Benefits Consulting Benefits of Workforce Planning Workforce planning is a process in which an organization analyzes its current and future workforce needs based on its commitments, plans and objectives. It involves a system-wide review and analysis of the size and type of workforce that a company will need to meet its goals. This includes identifying both the quantity and the quality of the employees needed, in terms of their knowledge, skills and experience. For many companies, strategic workforce planning has several advantages, particularly in an ever-changing business environment.
The unavoidable fact is that, despite great strides over the past fifty yearsthe American workplace still has a diversity problem.
If money talks, what does it say about diversity? You might be surprised. Diversity initiatives expand the talent pool.
In certain fields, like tech, the numbers are likely much higher. In a CareerCast report on the 10 toughest jobs to fill indata scientists and engineers take top honors. In fact, the Conference Board estimated there will be 3x as many software engineer job openings in as there will be candidates, and the Bureau of Labor Statistics estimates there will beopen software engineering jobs by This year, there will be 3x as many software engineer job openings as there will be candidates.
Click To Tweet Long story short? Engineers are hard to hire, period. So are nurses, sales representativesetc.
Effectively cutting the talent pool in half by not maximizing female and minority talent exacerbates the problem. Many of the steps needed to bring more diversity into the workplace are the same steps needed to expand the talent pool.
Diverse teams make better decisions. When people from different backgrounds, genders, and races come together to solve problems, they bring with them different information, opinions, and perspectives. This mix of perspectives brings a grab-bag of benefits to the table, including: New research suggests that diverse teams outperform homogeneous ones because the presence of group members unlike oneself causes people to think differently.
The diverse groups significantly outperformed the homogeneous groups. Being with similar others leads us to think we all hold the same information and share the same perspective. This perspective, which stopped the all-white groups from effectively processing the information, is what hinders creativity and innovation.
If you value innovation and creative problem-solving, a diverse team is your best asset.
Diverse teams better serve their customer base. The world around us is changing, and one of the most compelling benefits of diversity in the workplace is that it better equips teams to serve their target markets.
Her limited tech know-how necessitated some basic Google docs and Skype lessons, but eight months into the job she was thriving — and the customers, many of whom happen to be her same demographic, love her Inc.
Chances are good that many of your customers are women, especially if your company is business-to-consumer. Your customer base is likely racially diverse too — and becoming increasingly so each year. Diverse companies make more money.
In a Catalyst report titled The Bottom Line: The companies were measured on three important measures: A study from the Credit Suisse Research Institute resulted in similar findings, and even went so far as to suggest that the trend is strong enough for investors to take note:Workforce diversity can be defined as the similarities and differences that employees in any firm posses in regard to their age,religion,work experience, physical abilities, gender, cultural backgrounds, likes and dislikes.
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(May ) (Learn how and when to remove this template message). Management of cultural diversity has been suggested as the human resource strategy enabling the effective management of the workforce diversity created by demographical changes generally in the late s and the early s.
Our latest thinking on the issues that matter most in business and management. Subsection (a) is supplied to avoid the necessity of defining "employee" each time it appears in this title. The subsection is based on a definition worked out independently by the Civil Service Commission and the Department of Labor and in use by both for more than a decade.
Diversity management benefits associates by creating a fair and safe environment where everyone has access to opportunities and challenges. Management tools in a diverse workforce should be used to educate everyone about diversity and its issues, including laws and regulations.