Human Resources Lead, Workforce Planning & Practices, Cenovus Energy Inc.
A fundamental aspect of a successful workforce planning program is the ability to understand future talent supply, internally and externally, and future talent demand. New research on this topic from Human Capital Institute suggests that it is much easier to understand the supply of talent than the demand. This is largely because the demand can fluctuate greatly year to year, whereas supply is driven by more constant and measurable trends such as retirement rates, graduation rates, and employment. With carefully administered scenario planning and an understanding of the strategic business plan, future talent demand can be calculated with a much greater level of accuracy than before.