What is Workforce Planning & Why Do You Need a Template?
Workforce planning is the strategic process used by organizations to ensure they have the right number of employees, with the right skills, at the right time to meet their business objectives. This involves assessing current workforce capabilities, forecasting future needs and implementing strategies to address any gaps between the two. For more information, check out our comprehensive guide to Workforce Planning.
Using a template helps you with this process as you can easily track workforce details, identify potential issues early and make data-driven decisions.
Complete Workforce Planning Excel Template
Our Complete Workforce Planning template helps you forecast and report labor expenses, manage employee transfers, efficiently allocate costs and more. This Excel template simplifies the workforce planning process, ensuring you can make informed decisions and keep things running smoothly at your organization running.
Foundational Workforce Planning Template
Our Foundational Workforce Planning Template allows you to manage your entire headcount with a detailed planning model that includes employee type, tax rates, benefits, bonuses and more. This template provides a comprehensive view of your workforce, helping you to make informed decisions and optimize your staffing strategy. Check out the video below to learn how to use the template.
How to Use the Foundational Workforce Planning Template
Here’s a step-by-step guide that outlines how to use this workforce planning template.
Step One: One you open the template, start with the input page, which is the main part of the template.
Enter the fiscal year and basic assumptions, which include tax rate, benefits and employee type (part-time/full-time).
Step Two: Complete the Budget Planning Model. Input details for each position such as department, employee name, employment status (full-time or part-time) and start and end dates.
You can also add other detailed assumptions such as benefits eligibility, bonus eligibility and bonus percentage.
Step Three: Add monthly summaries and assumptions to the right of the input fields in the template and review the summaries in a 12-month schedule. Then review monthly details and your summary of FTE (full-time equivalent), headcount compensation, tax rate and benefits.
Step Four: After completing the input file, move over to the template summary to see an aggregate of the entered information.
View the FTE summary by department, including graphs to identify trends in hiring and departmental growth or shrinkage.
Step Five: Review detailed departmental data, including month-by-month breakdowns and headcount.
Evaluate the cost by department, analyze the fully burdened cost and assess the average cost per employee.
Step Six: Utilize a dropdown menu to select and inspect different cost centers. You can gauge executive costs and headcount, such as CEO and COO, and their average costs. Now you can also examine sales or any other department, observing position counts, cost trends, total headcount and average compensation across the year.
