Effective workforce planning can be difficult because of the challenges associated with determining overall headcount. Decision makers need greater insight into resource demands and costs associated with personnel planning. A strategic workforce plan will help your organization avoid under-staffing, over-staffing, or misallocating employees, which can severely halt growth.
Ken Fick, of Pierce The Fog, will discuss how many high-performance organizations manage to conduct workforce planning to ensure agility and success effectively. He will explain how their approach can be broken down into several strategies that will help you gain an edge over competitors and increase revenue for your organization.
Learning Objectives
After this webinar, you will be able to:
1. Discuss ways to forecast attrition and workforce demand planning.
2. Describe how to leverage workforce planning scenarios.
3. Develop a workforce plan to gain a productive advantage.
4. Give examples of how to reduce the impact of workforce fluctuations on strategic, operating, and financial plans.
47. About IMA® and the CMA® Program
IMA® (Institute of Management Accountants) is one of the largest and most respected
associations focused exclusively on advancing the management accounting
profession. Globally, IMA supports the profession through the CMA® (Certified
Management Accountant) program, continuing education, research, networking, and
advocacy of the highest ethical business practices.
The CMA is a globally recognized certification program for management accounting
and finance professionals. The two-part CMA exam covers 11 critical business areas,
including financial planning, analysis, control, and decision support.
Learn more at http://www.imanet.org/cma-certification.
Editor's Notes
Margaret: Good afternoon and welcome to IMA’s Inside Talk Webinar Series. The title of today’s presentation is, “Personnel Planning to Impact Profits,” sponsored by Prophix.
I’m Margaret Loughery and I’ll be your host for today’s Inside Talk Webinar.
Margaret: Before turning the presentation over to today’s moderator, I would like to quickly review some important information about today’s event.
First, we encourage you to submit questions to the presenter(s) at any time during the live webinar by using the “Q & A” window at the left side of your screen.
Should you experience any technical difficulty, please click the “Help” icon at the bottom of your screen for ON24 technical support.
In order to earn CMA and NASBA-approved CPE credit today, you must adhere to the following completion guidelines:
Register for and attend the live event
As well a participate completely in the live webinar by logging in on time, and responding to all Group Monitoring Mechanisms, which will be in the form of poll questions.
Margaret: Join the conversation about this webinar on Twitter using hashtag InsideTalk. Click the Twitter icon on the bottom panel and you can tweet or follow the conversation.
Margaret: It’s a pleasure to have Adam Larson as part of our program and he will be serving as moderator for today’s event.
Adam’s Bio: As a Senior Manager of Educational Technology Enablement, Adam manages all of IMA’s webinars including Inside Talk, Leadership Academy, Internal Control, CMA Candidate, and Tech Talk. He also oversees the research, design, development, vendor management, and ongoing execution of the IMA’s Learning Center and the technical designs of new and existing online products.
Adam holds the Digital Event Strategist certification and an MBA from the University of Phoenix.
Hi Adam. Welcome to our program.
Adam: Thank you Margaret! I’m pleased to be a part of the IMA webinar series and on behalf of IMA, I want to welcome everyone to today’s session.
Adam: At this time I would like to introduce our featured presenters for today’s program. With us today we have Kenneth Fick.
Kenneth’s Bio: Mr. Fick's experience includes positions within finance, accounting, management and consulting where he has led critical business planning, forensic analysis and strategy initiatives. As a senior leader, financial expert and business partner, Mr. Fick builds enterprise value by moving ideas from concept to execution by partnering with sales, marketing and operations to identify new revenue streams and profit opportunities that increase EBITDA and expand the business footprint. Currently, he is a Senior Manager at MorganFranklin Consulting as well as the President and CEO of Pierce The Fog, LLC a website dedicated to providing users with tips, tricks, and new ideas to accelerate their careers, improve their lives and enhance the profitability of their businesses.
Please join me in welcoming Kenneth Fick.
Ken: Thank you. It’s great to be here and I’m pleased to be able to discuss this important topic with you and our members today.
Adam: Next I would like to introduce our second presenter for today’s webinar, Erik Lima.
Erik’s Bio: Eric is the manager of business analytics at Manatt, Phelops, Phillips, LLP, a law firm based in Los Angeles, CA. In this role he is responsible for creating production and revenue budgets and monthly variance reports, as well as analyzing the profitability of the firm, professionals, and clients. In addition, Erik helps to set prices for new billing arrangements with clients.
Please join me in welcoming Erik Lima to our program.
Adam: Before turning the presentation over to our speakers, I would like to go over the learning objectives for today’s program.
After participating in this webinar, you will be able to discuss ways to forecast attrition and workforce demand planning.
You will also know how to describe how to leverage workforce planning scenarios.
You will be able to develop a workforce plan to gain a productive advantage.
And finally, you should be able to give examples of how to reduce the impact of workforce fluctuations on strategic, operating, and financial plans.
We’re looking forward to an informative presentation, so at this time, I am going to turn it over to Ken Fick to begin.
Ken: I see that we have arrived at our first poll question, so I am going to turn your attention to our moderator, Adam.
Adam: Thank you. Attendees should see the first polling question now open on your screen. I would like to remind all participants that you will have about 30 seconds to respond to each of the polling questions today. You may begin responding to each question as soon it appears on your screen. Our first polling question is… “How much does your company spend on employee benefits as a % of total salaries?”
Less than 5%
Between 6% -10%
Between 11% - 15%
More than 15%
I don’t know
Please note that after selecting an answer, you must click the “Submit” button, which is located on the right side of your screen, just below the response options, in order to successfully record your answer.
Now let’s take a look at the results.
Adam/Margaret clicks the yellow arrow to display the poll results.
Adam reads the poll results, and then asks Ken for his feedback. After discussing the poll results, Ken clicks the yellow arrow to continue with the presentation.
Ken: We’ve arrived at our second poll question, so I’m going to turn your attention to our moderator.
Adam: Thank you. As you know, you may begin responding to the poll questions immediately and you will have about 30 seconds to respond to each question.
Our second question today is… “Does your company currently integrate workforce planning into its budgeting and planning process?”
Yes
No
I don’t know
After choosing an answer, please be sure to click the “Submit” button, located below the response options, so that we may record your answer.
Now, let’s take a look and see how the audience responded to this question.
Adam/Margaret clicks the yellow arrow to display the poll results.
Adam reads the poll results, and then asks Ken for his feedback. After discussing the poll results, Ken clicks the yellow arrow to continue with the presentation.
After discussing this slide, Ken verbally turns the presentation over to Erik.
IMA team clicks the yellow arrow to begin the recording of Erik’s section.
Recording of Erik’s presentation begins
The company’s largest expenses are salaries and rent.
Adam: Thank you Erik. Attendees may respond to this poll question immediately, as I read through the question. Our third polling question for today is… “What is your biggest concern when implementing a new solution?”
Will the software fit with the existing infrastructure?
What is the effort for maintenance, installation, back-up, and upgrades?
What is the assurance of data security?
What is the underlying technology?
All of the above
After selecting your answer, please be sure to click the “Submit” button below, to ensure that your response is recorded.
Adam: Lets take a look at the results and see how our audience responded.
Adam/Margaret clicks the yellow arrow to display the poll results.
After Adam reviews the poll results, Adam/Margaret clicks the yellow arrow to begin the second section of Erik’s recorded presentation.
Break big projects into small pieces – It can be daunting to try and scope out very large reports or complicated processes, but completing and testing small pieces at a time that build upon each other makes it easier
Think ahead – When creating templates don’t just think about the current version, but instead how they can be reused in future periods and build flexibility in the model to easily update it. A little extra time spent up front can save a lot of time later on
Using a common data source for reporting eliminates errors and saves time.
Adam: Thank you, Erik. As with the previous questions, you may respond immediately, while I read the question and response options. Our fourth and final poll question for today is… “Are you currently looking to replace your budgeting, reporting, forecasting and planning system?”
Please choose from one of the following options:
Yes, in the next 1-2 months
Yes, in the next 3-6 months
Yes, in the next 6-12 months
Yes, in 1+ years
Yes, but unsure of the timing
We are just researching budgeting, reporting, forecasting and planning solutions
No, we do not plan to replace our budgeting, reporting, forecasting and planning system in the foreseeable future
After selecting your answer, please remember to click the “Submit” button, to be sure that your answer is properly recorded.
Adam: Let’s take a look at the results and find out how the audience responded.
Adam/Margaret clicks the yellow arrow to display the poll results.
After Adam reviews the poll results, Margaret/Adam clicks the yellow arrow to move to the QA slide.
Adam: Thank you Ken and Erik. I would like to begin addressing some of the questions from our audience members. Let me first remind participants to send us your questions and comments by typing them into the Q & A panel on the left side of your screen.
Seeded Questions:
1. How is security handled? We can’t have people seeing salary data that they are not supposed to see. (Ron will answer)
2. Can temporary employees be planned for? Can they have different compensation rules applied? (Ron will answer)
3. How do you create “buy-in” when you need to change processes, procedures and technology that will support planning and budgeting that involve colleagues across departments? (Ken will answer)
Ok, we have time for one more question…
(At approximately 1:58 p.m., after the final question has been addressed)
Adam: I’m going to turn your attention back to our host, Margaret.
Margaret: I’d like thank our presenters, Kenneth Fick and Erik Lima for sharing their knowledge and expertise with us. We’re very appreciative that they have made time for IMA and our audience today.
Also, thank you Adam Larson, for moderating today’s event.
Margaret: As a last step, please be sure to complete the Evaluation survey, which should be visible on your screen. If it has not popped open, please click the Resources icon at the bottom of your screen for access.
After completing the survey, if you have met the NASBA requirements for CPE credit, you will be able to access and print or save your Certificate of Completion today, using one of 2 methods.
First, you may click the “CPE” icon at the bottom of your console before the webinar concludes.
You may also click the link on the right side of your post-event thank you e-mail that you will receive later today. Please save or print a copy of the certificate for your records.
Finally, your CPE credit will be automatically entered into your member transcript.
Invest in Your Success today. The CSCA is a specialty credential designed specifically for CMAs*, which complements and expands upon the strategic planning and analysis skills developed through the CMA certification. Register by January 31, 2018 and save $250 with the code CSCA250.
Margaret: I want to again thank Prophix for presenting today’s webinar, and thank all of you for your participation in today’s event, your commitment to IMA and your professional development through IMA’s Inside Talk Webinar Series.
I look forward to spending time with you again soon when we’ll enjoy some more Inside Talk.