If you've ever wondered if advanced planning is more of a niche problem or more institutional in nature, consider this: Those who specialize in planning say that they're not doing it nearly enough as they should.
That's according to a newly released poll from New York-based professional services firm Crunchflow, Inc. Exactly two-thirds of workforce planning professionals said that their uppermost priority was workforce forecasting. Workforce forecasting is an umbrella term that's used to describe what professional advisors can do on behalf of a client or organization to see to it that productivity is prioritized and streamlined, typically through a system of rules or plan of action.
Given that employees represent a core component of a business's bottom-line, many might consider that recruiting is a key task, even the most important of them all. However, only 14 percent of respondents cited hiring and promoting better as their foremost priority, the poll revealed.
Daniel Knijnik, CEO at Crunchflow, indicated that business owners have to be nimble and prepared for the unexpected, which advanced planning makes possible.
"Today, the greatest challenge that managers face is to maintain their teams always ready to answer upcoming demands and to take advantage of opportunities that appear on the market," Knijnik explained.
Workforce planning managers' top problem
Even though workforce forecasting is an issue that business owners, based on the poll, aren't necessarily neglecting, they nonetheless believe that they could be doing a better job at. Over half - 52 percent - said that this type of planning often proved to be problematic for them, as far as successfully facilitating is concerned.
In Americans' personal lives, planning and preparation is often assumed, particularly by children who rely on their parents. For example, in a recent survey commissioned by investment management group T. Rowe Price, of the nearly 1,100 8- to 14-year-old kids polled, over 60 percent assumed their parents would be able to pay for whatever college they wanted to go to. However, when the parents of these same 1,100 kids were surveyed, nearly two-thirds - 65 percent - said they'd only be able to contribute "some" money toward the cost of tuition. Only 12 percent said of parents said they had the financial resources to pay for their children's education.
Whether it's for business or personal purposes, the importance of advanced planning can't be overemphasized. If your client has advanced planning needs - such as for retirement or funding employee benefits - speak with a GFD financial services advisor.