Right now, it’s critical to make best use of your most valuable asset: your people. However, forecasting labour demands is complex during periods of economic uncertainty. Of course, you need enough people to do the job, but with budgets restricted, there may not be enough money in the bank to support hiring new talent. Ultimately, getting the most from your existing workforce comes down to your organisational goals, which may need to be realigned when considering today’s financial climate.
However, with 62% of IRIS’ survey respondents saying more needs to be done to manage staff workload, it’s also essential to have full visibility of your team’s output. Not only will this help ensure they’re not overworked, but it will also help you understand productivity levels better and enable you to create an effective gap analysis.
Technology can really help here, as utilising tech that can help manage workloads effectively and track the internal mobility of employees will lead to a more streamlined workforce. Which in turn will enable organisations to plan resources accordingly going forward.
Look at where you’re overspending
Organisations don’t always have to look externally to find talent, sometimes the talent they are looking for is right beneath their noses. Cutting back on costs and investing in upskilling and engaging existing staff can help build a more valuable and engaged workforce.
This can be done by monitoring employees’ internal mobility which is the movement of employees (vertically and laterally) to new career and development opportunities within the same organisation. Doing this can save organisations money in the long term, as it gives senior leadership the chance to monitor the workforce in the necessary detail, to make informed decisions on who deserves a promotion. Which can help identify who needs upskilling.
Employees stay, on average, 41% longer at companies that invest in internal hiring. Once employees become aware of internal hiring paths a cultural shift is signalled and the workplace becomes more than just a place to come and work – it becomes a place where they can grow professionally.
Review your tech stack
Another lever which can be pulled to see immediate benefits is optimising the tech stack. From communication essentials such as Microsoft Teams and project management platforms like Asana to specific HR software, there are multiple ways to streamline processes, which can be tailored to an organisation’s priorities.
This sentiment rings truer than ever as a recent global study by Qualtrics XM Institute states that in general, only 34% of employees are satisfied with the technology provided by their workplace, with the highest satisfaction rate (39%) found in the information technology or software and services sectors. However, only 24% of employees in the retail industry believe their work technology meets their expectations.
Utilising HR software to automate business admin allows teams to focus on value-added tasks that address their customers’ needs. It also gives organisations the chance to free up more time for their workforce, which can in turn lead to more efficient planning of resources for the future and the opportunity to see what roles need to be prioritised going forward.
Prioritise the necessary roles
Those roles that are either critical, or that might take time to recruit should also be prioritised first and foremost. This should be reflective of the organisational goals and coincide with the wider team’s thoughts on what areas need immediate attention. Research from The Workforce Institute showed that 83% of employees feel they are not heard ‘fairly or equally’ while just under half (46%) believe underrepresented voices are not effectively listened to.
A further 60% believe their views and opinions are ignored in the workplace. By tailoring the hiring process based on the workforce’s recommendations it shows that organisations are listening to what is going on in employee’s day to day life, which will in turn make employees want to stay at the organisation for longer.
More tech means more time
Top talent is harder to come by these days, so organisations should prioritise finding new methods to alleviate or create resource. Using tech to manage workflows and tracking internal mobility will allow organisations to streamline resource and find employees who are suited to being upskilled. Investing in talent internally will ultimately save organisations on recruitment costs.
Further, finding ways to automate simple tasks can give people the opportunity to save their time and use for something more pertinent. By implementing these strategies, it will give organisations the chance to plan their resources ahead of time and streamline the organisation to the point where being under resourced will have become a thing of the past.