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Unleashing the Power of Direct Sourcing

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13 © Crain Communications Inc. | All Rights Reserved | Unleashing the Power of Direct Sourcing | September 2023 Start with Proactive Workforce Planning Forecasting is critical because it helps you determine the full cost of the future demand for talent and the resources needed to meet the demand. — Martin Thomas, head of Total Workforce Strategy, Philips Specifically, experts interviewed for this research find that performing the analytical steps of the workforce planning process helps organizations address these fundamental questions: Do we have the talent to execute against our business plan? Are we well positioned to change course or expand? What are the experiences, professional skills and educational qualifications of our current employees, and what are the gaps? What is the most efficient, cost-effective way to get the talent we need to close those gaps? What are the phases of workforce planning? Source: NIH Office of Human Resources 1 Strategic Direction Supply Analysis Monitoring Progress Demand Analysis Gap Analysis Solution Implementation 2 3 4 5 6 Why is workforce planning important? It ensures that all talent investments are directly aligned with the company's business plans. It also allows talent leaders to proactively forecast future talent needs, build talent pools ahead of demand and consider all sources of talent when making build, borrow or buy decisions. 13

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