Monday, 03 November 2008 05:18

Infohrm Launches New Solution To Quantify Financial Cost of Future Talent Decisions

 Infohrm, the global leader in workforce planning, reporting, and analysis solutions today released its “What If?” financial modelling application for workforce planning.  For the first time, finance departments deploying the new Infohrm solution will be able to quantify the implications of various talent management scenarios and compare the true business impact of employee hiring, development, and retention decisions.  Up until now, this process has typically been handled with a separate manual spreadsheet process, leading to slow and potentially error-prone planning.

 Workforce costs are both analysed and optimised in the new Infohrm modelling solution by combining base workforce cost drivers with Infohrm’s new proprietary cost of turnover, staffing and mobility models. In addition, Infohrm’s workforce planning application now offers integrated external labour force supply and salary data, such as that provided by the Australian Bureau of Statistics, the ability to view forecasts by business unit or job family, and competency-based workforce plans. The entire process is presented in a dashboard and is fully automated, enabling rapid deployment and ease-of-use.

Importantly, in a period of economic uncertainty, the modelling application enables organisations to analyse unnecessary costs of employment and inefficiencies in non-revenue generating activities.
 
“Finance Directors have always struggled with the concept of “investing” in human capital when employee salary costs sit squarely in the operating expenses section of the annual income statement. The market demands a workforce planning application that can integrate with financial and strategic planning cycles,” said Anastasia Ellerby, Managing Director, Infohrm.  “Infohrm’s “What If?” financial modelling increases the power of workforce planning by demonstrating how different talent management scenarios materially impact the entire organisation.  This is particularly important in a period where we are facing a greying workforce, a shortage of skills and increased competition for future employees.”
 
Finance departments deploying the Infohrm solution will also be able to boost accountability by combining traditional financial and strategic planning performance metrics such as revenue, profit and operating expense growth rates with workforce cost drivers.  They will also be able to align corporate financial objectives with divisional workforce decisions.
 
With employee-related costs often comprising the largest share of corporate operating expenses, this will help to not only identify total workforce needs and gaps in the future but provide multiple cost scenarios based on different assumptions about what talent will fill those workforce gaps.
 
“Creating a structure in which finance staff have the skills and resources to mine the data, generate hypotheses, test their ideas, produce reports and analytics, and engage internal customers in discussions of what the data means for an organisation’s future requirements, is no small feat but is certainly possible with this new “What If” application,” said Ellerby.
 
About the Infohrm Workforce Planning Program
Infohrm’s membership program provides the methodology, tools, training, advice, coaching, and technology to support your in-house workforce planning function. Infohrm manages the extraction of workforce data from your HRIS to deliver a state-of-the art, user friendly, web-based interface that facilitates workforce planning forecasts and gap identification. Leveraging Infohrm’s consulting and training services ensures that HR professionals are fully equipped to design and deliver workforce plans to audiences across the organisation.
 
Learn more about Infohrm’s workforce planning program https://www.infohrm.com/services/workforce_planning.aspx

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