Businesses Need to Prioritize Workforce Planning to Drive Growth

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A recent survey conducted by talent solutions provider Kelly has revealed that many businesses are struggling to unlock the full potential of their employees, resulting in a lack of growth. The study, titled the 2024 Kelly Global Re:work Report, highlights the challenges faced by executives in implementing digital strategies and providing adequate training to their workforce.

According to the report, 54% of senior executives believe that poor workforce planning is impeding business growth, and 47% feel that they are missing out on valuable business opportunities due to a lack of talent. Additionally, 42% admit to not fully utilizing the capabilities of their workforce.

The survey also highlights the frustrations felt by workers, who blame their employers for a lack of skills development and career progression. Women, in particular, feel disadvantaged in terms of career opportunities and are more likely than men to seek new roles. Minority group workers are also more likely to express their intention to quit their current positions.

In response to these challenges, many organizations are turning to technology. The survey reveals that 64% of businesses are investing in or planning to invest in artificial intelligence (AI) and automation to enhance productivity and engagement. However, 20% of executives admit that their digital strategies are ineffective.

While employees expect AI to impact their roles, only 36% feel positive about the technology. Furthermore, only 39% state that they have received AI-related training. Workers also express frustrations related to a lack of work autonomy, flexibility, and poor work-life balance.

To address these issues, it is crucial for businesses to develop long-term workforce strategies that focus on a balanced mix of permanent and contingent workers, effective skills development, meaningful employee engagement, and the thoughtful implementation of AI tools that leverage both human talent and technology.

The report also identifies a group of “Resilience Leaders” who have successfully built agile, capable, and inclusive teams. These leaders report better results across business metrics, such as increased revenue, improved profitability, customer satisfaction, talent recruitment, and retention. Key factors that contribute to their success include partnering with workforce solutions providers, leveraging new technologies, tapping into diverse perspectives, providing flexible work arrangements, and prioritizing employee well-being and mental health.

In conclusion, prioritizing workforce planning is vital for businesses looking to drive growth and succeed in the age of AI. By implementing the best practices highlighted in the survey, organizations can build resilient teams that thrive in the rapidly evolving business landscape.

Facts not mentioned in the article:

1. Current market trends: The use of artificial intelligence (AI) and automation in workforce planning is a growing trend in the business world. Many organizations are incorporating AI tools to streamline processes and improve productivity. This includes using AI for talent recruitment, employee engagement, and skills development.

2. Forecasts: The global workforce planning market is expected to grow at a CAGR of 8.6% from 2019 to 2027. This growth is driven by the increasing need for organizations to effectively manage and optimize their workforce, especially in the face of technological advancements and changing industry dynamics.

3. Key challenges and controversies: One of the key challenges associated with workforce planning is the potential displacement of jobs due to automation and AI. This can create controversy and resistance from employees who fear job loss. Another challenge is ensuring equal opportunities for career progression and skills development, particularly for underrepresented groups such as women and minorities.

Advantages and disadvantages of prioritizing workforce planning:

Advantages:
– Improved business growth: By effectively planning and developing their workforce, organizations can ensure they have the right talent in place to drive growth and achieve business objectives.
– Enhanced employee engagement and satisfaction: Prioritizing workforce planning allows organizations to address employee needs and provide opportunities for skills development and career progression. This leads to higher levels of engagement and job satisfaction.
– Better utilization of resources: By strategically planning and allocating human resources, organizations can optimize productivity and reduce costs associated with staffing inefficiencies.

Disadvantages:
– Implementation challenges: Developing and implementing effective workforce planning strategies can be complex and require significant time and resources.
– Resistance from employees: Employees may resist changes to their roles or fear job displacement due to automation. This can create challenges in gaining buy-in and ensuring a smooth transition.
– Uncertain future requirements: The rapid pace of technological advancements and industry disruptions makes it challenging to accurately predict future workforce needs. Organizations must be adaptable and flexible in their planning.

Some related links to the main domain:

Kelly Services
Kelly Services Australia
Kelly Services New Zealand