Workforce planning within a dynamic and unpredictable labor market is bound to be challenging. Many corporate leaders are grappling with reduced budgets because the economic fallout of COVID-19 has diminished their bottom lines. But even those whose bottom lines have remained constant or improved have struggled with the unpredictability of increased variable expenses related to the acquisition, training, and advancement of employees. At the same time, anticipated future workforce trends have been accelerated by the impact of COVID-19. As automation is hastened and more and more work is becoming digitized, leaders are being forced to execute on previously long-term-oriented plans for internal and external talent pipelines, reskilling, and job redesign in the short term. This has precipitated the need for rapid strategic reorganizations and, in some cases, redeployments of employees across functions and/or layoffs.
Additionally, the heightened collective awareness of racial injustice and inequity has ignited deep reflection and a sense of responsibility in corporate America. Leaders feel compelled to prioritize diversity commitments to ensure that workforce plans are inclusive and humanistic and account for the varied personal and professional needs of current and prospective employees.
