1.
HR's Strategic Role
In this section, we explore the idea that HR isn't just about hiring—it must
align with the company’s overall mission, vision, values, and strategic
objectives. The People Manager Value Proposition emphasizes that managers
add value by acquiring, developing, and rewarding talent in ways that
support business goals.
2. Workforce Planning Process
Workforce planning is a proactive method to ensure we have the right
people, in the right jobs, at the right time. There are five key steps:
1. Understand the business strategy – know what the organization is
trying to achieve.
2. Analyze internal and external environments – identify factors that
influence talent needs.
3. Forecast future workforce needs – both in terms of numbers and
competencies.
4. Close the gaps – through recruitment, training, or reassignment.
5. Evaluate continuously – monitor and adjust plans to stay aligned
with business needs.
3. Influencing Factors
Successful recruitment requires understanding both internal and external
influences.
Internal factors include employee turnover, engagement levels,
demographics, and production capacity.
External factors involve labor market conditions, economic cycles,
technology, legal regulations, and societal changes. Together, they shape
how you plan for talent needs.
4. Addressing Labor Shortages
When workforce planning reveals gaps, traditional hiring isn't the only
option. Organizations can:
Use temporary staff or contractors for flexibility.
Offer overtime to existing staff for short-term surges.
Automate or use tech to replace certain roles.
Reassign work internally to maximize existing resources.
Outsource tasks that aren’t core to the business.
These options help organizations stay agile without overcommitting.
5. Internal vs. External Hiring
A key decision in recruitment is whether to hire internally or externally:
Internal hiring is less costly, boosts morale, and supports retention
by promoting growth.
External hiring introduces new ideas, skills, and diversity, especially
helpful when entering new markets or undergoing transformation.
The best approach is a balanced mix, tailored to the organization’s
context and goals.
6. Amy's Six HR Tips
Amy Falink, your instructor, shares six personal insights that summarize
years of HR experience:
“Hire slowly, fire quickly”: take time to make good hires; act
decisively when there’s a poor fit.
Speak the business language: HR must understand how the
company operates financially and strategically.
Hire for your weaknesses: build teams with complementary skills.
Leverage networks: don’t reinvent the wheel—learn from others.
Use data: back decisions with analytics to increase credibility and
impact.
Set people up for success: a good start improves engagement,
retention, and performance.
1. HR's Strategic Role
Recruitment aligned with mission, vision, values, and strategy
People Manager Value Proposition: hiring, developing & rewarding to
meet strategic goals
2. Workforce Planning Process
Five Key Steps:
1. Understand business strategy
2. Analyze internal & external environments
3. Forecast labor demand & supply
4. Implement gap-closing strategies
5. Evaluate outcomes & adjust
3. Influencing Factors
Internal: turnover, engagement, workforce demographics, operational
needs
External: labor market trends, economic conditions, technology, legal
& political changes
4. Addressing Labor Shortages
Options include:
o Temporary labor
o Overtime
o Reassigning work
o Using technology
o Outsourcing
o Independent contractors
5. Internal vs. External Hiring
Internal: cost-effective, boosts morale, promotes loyalty
External: brings fresh perspectives, new competencies, and diversity
Best practice: strike a balance
6. Amy's Six HR Tips
"Hire slowly, fire quickly"
Align HR practices with business strategy
Hire to fill skill/competency gaps
Build and use professional networks
Use data to inform HR decisions
Onboard and support employees for success
Conclusion Module 1 emphasizes that effective recruitment and workforce
planning are strategic tools, not just administrative functions. By aligning
hiring practices with business goals, understanding both internal and
external factors, and applying smart strategies like internal promotion and
flexible staffing, people managers can significantly enhance organizational
performance. Ultimately, HR decisions should be intentional, data-informed,
and focused on long-term success.
Slide 1: HR's Strategic Role
In today’s organizations, HR plays a strategic role. It’s not just about hiring—
it’s about hiring with purpose. We align recruitment efforts with the
organization's mission, vision, values, and overall strategy. The “People
Manager Value Proposition” guides this process, showing how effective
hiring, development, and reward systems can drive organizational success.
Slide 2: Workforce Planning Process
Workforce planning ensures that we have the right people, in the right roles,
at the right time. This process has five key steps:
1. We begin with understanding the company’s strategy.
2. Then we analyze internal and external environments to assess
capabilities and challenges.
3. Next, we forecast labor needs—both short and long term.
4. Then we close any identified gaps—through hiring, training, or
redesign.
5. Finally, we evaluate the process continuously to improve results and
alignment.
Slide 3: Influencing Factors
Both internal and external factors influence workforce planning:
Internal factors like turnover, employee engagement, and workforce
demographics can tell us where we need to improve retention or
succession planning.
External factors—like economic trends, labor market conditions, legal
changes, and technological advancement—can impact hiring timelines,
talent availability, and even the types of roles we need.
Slide 4: Addressing Labor Shortages
When facing a labor shortage, hiring isn’t the only answer. We have several
flexible strategies:
Use temporary workers for short-term needs.
Offer overtime where applicable.
Redistribute workloads across existing teams.
Invest in automation and new technologies.
Outsource non-core tasks.
Or bring in independent contractors for specialized work.
These options provide agility while managing costs.
Slide 5: Internal vs. External Hiring
Every organization must strike a balance between internal and external
hiring:
Internal hiring is often faster and cheaper. It motivates employees,
builds loyalty, and supports retention.
External hiring brings in fresh perspectives, new competencies, and
greater diversity.
The key is to build a pipeline internally while still looking outward for
new energy and innovation when needed.
Slide 6: Amy's Six HR Tips
Amy Falink shares six practical tips from her HR career:
“Hire slowly, fire quickly”: Be thorough upfront, but act decisively if
a hire doesn’t work out.
Align your work with the company’s business language and strategy.
Fill gaps by hiring people who bring skills you or your team lack.
Build networks—don’t isolate yourself.
Use data to justify decisions and improve outcomes.
Always set people up for success—especially during onboarding.
Conclusion
To wrap up, Module 1 teaches us that recruitment and workforce planning are
strategic—not administrative. When aligned with business goals and
informed by both internal insights and external realities, HR becomes a
driver of organizational performance. The ultimate goal? Make intentional,
data-driven decisions that help the company thrive while supporting the
success of every employee.
1. Assess Current Workforce
Evaluate Skills and Competencies: Analyze the current skills,
qualifications, and performance of existing employees.
Identify Gaps: Determine any skill gaps or areas where the workforce
may be lacking in meeting organizational goals.
2. Forecast Future Workforce Needs
Analyze Business Goals: Understand the strategic objectives of the
organization and how they will impact workforce requirements.
Project Future Needs: Estimate the number of employees and the
specific skills needed to achieve these goals over a defined period.
3. Identify Gaps Between Current and Future Workforce
Compare Current vs. Future Needs: Identify discrepancies between
the current workforce capabilities and the projected needs.
Determine Action Steps: Decide on the necessary actions to address
these gaps, such as hiring, training, or restructuring.
4. Develop Recruitment and Retention Strategies
Create Recruitment Plans: Develop strategies to attract and hire the
right talent, including job postings, recruitment campaigns, and
partnerships with educational institutions.
Focus on Retention: Implement strategies to retain existing
employees, such as career development opportunities, competitive
compensation, and a positive work environment.
5. Implement Workforce Plans
Execute Recruitment Strategies: Begin the hiring process based on
the developed plans.
Monitor Progress: Track the implementation of workforce plans and
make adjustments as necessary.
6. Evaluate and Adjust Workforce Plans
Assess Effectiveness: Regularly evaluate the effectiveness of
workforce planning efforts and their alignment with organizational
goals.
Make Adjustments: Be prepared to adjust plans based on changing
business needs, market conditions, or workforce dynamics.
This structured approach to workforce planning helps organizations
proactively manage their human resources to align with strategic objectives.
If you have any specific questions about any of these steps, feel free to ask!
1. Assess Current Workforce
Explanation: Evaluate the skills and competencies of current staff in
the Supervision Department, which is responsible for overseeing
financial institutions to ensure compliance with regulations.
Example: The department may have a mix of experienced supervisors
and newer employees. An assessment might reveal that while there
are strong analytical skills, there is a lack of expertise in emerging
financial technologies (FinTech).
2. Forecast Future Workforce Needs
Explanation: Analyze the central bank's strategic goals, such as
enhancing regulatory frameworks or adapting to new financial
technologies.
Example: If the central bank plans to increase its focus on digital
banking oversight, it may project a need for additional staff with
expertise in cybersecurity and digital finance regulations.
3. Identify Gaps Between Current and Future Workforce
Explanation: Compare the current workforce capabilities with the
projected needs to identify gaps.
Example: The assessment might show that while the department has
sufficient staff for traditional banking supervision, there is a gap in
knowledge regarding digital banking regulations and risk management.
4. Develop Recruitment and Retention Strategies
Explanation: Create strategies to attract and retain the necessary
talent to fill identified gaps.
Example: The Supervision Department could develop partnerships
with universities offering programs in finance and technology to attract
graduates with relevant skills. Additionally, they might implement
training programs for existing staff to enhance their knowledge in
digital finance.
5. Implement Workforce Plans
Explanation: Execute the recruitment and training strategies
developed in the previous step.
Example: The department might launch a recruitment campaign
targeting professionals with experience in FinTech and cybersecurity,
while also rolling out training sessions for current employees on digital
banking regulations.
6. Evaluate and Adjust Workforce Plans
Explanation: Regularly assess the effectiveness of workforce planning
efforts and make necessary adjustments.
Example: After a year, the Supervision Department could evaluate
whether the new hires and training programs have improved oversight
capabilities in digital banking. If gaps still exist, they may need to
adjust their strategies, perhaps by increasing collaboration with
external experts or regulatory bodies.
This tailored approach to workforce planning helps the Supervision
Department of a Central Bank ensure that it has the right talent to effectively
oversee the evolving financial landscape. If you have further questions or
need more examples, feel free to ask!
