Effective headcount planning for 2024 has become a critical component of organizational success. As companies navigate trends in the global talent dynamics, sector-specific challenges and hiring for the new year, a thoughtful and strategic approach to workforce layout is essential. This blog post provides a step-by-step framework, incorporating the latest research, to help your company efficiently plan for headcount in the upcoming months.
Step 1: Analyze Global Talent Trends
Before determining hiring targets, research wider talent trends impacting your industry to inform strategic planning. Consider the following:
The Great Resignation
The Great Resignation is a period of significant employee turnover that has been unfolding largely in the United States starting in early 2021 characterized by a dramatic increase in workers voluntarily leaving their jobs, often in pursuit of better opportunities elsewhere or to prioritize other aspects of their life.
It’s important to prioritize employee retention and well-being to combat the effects of this workforce trend. Conduct regular engagement surveys, offer competitive compensation, and enhance benefits to create a workplace that employees are eager to stay in.
Remote Work
Embrace the opportunities of remote work while mitigating its challenges. A Buffer survey found that 97% of remote workers reported feeling happier working from home compared to the office. This doesn’t mean your company has to leave the office behind forever, a hybrid model can be a good starting point. After implemented, there can be a time to evaluate what works best for each business.
Develop policies and technologies that support remote or hybrid collaboration, invest in team-building initiatives, and find innovative ways to foster a cohesive company culture among dispersed teams.
Diversity and Inclusion
Prioritize diversity and inclusion efforts to attract top talent, foster innovation, and enhance overall organizational performance. A study by SHRM found that companies with inclusive work environments have 25% lower turnover rates than those with less inclusive environments. Create inclusive policies, promote diversity in leadership, and actively engage in community initiatives.
Step 2: Forecast Workforce Demand
Once you’ve researched macro talent trends, analyze your specific business needs. Key inputs should include:
Average Salaries:
Benchmark your compensation using platforms like Salary.com, Glassdoor, and PayScale to remain competitive and attract qualified candidates.
In-Demand Skills:
Identify critical skills for the future of work by referencing reports like the World Economic Forum's Future of Jobs. Prioritize hiring individuals with strong critical thinking, problem-solving, and adaptability skills.
Talent Shortages:
Develop proactive talent acquisition strategies to overcome global talent shortages or consider seeking a partnership with a third party company in helping find specialized talent to fulfill your business needs.
Step 3: Budgeting for Hiring
When building your hiring budget for 2024, don’t forget to take into consideration the following:
Is it necessary?
Before exploring the possibility of hiring, look internally to reskill employees for emerging roles. This offsets talent scarcity while increasing engagement and retention.
Cost of Hiring
Factor in all costs associated with hiring, including advertising, recruitment fees, relocation expenses, and onboarding, to create a comprehensive hiring budget.
Additional Expenses
Consider investing in third party tools or solutions providers to help streamline recruitment processes, manage talent data, and optimize workforce planning for efficiency.
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By incorporating these steps and tips into your headcount planning for 2024, your company will be well-positioned to navigate the complexities of the evolving workforce landscape and build a resilient and talented team.
How Sworkz Leverages Nearshore Staffing Solutions with Effective Workforce Planning
Effectively planning your company’s headcount may seem like a big challenge. Even after reading our steps you may be thinking: “I need professional help or guidance for this”. Fortunately, Sworkz is here to help.
As a leading provider of nearshore staffing solutions, we’re a valuable partner for U.S. companies navigating the complexities of talent acquisition and retention. We proudly count with a 95% collaborator retention rate and a guaranteed two times faster selection process than local staffing firms.
While organizations contend with the global trends of the Great Resignation, remote work dynamics, and skill shortages, Sworkz offers an approach, tailored to your needs, to address these topics.
Our solutions serve as a complementary strategy, seamlessly integrating with data-driven decision-making and adapting to the unique needs of diverse business sectors. Partnering with us ensures that companies not only meet the demands of workforce planning amidst a talent shortage but also gain a competitive edge in attracting and retaining top talent in the evolving employment landscape.
