Oracle Strategic Workforce Planning Cloud (HCMSWP)

Oracle Strategic Workforce Planning Cloud (HCMSWP): 

An addition in Oracle EPBCS offering is HCMSWP, a long-awaited tool to integration planning & budgeting with workforce management. Oracle Strategic WorkforcePlanning Cloud, a part of the Oracle Fusion Human Capital Management family translates long-term corporate strategy into execution plans by ensuring that the strategy is supported by the right workforce—the right skill sets and headcount at the right time.

1)      Skill Gap Analysis: 

A skills gap is the difference between skills that employers want or need, and skills their workforce offer. Conducting a skills gap analysis helps you identify the skills you need to meet your business goals. It can also inform your employee development and hiring programs.  There are two ways to fill skills gaps: training and hiring. Decide which approach (or a combination) works best for each skill gap.

a.       Train for skill gaps.

b.      Hire for skill gaps

2)      Balancing Demand and Supply:

      Workforce planning is about forecasting your current and future staffing needs in relation to your strategic business objectives, then addressing matters relating to the supply of labor, for example, are their candidates with the skills you require available?

Driver-Based Workforce Demand Modelling

Demand Forecasting :

Demand forecasting is crucial, as businesses don’t want a surplus of employees who are not being fully and effectively deployed, nor do they want gaps in their employee pool which results in reduced productivity, performance, and profitability.

Supply Analysis

Once a business has forecast what it’s future requirements are likely to be, it is then important to determine what number of employees will be needed, with what skills and when. Labour supply may come from within the organization or outside. The first step, therefore, is to do an analysis of the skills currently within the business. If skills are not available internally, then they may need to be sought externally. Once looking for externally factors such as availability of skills within the job market will be a major consideration.

3)      Attrition Analytics and Planning: 

Attrition is debilitating for the organizations since they are losing resources that have been trained and are adept at their jobs. To find replacements for the employees who have left and to train them and bring them up to speed entails costs for the organizations

Engaged: Feeling attached to the company and willing to exert extra effort on its behalf

Enabled: Having the tools and resources to be successful

Energised: Working in an environment that supports one’s health and well-being

  

Finally, Oracle empowers Oracle planners to manage and track headcount expenses:

·         Analyze, calculate, and report on headcount, salary, bonuses, taxes, and health care expenses

·         Plan for hires, transfers, promotions, terminations, and so on

·         Define country-appropriate taxes and benefits