Building the foundation of your workforce one block at a time

In recent years, an imbalance has emerged between job openings and the unemployment rate. This disparity has intensified the hunt for individuals with specialized skills, sparking fierce competition among businesses during recruitment and impacting the overall return on investment (ROI) for recruiting functions.

A leader from Baker Tilly’s Oracle Cloud practice, addressed these challenges in a presentation on workforce planning strategies. The presentation primarily targeted organizations seeking government contractors like aerospace and defense companies, the insights offered are applicable across various industries.

Taking a skills-based approach to building the future workforce is similar to assembling a sturdy structure that stands the test of time but has flexibility to change quickly with technology leaps. Here are a few important building blocks that will contribute to the overall stability and functionality of your workforce:

• Macro perspective of today’s workforce: Understanding current dynamics, such as the rising cost of hiring new workers, the increasing need for specialized roles, the impact of technological advancements on job roles and the effects of low unemployment on the availability of talent is paramount to successful planning. 
• Strategic alignment with HR strategies: The importance of aligning an organization’s business strategy with its HR strategies, including environmental, social and governance (ESG) and diversity and inclusion propels organizations toward success. Oracle Cloud tools like EPM Cloud that has a robust ESG module within its planning application and modeling capabilities like its Strategic Workforce Planning application are user friendly tools that can bring this alignment of business and HR strategies to life. The critical role of HR in shaping company culture lies in nurturing an environment where employees feel valued, supported and aligned with the organization’s mission. Having communication tools such as Oracle Cloud’s HCM Communicate are vital to make sure your employees feel empowered and heard.  
• Skill development: People (headcount and costs) are not the ultimate need with workforce planning, it’s the skills and competencies those people have today and ability to expand in the future. To set team members up for success, organizations can define, measure and develop skills by analyzing the specific skills and competencies required for each role not just for today, but more importantly for the roles of tomorrow.