Workforce Planning And Retirement Probabilities  

Workforce planning is nothing but the prediction and preparedness for the changes in an organization’s workforce including changes in job responsibilities, changes in required skill sets and retirements.

Workforce planning is a dynamic process and it involves identifying workforce strategies to meet workforce needs.

Types of strategic workforce planning:

  • Segmentation approach
  • Modeling approach
  • Workforce analytic approach
  1. Work force analytic approach: this approach analyses current and historical employee data to identify key relationships among variables. This helps to provide insight into the workplace.
  2. Modeling approach: This approach incorporates scenario planning and forecasting. Quantitative data is used to create forecasts using what-if analysis tools.
  3. Segmentation approach: this approach deals with breaking workforce in segments   along the lines of their jobs.  It also provides a technique for prioritizing.

Managers or supervisors are quite familiar with some components of workforce planning including retirement projections, workforce demographics and succession planning. Workforce planning allows managers t plan replacements and changes in the workforce competencies as it focuses on these components and provides refined information on changes to be anticipated.

What is workforce retirement planning?

Many a times when a current employee retires, the company is left short staffed. This is because of lack of workforce planning. Workforce retirement planning is a strategy that helps organization to have a competent employee in place of a retired employee. An organization must be prepared to replace a retiring employee. Organizations must have a carefully structured plan that helps determine when an employee will retire so there will not be any shortage in staff.

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