Oracle Strategic Workforce Planning (part of Oracle Cloud HCM) aligns your people strategy with your business strategy, to optimize your workforce for today, and prepare your organization for the workforce of tomorrow.
Today’s leaders are under more pressure than ever to make decisions on what strategies they should pursue to achieve their strategic objectives. Whether it’s entering a new market, launching a new product, or the decision to merge or divest part of their organization; leaders also need to understand the people, the skills, and the competencies needed to achieve their organizational goals.
Yet, less than 40% of organizations have any kind of proactive workforce planning process, meaning that the required people, skills and competencies are an afterthought, after operational costs have already been determined via a spreadsheet. Traditional planning has been finance intensive and effective for managing short term operational costs, but often lacks insights into how their people will actually go about executing the strategy.
To close the gap between organizational strategy and people strategy, business leaders need buy-in from stakeholders across organization—line managers, finance, and human resource (HR) on what the organizational objectives actually are. Only after leaders are aligned, can they determine what the workforce demands will be. These drivers can be modeled against the current skills and competencies of your current workforce today, or what is known as workforce supply. Leaders need the ability to forecast the right balance between workforce supply and demand to make sure they have the right number of employees with the right skills, at the right time.
For example, a European bank that is looking to expand their international presence and open 20 new branches globally in the next 2-3 years. With demand planning we’re able to determine what headcount is needed at what cost to expand internationally to these locations. From a supply planning perspective–business leaders can forecast risks in attrition and retirement and determine what skills and competencies are needed in designing these new roles and at what cost. Aligning the supply and demand of your workforce helps business leaders manage their costs, mitigate risk, and maximize the success of their organizational objectives.
The right tools and technology can improve workforce planning to become strategic and collaborative. Only Oracle delivers the flexibility for both Finance and HR to contribute to the strategic workforce planning process. From HR designed features such as drag-and-drop organizational charts in Workforce Modeling, to top down strategic planning for Finance using SmartView or Excel, Oracle Strategic Workforce Planning is built with simplicity to help everyone plan for tomorrow, today.