Same as with a car choice, it is worth correctly state a budget and invest it in an effective development program, aiming for high results and knowing that it will meet your expectations.
There are different ways where to find available money for investment in the workforce; e.g., bring in external hires at the right salary levels, forecast attrition to plan for backfills, and understand labor costs by location are just a few ways you can find funds to reallocate into the long-term investment of your workforce.
However, the same as the execution of every strategy, development requires a lot of time, data wrangling, and cleanup to manage. And it doesn’t sound attractive to invest, right? So the solution is data-driven People analytics and AI-based Skill management.
By using HR analytics tools, you can plan in shorter cycles, forecast more accurately, and gain a more holistic view of workforce costs. Below are three ways how you can invest in your people thanks to analytics-driven workforce planning: