New research by the Corporate Research Forum and KPMG has revealed that employers are failing to effectively manage and deploy human capital.
The study found that only 15% of employers thought there was clear evidence that their approach to workforce planning impacted their overall business strategy and performance. Nearly half (47 per cent) of firms polled had not conducted any recruitment forecasting for the 12 months ahead.
Proactive workforce planning
David Knight, associate partner at KPMG said that the management of human capital was essential, with efficient workforce planning critical to “sustaining performance and growth”.
He also highlighted that poor workforce planning made it almost impossible to adapt to changing market conditions and retain key staff.
Mike Haffenden, from Corporate Research Forum, added that businesses need to think proactively about workforce management rather than simply reacting to risks as they arise.
He led the calls for organisations to put in place processes to accurately track and collate rostering data so they can deploy resources efficiently and determine their future staffing needs.
Looking at the workforce as a strategic asset rather than a cost of doing business is a key step to boosting business performance. After all, every area of your business is influenced by your workforce.
Today’s Time and Attendance systems can play a key role by providing the data required to help organisations to plan for future recruitment needs and skill requirements.
No longer do systems simply record start and finish times but act as a key business management tool that can drive the entire business through seamless integration with key business processes such as HR, Payroll and leading recruitment software such as Tempaid, MatchMaker and Zrecruiter.
Enhancing existing business systems with time and attendance enables managers gain complete transparency of what is happening within the organisation at any one time.
Instant visibility of all workforce matters allows managers to make better-informed decisions based on tangible evidence and identify potential skills shortages so they can pre-empt staffing requirements in advance.