Solution
Workforce planning balancing labour supply with the demand. It involves analysing the current and future workforce needs, identifying workforce gaps and taking measures to address those gaps (Tucker, 2022). As a result, effective workforce planning can ensure BMG has the right people with the right skills in the workplace. Principles of workforce planning include strategic focus – focusing on ways to achieve organisational sustainable performance, and alignment. There is a need to align changing business need with people strategy. Another principle agility. During workforce planning, BMG would like to understand how volatility, uncertainty, complexity and ambiguity (VUCA) impacts availability of labour.
Stages of workforce planning (Zimpel, 2022)
Forecasting internal and external supply of labour
BMG can carry out internal and external forecasting in order in order to understand how internal and external environment influences labour supply and demand (Tucker, 2021). Internal forecasting is about anticipating availability of skills in terms of promotions, transfers and retirement. External forecasting is about analysing external factors such as economic, sociological, technology and legislations and their impact on labour supply and demand. Foresting labour can help BMG create a contingency plan to get prepared for changing workforce needs. Without forecasting for labour supply and demand, BMG may lack critical talents and skills needed to achieve goals.
The impact of the gap between demand and supply could be labour shortages, lack of skills and increased labour costs. These gaps can be addressed by upskilling existing workforce through formal learning, coaching and mentoring and supporting lateral moves and secondments (George, 2021). BMG can also focus on succession planning and retention strategies. Succession planning can be Promoting a culture of learning and development. Retention strategies within BMG include better pay, job security, employee voice, and work-life balance and employment contracts.
BMG should rely on workforce planning to map its existing and future workforce needs. Workforce planning can help BMG improve its productivity, reduce labour costs and identify strategies for employee development (Zimpel, 2022).
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