The “7 Bs” of Strategic Workforce Planning is a modern approach that offers a framework for organizations to effectively plan and optimize their workforce in alignment with their strategic goals. This model encompasses various strategies to acquire, develop, and retain talent, recognizing the diverse ways organizations can meet their human resource needs. Here’s an overview of each component:
1. Build
This strategy focuses on developing existing employees’ skills and capabilities through training and development programs. The aim is to prepare the current workforce to meet future challenges and fill upcoming roles, fostering internal talent mobility and career progression.
2. Borrow
Borrowing involves leveraging external talent on a temporary basis, such as contractors, freelancers, or consultants. This approach allows organizations to flexibly scale their workforce up or down based on immediate needs and access specialized skills that are not available internally.
3. Buy
Buying talent refers to hiring new employees from the external job market to fill specific roles within the organization. This strategy is used when specific skills are needed quickly, and it’s not feasible to develop these skills internally in the required timeframe.
4. Blend
Blending involves using a mix of permanent and contingent workers to create a more flexible and adaptive workforce. This strategy can help organizations balance the stability of a permanent workforce with the flexibility of contingent workers to respond to changing market demands.
5. Bot
The bot strategy incorporates automation, artificial intelligence (AI), and robotics into the workforce. By automating routine tasks and processes, organizations can improve efficiency, reduce costs, and allow human employees to focus on more strategic and creative tasks.
6. Bind
Binding focuses on engaging and retaining key talent within the organization. This involves creating a positive work environment, offering competitive compensation and benefits, and providing opportunities for growth and development to reduce turnover and keep valuable skills within the company.
7. Boost
Boosting refers to increasing the productivity and effectiveness of the existing workforce. This can be achieved through various means, including improving work processes, enhancing work-life balance, adopting new technologies, and fostering a culture of continuous improvement.
Together, the 7 Bs offer a comprehensive approach to strategic workforce planning, allowing organizations to proactively address their current and future talent needs. By considering a range of strategies from building internal capabilities to leveraging technology and retaining key employees, organizations can develop a resilient and agile workforce capable of supporting their strategic objectives in a rapidly changing business environment.