Talent Management - November 2008 - (Page 39)

NOW AVAILABLE! planning software can help make the overall process easier and more transparent for a wide set of users, resulting in a better partnership and the ability to deliver on the desired outcomes. Results from “The Workforce Planning Advantage” survey showed that organizations that use software for workforce planning were more likely to report a competitive advantage (See Figure 3.). Pitfall No. 4: Speak the Language of Business Talent managers must be able to translate the impact of the workforce plans into dollars. This enables business leaders to make workforce decisions based on the same criteria used in other areas of strategic planning. It also will demonstrate the value of the workforce planning function, building credibility and support for the process going forward. One major technology company built its workforce planning department around this type of analytics and business acumen, augmenting business decisions with workforce proﬁtability calculations. The head of workforce planning now holds a monthly meeting with the CFO to discuss the implications of corporate strategies on workforce costs and how risks can be mitigated. However, the majority of organizations struggle to quantify this impact. “The Workforce Planning Advantage” asked, “Are you able to demonstrate the ROI of workforce planning?” Not a single company answered “yes,” and only 4 percent said “somewhat.” The remaining 96 percent answered “no.” Talent managers should be able to answer questions about the plan’s return on investment (ROI): • What are the extra costs related to vacancies in critical job roles in terms of lost revenue, missed deadlines or increased contractor costs? • What are the estimated costs and savings of achieving targeted reductions in voluntary turnover for critical job roles and/or tenure groups in terms of reduced training and talent acquisition costs? • How much return will be recognized from an investment in tools or training to enhance productivity and reduce the overall workforce demand? • What are the savings of lower recruiting needs that can be achieved by developing employees internally? • What impact does exporting labor to cheaper labor markets have on the total cost of workforce into the future? How are the costs of labor changing in these markets? Succession Planning continued on page 45 Diversity Executive is brought to you by MediaTec Publishing Inc., the award-winning publisher of Chief Learning Officer and Talent Management magazines and acknowledged leader in the corporate learning and talent management industries. Combating Subtle Discrimination General Parts’ Diversity Journey Stedman Graham: Leaders, Not Labels awareness. action. impact. » The Middle Management Roadblock SUPPLIER DIVERSITY The Domino Effect » Who’s Who in Diversity and Inclusion » Dimensions of Difference Earvin “Magic” Johnson has made his company’s mission to put people to work. November/December 2008 www.diversity-executive.com MVP Urban America’s The magazine and Web site take diversity beyond traditional thinking by focusing on strategies diversity leaders can use to create real bottom-line impact, leveraging the very differences that divide individuals to strengthen organizations as a whole. IN THE CURRENT ISSUE: • A profile of Magic Johnson. • Who’s Who in Diversity and Inclusion. • A guest editorial from Stedman Graham. • And much more… Go to www.diversity-executive.com, join the new Diversity Executive Network, dedicated to advancing the conversation around diversity and inclusion, and register for your free magazine and newsletter subscriptions today. http://www.diversity-executive.com http://www.diversity-executive.com http://www.diversity-executive.com http://www.mediatecpublishing.com/

Table of Contents Feed for the Digital Edition of Talent Management - November 2008

Talent Management - November 2008 Editor’s Letter Contents Human Performance Leading Edge Learning Connections Recruitment & Retention Assessment & Evaluation Compensation & Benefits Performance Management Learning & Development Succession Planning Insight Dashboard Application Advertisers’ Index Editorial Resources Full Potential

Talent Management - November 2008

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