The Impact of SWP Technology on Strategic Workforce Planning Success
In case you missed it, in September, Chris Hare, joint CEO and co-founder of eQ8, was joined by Madeline Laurano, Founder and Chief Analyst of Aptitude Research, to discuss the current state of HR and the rapid transformation it's currently experiencing.
In January and February of 2023, eQ8 partnered with Aptitude Research on an insights report bursting with qualitative data depicting the current transformation of HR. The methodology of this report includes the polling of 335 HR and workforce planning executives at the director level or above, all at companies with greater than 250 employees.
In our last blog, we discussed why some organizations may seem hesitant to lean into Strategic Workforce Planning. We continue the conversation in today's article, discussing the additional problems that Strategic Workforce Planning technology can solve.
Strategic workforce planning (SWP) has gained much attention and has become a top priority for many organizations in 2023. With the increasing competition in the job market, it has become necessary for companies to have a clear vision of their workforce's future needs to appropriately prepare for them. Implementing SWP technology has proven to be a game-changer for many companies, resolving a wide range of workforce planning challenges.
Understanding Strategic Workforce Planning
Strategic Workforce Planning is a systematic process that aims to identify, develop, and optimize the human capital resources needed to achieve an organization's long-term goals. This process allows businesses to align their personnel with their strategic plan, ensuring they have the right people in the right roles at the right time. It encompasses aspects such as workforce analysis, forecasting, talent development, and, ultimately, workforce optimization.
The Role of SWP Technology and its Advantages
SWP technology plays a crucial part in optimizing the Strategic Workforce Planning process, and forward-thinking leaders know it. According to Aptitude research, 85% of companies are increasing their investment or continuing to invest in Strategic Workforce Planning.
Madeline and Chris agreed that using SWP technology resolves issues beyond HR metrics. It extends to solving business metrics challenges, such as quality of hire, retention, and execution of transformation strategies. eQ8 research highlighted that companies using dedicated providers and technology had a 121% higher probability of reducing turnover. This effect is due to the advanced insights provided by technology, including artificial intelligence, which presents immediate and dynamic results. These insights help companies understand the challenges they face, set goals, and explore different scenarios and solutions.
"Companies using dedicated providers and dedicated technology are seeing huge results. Everything from being able to execute on their transformation strategies even understanding the ROI of their digital transformation."
- Madeline Laurano
Founder and Chief Analyst of Aptitude Research
Among the benefits of SWP technology, improving the quality of hire, enhancing retention, and addressing other critical workforce challenges stand out. The adoption of advanced systems and artificial intelligence (AI) allows for real-time and dynamic insights, streamlining decision-making. As Laurano highlights, "As far as technology has come over the past few years, it has completely changed the game of SWP."
Unfortunately, companies attempting to cut corners by examining their workforce through simple tools like Excel will miss out. As Laurano notes, Excel lacks scalability and visualization, making it difficult for organizations to manage their workforce planning effectively. SWP technology overcomes these limitations, enabling users to run different scenarios, set goals, and better understand the implications of their decisions.
Considering Organizational Variables
The adoption of SWP technology can vary depending on the organization's size, industry, and other unique factors. While larger enterprises may require complex platforms offering extensive features, smaller organizations may benefit more from user-friendly and affordable solutions. It is critical to identify the specific needs of the organization to select the most appropriate technology.
“Enterprise software is really great for deep planners to be able to elevate and doctor further conversations. But not everyone has gotten to that level yet.”
- Madeline Laurano
SWP doesn't have to be complicated. Along with an end-to-end enterprise solution purpose-built for SWP, eQ8 now offers a guided SWP app designed to get answers into the hands of those who need them fast.
“(Regarding the upcoming products from eQ8), I'll say one thing I think it does well is build confidence, so if you don't feel confident yet in starting this on your own, it builds that confidence because it's very game-like. It’s actually kind of fun to go through these scenarios, look through your goals, and when you see the insights it draws, it will build your confidence. “
- Chris Hare
Practical Insights for Successful Implementation
For organizations looking to implement SWP technology, the following recommendations are suggested:
- Clearly define your workforce planning goals and objectives.
- Thoroughly evaluate and compare SWP technology providers based on organization-specific needs.
- Ensure data accuracy and integration with existing systems.
- Develop a change management strategy to ease the adoption of the new technology.
- Monitor and track the progress, making necessary adjustments to optimize the process continually.
Embracing SWP Technology
The benefits of embracing SWP technology are evident – from streamlining decision-making processes to enhancing workforce optimization. By carefully implementing the appropriate technology and capitalizing on its advantages, companies can navigate the ever-changing business landscape and achieve their strategic workforce planning objectives.
For more on how to leverage Strategic Workforce Planning, view the webinar in its entirety HERE or download the report HERE.
To see how eQ8 can help support you in your workforce planning, request a demo today.