- Loading Data: http://bit.ly/2KT3zpn
- Loading and Calculating Incremental Data With Data Management: https://bit.ly/35cOwAt
- Setting up Demographics: http://bit.ly/2NbdPfq
- Integrating With Financials: https://bit.ly/3bNuSgR
#OracleEPMCloud #Planning #WorkforcePlanning
- published: 04 Jan 2022
- views: 5880
11:20
Workforce Planning & Forecasting
Workforce planning and forecasting help us understand how people move into, through, and out of our organization, and allow us to plan for future talent supply ...
Workforce planning and forecasting help us understand how people move into, through, and out of our organization, and allow us to plan for future talent supply and demand.
https://wn.com/Workforce_Planning_Forecasting
Workforce planning and forecasting help us understand how people move into, through, and out of our organization, and allow us to plan for future talent supply and demand.
- published: 11 Jul 2022
- views: 11140
4:32
HR Tutorial - Strategic workforce planning
Learn the right questions to ask when developing your SWP system. Explore more Human resources courses and advance your skills on LinkedIn Learning:
https://www...
Learn the right questions to ask when developing your SWP system. Explore more Human resources courses and advance your skills on LinkedIn Learning:
https://www.linkedin.com/learning/topics/human-resources-3?trk=sme-youtube_M141136-06-08_learning&src=yt-other
This is an excerpt from "Human Resources: Strategic Workforce Planning," a course on LinkedIn Learning taught by Wayne Cascio. Wayne is a University of Colorado professor holding the Robert H. Reynolds Chair in Global Leadership.
Human Resources: Strategic Workforce Planning
https://www.linkedin.com/learning/human-resources-strategic-workforce-planning?trk=sme-youtube_M141136-06-08_learning&src=yt-other
#HR
#HowTo
#LinkedIn
https://wn.com/Hr_Tutorial_Strategic_Workforce_Planning
Learn the right questions to ask when developing your SWP system. Explore more Human resources courses and advance your skills on LinkedIn Learning:
https://www.linkedin.com/learning/topics/human-resources-3?trk=sme-youtube_M141136-06-08_learning&src=yt-other
This is an excerpt from "Human Resources: Strategic Workforce Planning," a course on LinkedIn Learning taught by Wayne Cascio. Wayne is a University of Colorado professor holding the Robert H. Reynolds Chair in Global Leadership.
Human Resources: Strategic Workforce Planning
https://www.linkedin.com/learning/human-resources-strategic-workforce-planning?trk=sme-youtube_M141136-06-08_learning&src=yt-other
#HR
#HowTo
#LinkedIn
- published: 13 Jul 2022
- views: 3317
0:21
Stafferi - AD 2025
Stafferi is an advanced workforce planning and shift scheduling software designed to optimize staffing across industries. With a focus on ensuring the right peo...
Stafferi is an advanced workforce planning and shift scheduling software designed to optimize staffing across industries. With a focus on ensuring the right people are at the right place at the right time, Stafferi helps companies improve productivity, reduce unnecessary costs, and streamline daily operations.
Designed for businesses of all sizes, Stafferi’s flexible platform adapts to various industries, including manufacturing, logistics, construction, retail, and healthcare. Whether you manage daily production shifts or long-term workforce planning, Stafferi provides the tools you need to ensure seamless staffing operations.
https://wn.com/Stafferi_Ad_2025
Stafferi is an advanced workforce planning and shift scheduling software designed to optimize staffing across industries. With a focus on ensuring the right people are at the right place at the right time, Stafferi helps companies improve productivity, reduce unnecessary costs, and streamline daily operations.
Designed for businesses of all sizes, Stafferi’s flexible platform adapts to various industries, including manufacturing, logistics, construction, retail, and healthcare. Whether you manage daily production shifts or long-term workforce planning, Stafferi provides the tools you need to ensure seamless staffing operations.
- published: 11 Jan 2025
- views: 349
23:52
Workforce Planning
The quality of a firm’s workforce planning decisions directly affects the performance of a manager’s staff. If, as a manager, you do not have the right number o...
The quality of a firm’s workforce planning decisions directly affects the performance of a manager’s staff. If, as a manager, you do not have the right number of employees with the right skill sets, you will find your unit unable to take advantage of potential business opportunities. Alternatively, operating in excess of your staffing requirements or employing people who are not adding a sufficient amount of value to the activities they do is an inefficient use of your firm’s financial capital.
A surplus of employees translates into bloated payroll levels, benefits, and other employee-related expenses. The greater your labor costs, the lower your profitability is likely to be. Finally, the effectiveness of the people you manage is likely to be directly affected by the quality of your workforce planning decisions. If your staff members operate short-handed for any length of time or lack the skills they need, they are likely to feel overworked and experience burnout. This, in turn, can lead to higher turnover and diminished performance on their part.
The best-designed jobs in the world add no value if people are not in a position to perform them, however. Workforce planning is the process of making sure that individuals with the right skills are where they need to be, at the right time, to meet a firm’s current and future need. In many ways, workforce planning is an ongoing balancing act. Companies must balance the demand for labor with the available supply of labor.
A firm’s labor demand refers to the number and types of employees the company needs to meet its current and future strategic objectives. The labor supply refers to the availability of current or potential employees to perform a company’s jobs. In other words, managers have to look at both the labor supply and the labor demand within their companies (internal considerations), and they also need to anticipate and plan for factors outside their companies (external considerations).
Understanding the supply and demand for labor is only half of the equation, though. Managers must also take action to address labor shortages and surpluses. A labor shortage exists when the demand for labor exceeds the available supply of it. In contrast, a labor surplus exists when the supply of labor is greater than the demand for it. At any point in time, some parts of a company may be facing shortages of employee talent, whereas others may have surpluses.
https://wn.com/Workforce_Planning
The quality of a firm’s workforce planning decisions directly affects the performance of a manager’s staff. If, as a manager, you do not have the right number of employees with the right skill sets, you will find your unit unable to take advantage of potential business opportunities. Alternatively, operating in excess of your staffing requirements or employing people who are not adding a sufficient amount of value to the activities they do is an inefficient use of your firm’s financial capital.
A surplus of employees translates into bloated payroll levels, benefits, and other employee-related expenses. The greater your labor costs, the lower your profitability is likely to be. Finally, the effectiveness of the people you manage is likely to be directly affected by the quality of your workforce planning decisions. If your staff members operate short-handed for any length of time or lack the skills they need, they are likely to feel overworked and experience burnout. This, in turn, can lead to higher turnover and diminished performance on their part.
The best-designed jobs in the world add no value if people are not in a position to perform them, however. Workforce planning is the process of making sure that individuals with the right skills are where they need to be, at the right time, to meet a firm’s current and future need. In many ways, workforce planning is an ongoing balancing act. Companies must balance the demand for labor with the available supply of labor.
A firm’s labor demand refers to the number and types of employees the company needs to meet its current and future strategic objectives. The labor supply refers to the availability of current or potential employees to perform a company’s jobs. In other words, managers have to look at both the labor supply and the labor demand within their companies (internal considerations), and they also need to anticipate and plan for factors outside their companies (external considerations).
Understanding the supply and demand for labor is only half of the equation, though. Managers must also take action to address labor shortages and surpluses. A labor shortage exists when the demand for labor exceeds the available supply of it. In contrast, a labor surplus exists when the supply of labor is greater than the demand for it. At any point in time, some parts of a company may be facing shortages of employee talent, whereas others may have surpluses.
- published: 02 May 2020
- views: 887