The year 2020 will be remembered as a year of unprecedented change brought on by the global pandemic and economic uncertainty. Companies around the world found themselves faced with the task of having to make decisions around their workforce as a result of these extraordinary times.
However, according to survey results published in Vena’s 2020 Industry Benchmark Report, at the year’s halfway point, it seems a fair amount of businesses had yet to reevaluate their workforce planning when faced with precarious market conditions. Out of the 350 global business leaders and finance and operations professionals surveyed from a wide range of industries, 58% revealed that their organizations did not reallocate skill and talent to different functions in 2020.
How can companies find ways to help their workforce be resilient in the face of unprecedented change and what role does finance play in enabling this workforce transition?
A Complete View of Your Business
It starts with the ability to see business data—financial and non-financial—from every angle. That requires connecting the dots between finance, HR and operations so you can see the bigger business picture and make more informed decisions around how talent is deployed and more. This complete view of the business can only be truly achieved when all of that raw, cross-departmental data is translated into a single source of truth.
In order for your teams to leverage that data and get right down to the collaboration and analysis needed for detailed planning, they can’t be hindered by tedious manual processes, complex workflows, data silos and inaccurate data. When they are enabled by data automation and streamlined processes for budgeting, forecasting and what-if analysis, they can stop chasing numbers and spend more time uncovering business insights. And when they are further empowered with streamlined planning workflows for processes such as cash flow management, revenue planning and business-wide reporting, they can dig deeper into the data and put that data to work across your business. This includes developing workforce plans to address talent needs or the reallocation of skills to different functions.
Building a workforce that is equipped to address the current and future needs of your business and to support its ongoing transformation and growth requires effective workforce planning. Again, here’s where a platform’s additional capabilities, such as a workforce planning solution, will put you at a competitive advantage.
When you can plan, report and analyze at the individual personnel level, from taxes, salaries, fringe benefits and more, you’ll have a clear picture of one of your business's biggest expenditures and integrate detailed workforce plans into your operating budget, ultimately setting you up for success. Armed with this data, you can then begin to fill gaps in your workforce, reallocate existing talent, identify segments of your workforce with high turnover rates and recruit the kind of talent that fits your company’s plan to grow.
Looking at your organization through this wide workforce lens means that your business—and people—will always be ready for anything.
Read this article to discover how the Vena Growth Engine can help your business connect departments, people, processes and systems to streamline and scale your plan to grow.