A supply and demand forecast identifies what your current workforce looks like, and what your future workforce needs to look like. A gap analysis compares supply and demand to anticipate talent surpluses and shortages and when they will take effect.
Faethm developed an easy-to-use template to assist our customers with modelling the supply and demand of their workforce, incorporating Faethm automation impact insights to surface capacity gain, and attrition and retirement rates.
Supply and demand
A supply (current workforce) and demand (future needs) forecast takes into consideration how your internal talent might be affected over time by events such as attrition, retirement, planned redundancy and the introduction of new technologies.
> Learn more about the impacts of automating and augmenting technologies on the workforce.
The current state of your workforce is your workforce supply. This includes every type of worker, with a projection for expected attrition and other departures such as retirements or planned redundancies.
Faethm’s modelling for the augmentation of job tasks shows the capability of technologies to supplement a task and create efficiency, therefore enabling a worker to gain capacity to do higher value work. Augmentation is considered capacity gain.
Your future workforce requirements are your workforce demand. Demand is attributable to expected growth or decline of a job when aligned to the business strategy.
Faethm’s modelling for the automation of roles calculates the capacity of technologies to entirely replace a task or large components of a task. Automation is considered as the reduction of tasks performed in a job.
Using the supply and demand numbers identified in the previous step, the gap analysis compares these to identify potential workforce surpluses and shortages, and then assess how these might affect the ability of the business to achieve its objectives.
Next: Step 5 - Strategic Development
An introduction to strategic workforce planning
Step 2 - Internal Environmental Scan
Step 3 & 4 - Supply & Demand, Gap Analysis