Human resource for economic turbulence

Human Resource for Economic Turbulence

Strategic Planning: Why It Is Essential for Your Organization’s Success
By Teofilo Galloza Ph.D March, 2009 You know your company has goals for nextquarter, next year and the years to come. From higher profits to more product reach, have you aligned your HR planning with your organization’s goals? How can you help ensure that your company has theemployees it needs to succeed now and in the future?

What is HR Planning?
Human resource planning is the process of analyzing and identifying the needs for and availability of human resources so thatthe organization can reach its objectives. Both employee retention and attracting new talent make HR planning a core competency to creating your organization’s successful future. By linking HR planningto your company’s strategic goals, you and your HR team ensure your organization’s competitive advantage.

What Are the Purposes of Human Resource Planning?
In order to create a successful HR plan,you first need to ask, “What are the purposes of human resource planning?” There are four tasks that a HR plan will accomplish: 1. 2. 3. 4. Identify the HR needs of the organization based onstrategic goals (forecasting demand). Help you understand the talent that you already have and become familiar with the talent you need (forecasting workforce supply). Make sure you’re up-to-date on yourlabor market, e.g. the talent that is available to you now and in the future (forecasting workforce supply). Help you create or modify HR policies, procedures and practices to align the demand and supplyof HR talent in the organization.

Strategic HR Planning Today
In these times of great economic turbulence, the importance of human resource planning is more apparent than ever. A short-sightedlay-off, intended to temporarily reduce overhead, can result in much heavier long-term costs. You may one day regret letting people go when you’re spending time and money to hire and train new staff....