We have previously discussed how states and communities around the country are implementing demand-driven workforce initiatives that focus on jobs with large and growing numbers of openings. Many of these initiatives start by identifying a targeted list of high-demand jobs. The most common approach for arriving at this list is engaging employers and other partners in a planning process that relies heavily on existing government projections of job openings within a state or region.
More recently, these projections have been enhanced by including information captured from job board postings and company websites, otherwise known as real-time labor market information (LMI). In this planning process, employers as well as business and industry associations are routinely asked to assist in identifying targeted jobs by providing feedback on this information.
This approach to identifying workforce needs is a useful start, but when developing practical solutions, it has shown real limitations. That’s why Talent Pipeline Management® (TPM) goes further by engaging employers in developing their own projections of future openings for critical jobs they have targeted.
The purpose of Strategy 2 is to prepare you to engage your employer collaborative members in demand planning—a process to project future openings for your collaborative’s most critical jobs, regardless of whether they are filled by upskilling current employees or hiring new employees. In TPM®, the first task of an employer collaborative is to ensure the group has actionable data that will allow it to create value for members through talent supply chain solutions.
This process has the added benefit of generating projections that might be useful to other community stakeholders interested in improving labor market projections by comparing demand planning results with data from government occupational projections and real-time LMI.
Strategy 2 Learning Objectives
- Define the role of demand planning in managing the talent pipeline.
- Compare the strengths and weaknesses of different approaches for projecting demand.
- Conduct a demand planning process for critical jobs.
- Communicate demand planning projections.
