Strategic Workforce Planning
The Conference Board research on strategic workforce planning describes how companies analyze and plan the talent they will need to meet future business objectives.
Prior to the current economic downturn, several studies predicted companies would face looming disaster from projected baby boomer retirements. The Conference Board investigated how organizations use a relatively new process called strategic workforce planning to project where, when, and to what extent they will be affected by employee retirements. Only by analyzing their own workforce data, as opposed to data from the labor force overall, can employers determine whether retirements present a threat, an opportunity, or a non-issue to their operations. Like all workforce projections, those that focus on age and retirement eligibility need to be revisited regularly to adjust for changes in business strategy or the operating environment (such as the current recession).
The need to project retirement plans and fill the resulting gaps isn’t limited to for-profit companies. In its report Boomers Are Ready for Nonprofits: But Are Nonprofits Ready for Them?, The Conference Board found that nonprofits need strategic workforce planning as well—but aren’t often doing it. That could exacerbate projected leadership shortages as the nonprofit sector expands over the next decade.
Report credit: Jill Casner-Lotto, Boomers Are Ready for Nonprofits: But Are Nonprofits Ready for Them?, The Conference Board, Research Report E-0012, 2007, p. 11.