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Tips For Effective Workforce Planning

It seems like everyone is hiring! While that is great news, businesses will benefit from effective workforce planning and a thorough analysis of the national and local job markets is the best place to start. Below are some tips to help you effectively plan for your workforce needs. To consult with experts on workforce planning and team development, contact HRinDemand, Your Total People Solution.

What is Happening in Your Job Market?

Learning about the national and local job markets–and the factors that influence them–will help you develop your workforce plan. Key data points to watch include:

  1. The local unemployment rate: A large pool of highly skilled employees looking for work in your region may allow you to hire great candidates for mid-and high-level positions.  Local Area Unemployment Stats: http://nevadaworkforce.com/LAUS Local Stats By Industry http://nevadaworkforce.com/CES
  2. Community demographics: College graduates coming into the market in your area may be able to fill entry-level slots. Reno/Sparks Demographics: https://www.census.gov/quickfacts/fact/table/renocitynevada,sparkscitynevada/PST045219
  3. Competitors: To attract the best candidates, be aware of your competition, and offer compensation and benefits packages in line with your industry. 
  4. Social, technological, and economic trends:  A recession, for example, may allow you to attract highly skilled employees with ease. A booming economy, on the other hand, may make finding such employees more difficult, and increase the importance of retaining your valued employees. 
  5. Political and legislative trends: Changes in federal, state, or local laws may affect your industry, hiring ability, or the kinds of benefits you can offer your employees.  

Sources such as the U.S. Department of Labor, the U.S. Bureau of Labor Statistics, employer associations, local and national news reports, and competitors’ annual reports are good places to look for the information described above.

Looking For Employees?

Another great local resource for workforce planning is Northern Nevada’s Human Resources Association annual virtual Workforce Readiness Conference and Job Fair. There will be great breakout sessions for workforce planning topics via a video game like platform, Gather Town. Along with a chance to meet job seekers. Registration is just $10 per person and free for job seekers. 

Melissa Marsh, SPHR, SHRM-SCP, is a human resources consultant and founder of HRinDemand, a human resources company in Reno, NV, offering expert guidance and easy-to-use tools to help small businesses with employment regulations, compliance, employee relations, and company growth.