Cracking the Code: Workforce Demand Forecasting for Tech CEOs

Aug 21

A group of coworkers looking at workforce demand forecasting metrics on screen.

Workday Adaptive Planning Features

Workday Adaptive Planning is packed with features that make workforce demand forecasting a breeze, especially for tech CEOs. These tools help align workforce strategies with company goals and keep an eye on costs in real-time.

Matching Workforce Plans with Goals

Workday Adaptive Planning helps companies sync their workforce strategies with business goals. This is key for attracting, hiring, and keeping top talent while spotting and fixing skill gaps. With powerful analytics, decision-makers get timely insights for quick data analysis, leading to smart decisions.

For instance, companies can set workforce goals that match their strategic plans. These goals might include targets for hiring, retention, and skill development.

By keeping an eye on progress, businesses can tweak their strategies to meet workforce needs. Here's an example:

  
      Goal Category
      Example Target
      Measurement
    
      Hiring
      100 new developers
      Monthly hiring reports
    
      Retention
      90% employee retention
      Annual turnover analysis
    
      Skills Development
      80% of staff trained in new tech
      Training completion rates

Goal Category	Example Target	Measurement
Hiring	100 new developers	Monthly hiring reports
Retention	90% employee retention	Annual turnover analysis
Skills Development	80% of staff trained in new tech	Training completion rates

Real-Time Cost Monitoring

Real-time cost monitoring is another standout feature of Workday Adaptive Planning. This lets companies model hiring, transfers, and retention strategies using driver-based assumptions. Decision-makers can instantly see the cost effects of staffing choices.

Companies can consider various global and local factors affecting their staffing plans, ensuring a full view of potential costs. By analyzing costs, open positions, and workforce metrics across multiple angles, businesses can quickly adapt to changes.

Here's an example.

  
      Cost Analysis Dimension
      Description
      Tools Available
    
      Hiring Costs
      Analysis of expenses related to new hires
      Cost modeling tools
    
      Retention Costs
      Evaluation of expenses associated with employee turnover
      Analytics dashboards
    
      Open Positions
      Monitoring of unfilled roles and associated costs
      Real-time reporting

Cost Analysis Dimension	Description	Tools Available
Hiring Costs	Analysis of expenses related to new hires	Cost modeling tools
Retention Costs	Evaluation of expenses associated with employee turnover	Analytics dashboards
Open Positions	Monitoring of unfilled roles and associated costs	Real-time reporting

With these features, Workday Adaptive Planning supports effective strategic workforce planning and provides the tools needed for optimizing headcount forecasting. Tech CEOs can better handle workforce management and boost overall efficiency using this software.

Why Workday Adaptive Planning Rocks

Switching to Workday Adaptive Planning can be a game-changer for companies looking to nail their workforce demand forecasting. Let's break down two major perks: boosting productivity and slashing planning cycles, plus having all your data in one place for smarter decisions.

Boosting Productivity and Slashing Planning Cycles

Workday Adaptive Planning isn't just a fancy tool; it's a productivity powerhouse. Users have seen a 70% cut in planning cycle times and a 50% bump in productivity on average. This means you can pivot faster when the market shifts and tweak your workforce strategies on the fly. Cutting down planning cycles not only smooths out operations but also gives leaders more time to focus on big-picture stuff like strategy and innovation. For CEOs looking to up their workforce planning game, integrating workforce planning tools with Workday Adaptive Planning can lead to major efficiency gains.

All Your Data in One Place for Smarter Decisions

Workday Adaptive Planning pulls all your data into one spot, making workforce planning a breeze. This centralized system helps with modeling, forecasting, and budgeting, leading to better decisions. With all your data in one place, you can whip up smarter plans and get insights that match your business goals.

Having real-time data at your fingertips means you can make informed decisions quickly, helping CEOs steer their workforce optimization efforts effectively. Using a solid workforce optimization software can take these benefits even further, ensuring leaders have the info they need to push their organizations forward.

In a nutshell, Workday Adaptive Planning is a must-have for tech CEOs who want to ace headcount forecasting and strategic workforce planning.

Kinnect - Headcount Planning Software for Workforce Demand Forecasting

Our Workday-specific headcount planning software Kinnect is here to integrate with Workday Adaptive Planning and make workforce demand forecasting a breeze, especially for tech industry CEOs. It’s packed with features that simplify the process and help you make smarter decisions.

Your Go-To for Headcount Data

Kinnect is your one-stop shop for all things headcount. It keeps track of both current employees and those in the hiring pipeline. This is a game-changer for HR, Talent Acquisition, and Finance teams, ensuring everyone’s on the same page with the latest info. Real-time updates mean you’re always working with the freshest data, making your forecasts spot-on.

  
      Data Type
      Description
    
      Active Headcount
      Employees currently on the job.
    
      Pre-Hire Data
      Candidates in the hiring process, including those with job offers.
    
      Real-Time Updates
      Instant data refreshes to keep everything accurate.

Data Type	Description
Active Headcount	Employees currently on the job.
Pre-Hire Data	Candidates in the hiring process, including those with job offers.
Real-Time Updates	Instant data refreshes to keep everything accurate.

By centralizing headcount info, Kinnect helps different departments work together smoothly, cutting down on data mix-ups.

Tailored Workflows and Seamless Integration

Kinnect lets you customize workflows to fit your company’s needs. This includes managing positions and streamlining approvals for managers and budget owners. Plus, it automates backfills from your HR system, so HR, Finance, and Talent Acquisition can kick off recruitment as soon as there’s a vacancy.

Key features include:

Total Control Over Hiring Plans: Manage your hiring strategies and adapt to workforce changes easily.
Job Requisition Management: Simplifies creating and tracking job requisitions for timely hiring.
Smooth Integration with Applicant Tracking Systems (ATS): Kinnect works seamlessly with ATS for managing requisitions, extending offers, hiring, and onboarding, all linked to Workday.

This level of integration and customization makes Kinnect a must-have for optimizing workforce planning. It ensures your organization can respond quickly and efficiently to staffing needs. For more tips on workforce planning, check out our articles on workforce planning tools and strategic workforce planning.

Boosting Workforce Demand Forecasting

Nailing workforce demand forecasting is a game-changer for tech CEOs looking to get their headcount strategies just right. Let's chat about why having a clear budget with real-time updates and smooth requisition management is key in this area.

Budget Visibility and Real-Time Updates

Workday Adaptive Planning offers top-notch tools to keep an eye on costs, open positions, and workforce analysis from all angles. This helps companies quickly adapt to changing business needs.

The system simplifies workforce planning by providing a single source for modeling, forecasting, and budgeting. This leads to smarter decisions and helps hit business targets faster. Companies using Workday Adaptive Planning have seen planning cycle times drop by 70% and productivity go up by 50%.

Users get easy access to reports, dashboards, and powerful scenario modeling. These features let companies figure out the best way forward based on solid data. If you want to dive deeper, check out our resources on workforce planning tools and workforce planning and analytics.

Smooth Requisition Management

Smooth requisition management is key to aligning hiring efforts with business goals. Workday Adaptive Planning makes this easy by offering a centralized spot for managing headcount requests and approvals. This keeps everything on track, cutting down on delays and miscommunications.

The platform gives tech CEOs a clear view of open positions and hiring processes, allowing for quick tweaks when workforce demand changes. By linking requisition management with budgeting and forecasting, companies can make sure their hiring plans match their financial and strategic goals.

For more tips on optimizing your headcount strategies, check out our articles on headcount planning software and labor demand forecasting. These resources offer great info on tools that can boost workforce forecasting and support strategic workforce planning.

Seena Mojahedi

Seena is the Founder of Kinnect, a headcount planning product designed for Workday customers. In his 12+ years of experience in the Workday ecosystem, Seena has supported tens of customers in implementing and maintaining their Workday platform, many of whom utilize position management and all of whom have struggled to land on their feet with effective headcount management processes.

After experiencing the pain from position management and solving it repeatedly, he sought a path to invent a better solution. And so Kinnect was born to solve headcount planning and position management, integrate your technology stack, enable manager self-service, and much more! What started out as a “side project” is now full-time with a rockstar team looking to bring a world-class headcount management solution to the market.

Before innovating Kinnect, Seena founded Kandor Solutions back in 2019 to bring top-tier Advisory, Consulting, and Staff Augmentation to Workday customers. He and his team have supported their customers’ success in all facets of Workday, from implementation to post-production, with a unique, customer-side approach unmatched in the market.

When Seena’s not working, he loves spending time with his family, traveling around the world, snowboarding, hiking, and enjoying his morning cappuccino. He holds a BS in Business Administration with an emphasis in Computer Information Systems from California Polytechnic University, Pomona.