Knowledge Management suggests that the knowledge and skills of retiring workers need to be captured and managed. Now it seems that companies are beginning to
take notice
An aging workforce and an emerging "baby boom" retirement wave are driving more companies toward "strategic workforce planning," The Conference Board reports today in a new study.
"Strategic workforce planning" involves analyzing and forecasting the talent that companies need to execute their business strategy.
This relatively new management process is being used increasingly to help control labor costs, assess talent needs, make informed business decisions such as where to open new facilities or whether it's more cost effective to add full-time employees or contractors, and to assess human-capital needs and risks as part of overall enterprise risk management. Strategic workforce planning is aimed at helping companies make sure they have the right people in the right place at the right time and at the right price.
The new study from The Conference Board, Strategic Workforce Planning: Forecasting Human Capital Needs to Execute Business Strategy, also reports that these other forces are driving strategic workforce planning: current movement and projected labor shortages; globalization; the growing use of contingent, flexible workers; the need to leverage human capital to enhance return; mergers and acquisitions; and the evolution of workplace technology and tools. The study includes detailed case studies of nine organizations. It was conducted on behalf of The Conference Board Strategic Workforce Planning Research Working Group-senior executives in 23 companies.
See full Press Release.
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