Workforce Optimization―A Key to Successful Talent Strategy
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While the term Workforce Optimization (WFO) is not new, it is only within the last few years that organizations have actually begun to absolutely accept the methods inherent to WFO. In workforce optimization, technology and best practices are integrated into a holistic process.
Here we will introduce the concepts of WFO and detail some ideal approaches around each facet of a best practice work from home organization. On top of that, we will describe the steps for deploying effective workforce optimizations and what to do to improve your talent management initiative's performance, retention, and ROI.
WHAT IS THE MEANING OF WORKFORCE OPTIMIZATION?
The workforce optimization approach covers every functional aspect of managing a modern talent management strategy. With workforce optimization, the initiative focuses on the best practices in every aspect of the talent management cycle, including workforce management (systems), talent acquisition, marketing, diversity, performance management, succession planning, and training and analytics.
In today's ultra-competitive landscape, developing a work from home strategy is vital to remaining competitive in the market. The expectations have never ever been higher for organizations to have strategies and practices that aim to improve employee and organizational efficiency and decrease operational costs. These strategies and practices integrate business performance considerations with workforce management.
Nonetheless, it is necessary to additionally recognize that each organization views WFO through various lenses based on particular top priorities. Despite the fact that top priorities vary by size, market, and strategies, they are likewise driven by the company's executive management and market approach. In essence, organizations are deploying a variety of WFO strategies to meet the demands of their local and global talent needs and to accelerate their service delivery.
Workforce Optimization: Developing a Brand-new Course for Business Dexterity
Despite the fact that disruptions do not only occur in unprecedented times, workforce optimization that integrates flexible, agile talent management with automated workforce management is paramount to ensuring organizational stability and profitability.
Prepping the Labor Force for Future Change
Unprecedented difficulties caused by emergencies and disasters such as the worldwide COVID pandemic signify a permanent shift in the business environment, forcing human resources leaders and operational executives to reconsider how they prepare their workforce for change.
The pandemic's unprecedented problems signify a lasting shift in the corporate landscape, pushing HR and operational executives to rethink how they prepare their employees for change.
Whether it's a large global crisis like the pandemic, a new market opportunity, or increased competition, business continuity is a vital factor for business profitability.
The Journey to Workforce Optimization
The journey toward workforce optimization is different for every organization. Accendi Group has identified 14 unique steps to achieve workforce optimization, with each step adding additional value to the workforce over time. And although various organizations may have different objectives, it all starts with developing talent planning and strategy with the digitization of your workforce processes.
By focusing on workforce optimization, businesses are able to do more than handle interruptions. They can emerge stronger to expand their talent management practices in the future, resulting in increased efficiencies.
The following levers contribute to workforce optimization, and should therefore be considered in future work practices to achieve goals:
Administrative quality―
Organizations must digitize their administrative procedures by connecting automated processes and workflows to a single source for HR data. Transparency about costs and a clear grasp of workforce data are important. They also want a good user experience for interacting with HR and performing routine administrative tasks.
Operational dexterity―
Once an organization has established its administrative basis, it must be able to flex and alter its staff in response to change. Getting a better grasp on labor expenditures, as well as knowing the abilities of each employee, is among the reasons for automating more tasks and decisions. Achieving more control and self-sufficiency among workers and supervisors is key.
Workforce optimization―
Organizations strive to maximize the value of their workforce by continually optimizing it. The ability to predict labor demand and skill sets needed to aggressively upskill and reskill employees, as well as providing a good employee engagement experience, is vital for retention.
Summary
When faced with workforce challenges, it is sometimes possible to turn them into a unique opportunity. Companies could explore combining AI with workforce optimization to achieve effective workforce optimization and a good ROI. This entails combining the human factor with new technology like adaptive learning, bots, and cognitive computing in order to get the most out of both. The two work together to achieve business goals, such as providing the greatest employee experience, which may provide your organization a significant competitive advantage.
More companies are investing in employees' education and skills to improve their performance — as well as their engagement with their work, which can help improve customer satisfaction — in this extremely competitive labor market.
Workforce optimization, when done correctly, may be extremely beneficial to a variety of organizations. The ability to use technology to optimize your workforce is critical to your success. Workforce Optimization is not something that happens overnight. It's a lengthy process, with revisions and improvements as new systems and technologies are deployed.
Does your talent strategy deliver the results you expect? To ensure you are prepared for the future of work, download our infographic, Steps for Effective Workforce Optimization.
This article was written by Fawn Hentrel, Managing Partner.