Forecasting
Estimate the competency levels and number of employees likely to be working for the company at the end of the forecasting period.
To forecast internal talent resources for a position, subtract anticipated losses from the number of employees in the target position at the beginning of the forecasting period.
These losses may be due to factors including promotions, demotions, transfers, retirements, and resignations. In tighter labor markets when workers are harder to find, more employees than usual may leave the organization to pursue other opportunities than leave during looser labor markets when jobs are less plentiful.
Anticipated gains for the position from transfers, promotions, and demotions are then added to the internal labor supply forecast.
Internal Labor Market Forecasting Methods
Talent inventories: summarize each employee’s skills, competencies, and qualifications
Replacement charts: visually shows each of the possible successors for a job and summarizes their present performance, promotion readiness, and development needs
Employee surveys to identify the potential for increased turnover in the future
Labor supply chain management: The basic foundation of any supply chain model is to have the right product, in the right volume, in the right place, at the right time, with the right quality
Businesses use multiple suppliers so that they can quickly change and scale to meet changing business needs.
Supply chain management principles of inventory management, planning, and optimization can be easily applied to people.
Software and services allow companies to match employees' expertise and knowledge to business needs and deploy the right people just as assets would be deployed in a supply
