Executives recognize the need for a talent strategy to keep up with the bustle of today. Fortunately, eCapital Advisors helps businesses create future-ready workforces primed to respond in real time. Explore three ways a modern talent strategy can address what’s to come and elevate business.
Broaden Talent Strategy for Companywide Planning
In too many organizations, talent strategy needs to be revised. When siloed, each department offers a different, disconnected perspective. Take finance, which considers a cost-based view of headcount. Or consider HR, which worries about finding and keeping the best candidates.
Imagine if HR could create a hiring plan aligned with the company’s budget. That would mean hiring the right people at the right time. And picture if finance could keep track of the company’s single largest expense: people. Then, finance leaders could develop cash flow models and other plans, budgets, and forecasts based on facts.
Companywide planning allows for a panoramic view of the business and its workforce. Together, HR and finance can examine how employees are deployed, how closely capacity meets demand, and how well skills and capabilities are aligned with current needs. Additionally, the collaboration can explore how prepared various business units are to recruit, onboard, and develop workers to scale with the business.
Near-Instant Access to Relevant Data
Access to real-time data and financial analytics is crucial for success in today’s fast-paced business world. Yet, many companies still need to upgrade to modern methods of collecting and reporting data. That way, businesses have a clearer view and can make decisions that mirror reality. It is past time to ditch the spreadsheets.
Luckily, specially designed planning tools make it possible for Offices of Finance to manage data without the help of IT. Unlike traditional, isolated Excel sheets, this modern approach can streamline access to real-time data for HR, finance, and department managers. As an alternative, teams can work together seamlessly using powerful active dashboards. Ease of use and robust results allow for a high user adoption rate.
A modern, cloud-based platform can provide organizations with a single source of truth for increased agility business-wide. This type of workforce planning eliminates the need for outdated, static information. As a result, organizations make informed decisions and confidently move forward.
Balance Talent Strategy with Corporate Objectives
Using outdated tools such as spreadsheets also impacts business alignment. Disconnected technology can lead to rogue plans that do not align with the organization’s overall goals, increasing the risk of wasted resources and other problems. Instead, businesses can adopt a comprehensive and centralized planning process supported by modern tools. Accordingly, companies can ensure all plans align with the organization’s objectives and avoid potential issues.
A self-service, cloud-based planning solution can streamline this effort, enabling cross-functional collaboration for leadership to make data-driven decisions. Business unit leaders can ensure that hiring and technology strategies align with business plans and allow finance and HR teams to model hiring and retention easily. Strategy leaders can analyze the workforce impact of potential acquisitions or divestitures.
The experts at eCapital Advisors specialize in helping businesses implement the best modern technologies to prepare future-ready workforces. Align talent, bridge skills gaps, focus on performance management, and renew alignment with corporate objectives in mere weeks—Contact eCapital Advisors to learn more.