Michael Best Partner Chuck Palmer and Best Workplace Solutions Managing Consultant Kurt Meyer co-authored “Finding Your Way in Today’s Job Market: Build a Human Capital Strategy” which was featured in Recruiting Daily Advisor on October 30, 2018.
In yesterday’s article, we covered the need to define your company’s culture and ways to go about doing so. In today’s article, we’ll cover the second step in finding your way through the current job market, by developing a human capital strategy.
Step 2—Build a Human Capital Strategy
The ability to forecast and design an action plan to meet future staffing needs (6 months, a year, and 2 years out) reduces the stress on your business. This Strategic People Plan (Human Capital Strategy) should be as robust and thorough as your business plan.
Build a Strategic People Plan
How does your business plan translate into people requirements? Start by engaging your CFO to partner with HR to build a Human Capital Strategic (growth) plan.
Many companies have business plans organized by geography and product line, containing revenue and operating projections. Create a Strategic People Plan by converting these monetary projections into “people” using labor costs and historical support requirements and factoring in turnover and planned exits.
From there, build an organization chart that contemplates the same horizon as your business plan. Finally, conduct a gap analysis of the present state of your talent pool with your future requirements for reaching your strategic goals.
The result may not be pleasant, but it will present a complete picture of your people-related growth challenges and show you where you need to invest to achieve your objectives.
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