External factors like economic trends play a crucial role in workforce planning, especially in our current context, where we're seeing swift and drastic shifts in key areas. For example:
Rising inflation rates are affecting wage expectations and hiring budgets
Technological advancements are pushing companies to either upskill current employees or scout for new talent
Globalization is heightening the competition for talent worldwide
Adapting workforce strategies to meet these trends is key to maintaining a competitive edge. Keeping a pulse on these external factors ensures businesses can pivot quickly, managing risks and seizing opportunities as they arise.