The Newman Group, a Futurestep Company and part of the Korn/Ferry International (NYSE: KFY) family, today reported a significant increase in demand for its workforce planning consulting services. As a mature Human Capital Management discipline, workforce planning provides a means of predicting the type and volume of talent needed to meet business goals. Pressured by frozen budgets and limited resources, companies are applying workforce planning as a strategy for doing more with less in all areas of recruiting and talent management.
"Tough times have a way of making companies leaner and smarter, and workforce planning is an example of how they're pushing ahead," says Newman Group President Ed Newman. "We're not surprised that clients such as BP, McKesson and Southern Company (a major US electricity supplier) are engaging us for workforce planning support. Most recognize that workforce planning has been one of our major areas of focus for several years, but the uptick in interest has been extremely strong since 2008."
According to Newman, interest is driven by a combination of conditions. "First, there is the maturing of the solutions available on the market," he says. "Rather than simply collect and report data, current workforce planning technology can provide benchmarking against industry norms, and they apply modeling techniques to arrive at predictive information for more informed planning and decision making. In short, the output of raw or passive data progressed into more relevant information, and today we are enjoying the evolution of what is now an output of robust talent intelligence."
The second factor is the economy and its affect on employees. "Employee engagement for critical talent is more important than ever," says Newman. "Today, companies have to engage and retain the most critical talent, and at the same time they have to reduce the excess due to pressures of the economy. These are sensitive issues, so it's not surprising that organizations want to do everything they can to understand exactly where they need to cut, where they need to stay engaged, and where they may need to expand. That is the essence of the intelligence that workforce planning can provide."
The third factor in the demand for workforce planning is budget and strategic vision. "In the past, people would build their talent acquisition plans in different silos," he notes. "Each planner would have a budget. Based on that budget, they would decide on talent priorities and the most practical plan for acquiring and retaining the people they need. One department would plan independently of another, working within its silo. Today, that is changing. Companies are thinking strategically about their workforce needs. Workforce planning can drive talent management strategy and budget, not the other way around."
According to Newman, strategic workforce planning creates demands in many areas. "Some companies are looking for expertise to help them evaluate and identify the right technology to support their workforce planning needs," he says. "Others seek help in building and implementing a effective process and methodology. Still others want to achieve data integrity from the ground up, and others seek support in building a workforce planning center of excellence. Finally there are those who are looking for all of these things and a way of putting them together to create a holistic workforce planning approach. We're happy to have played a role in all of these efforts and look forward to seeing continued interest in the future. It's a practice whose time has come."
As part of its continuing thought leadership in the area of workforce planning, The Newman Group has partnered with human capital management industry research authority Bersin & Associates to survey companies about their adoption of workforce planning strategies. A report on the Bersin survey is due for release in March.
About The Newman Group
The Newman Group is a Futurestep Company and leading provider of talent management consulting services for today's Fortune 500 global enterprises, including one out of three Fortune 100 companies and recognized industry leaders such as General Motors, Johnson & Johnson, and MetLife. Our consultants combine next-practice vision, practical solutions, and an unparalleled level of commitment and integrity to help our clients translate their talent management strategies into measurable business impact. To learn more, visit www.tng.futurestep.com.
About Futurestep
Futurestep, a Korn/Ferry Company, is the industry leader in strategic talent acquisition, offering fully customized, flexible solutions to help organizations meet specific workforce needs. Our full-spectrum portfolio of services includes: Strategic Recruitment Process Outsourcing (RPO), Project-Based Recruitment, Mid-Level Recruitment, Interim Professionals and Consulting Services. With locations on four continents and a record of success in securing top talent around the world, Futurestep provides the experience and global reach to identify, attract and retain the people who drive business success. To learn more, visit futurestep.com.
About Korn/Ferry International
Korn/Ferry International (NYSE: KFY), with more than 90 offices in 40 countries, is a premier global provider of talent management solutions. Based in Los Angeles, the firm delivers an array of solutions that help clients to identify, deploy, develop, retain and reward their talent. For more information on the Korn/Ferry International family of companies, visit www.kornferry.com.
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