Australian organisations are increasingly concerned with the growing range of complex human capital challenges, yet their ability to deal with them is not up to the challenge.

Global recruitment giant Randstad’s annual World of Work Report concluded that half of Australian employers would rate their ability to deal with human capital challenges as average or poor.

To deal with the crisis, Randstad has issued a five point strategy:

  1. Appoint a workforce planning project team: Choose a team of capable professionals to review and streamline your workforce plan. Include managers and employees at all levels — particularly those whose functions will be critical to your future success.
  2. Assess the current strategic position of your organisation: Include factors such as the size and diversity of your workforce, your business goals, any long-term plans for expansion or diversification, and location-specific circumstances.
  3. Assess your organisations current skills (areas where both your strengths and skills shortages lie): Consider the experience, knowledge, skills and capability required for the successful and smooth functioning of your organisation in pursuit of your goals.
  4. Be aware of outside factors: Remember to consider the broader political, economic, social and technological environment your organisation may need to succeed within 5–10 years from now. For example, employment regulation, the number of women in senior roles and outsourcing of HR services, are all likely to increase during this time.
  5. Integrate workforce planning into your core strategic planning process: and ensure clear action plans are established to measure and review progress.

Randstad Australia’s Group Director, Steve Shepherd, says businesses must assess what value means in talent acquisition and workforce management today. His advice for human resources and hiring professionals ‘It’s pretty simple — it’s not just about cost and time. It’s about aligning company and workforce strategy, and evolving planning, processes and strategy to achieve core business success.’

The full World of Work report can be found here