Workforce Analysis Considerations: Staffing & Planning

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  • 0:00 Workforce Analysis
  • 1:29 Steps of a Workforce Analysis
  • 3:23 HR & Workforce Analysis
  • 4:30 Lesson Summary
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Lesson Transcript
Instructor: Noel Ransom

Noel has taught college Accounting and a host of other related topics and has a dual Master's Degree in Accounting/Finance. She is currently working on her Doctoral Degree.

This lesson focuses on workforce analysis and the steps it requires. The lesson also discusses the specific considerations of human resource planning in workforce analysis, such as demands in the marketplace and the needs of the organization.

Workforce Analysis

Meet Randy, a human resource leader for a growing advertising firm. Randy is responsible for leading a team of human resource specialists, and their current assignment is to fill twelve new advertising positions within three months. Randy's team is in the first month of recruiting, and they have not been as successful as he anticipated. Randy decides to adjust their recruiting strategy, beginning by researching the current employment market to determine why the team is not able to find qualified candidates to fill the advertising roles.

Randy reviews the current employment market for advertising positions, including demographics, retirement eligibility, and turnover rates, as well as the specific trends for qualified advertising agents in his area.

The analyses Randy is conducting are called workforce analyses. A workforce analysis provides specific information about the current employment market, including the characteristics and demographics of the current workforce, retirement statistics, and employee turnover rates. Workforce analysis can help the organization understand the current workforce and trends that may impact future employment opportunities within the company. Results from a workforce analysis will help the organization handle current and future workforce challenges, like filling Randy's advertising positions.

Steps of a Workforce Analysis

There are a few steps that Randy needs to follow to conduct a proper workforce analysis. They are a supply analysis, a demand analysis, and a gap analysis.

Our first step, supply analysis involves evaluating current data about employees and employee demographics. This helps the organization anticipate future needs or changes in their current employee base. Supply analysis includes an evaluation of the number of people performing the job functions, the types of job roles and where each role is located, the average pay rates and the probability of employee turnover, or the rate at which employees voluntarily leave their jobs or organizations. The analysis can even include reasons why people leave the company, or why employees transition into other roles within the organization. The rate and likelihood of retirement in each year is another component that should be reviewed during supply analysis.

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