A key goal of human capital management programs is to improve and modernize its workforce.
Workforce optimization is focused on scaling the existing workforce to meet the current business needs.
Organizations do this by acquiring, sharing, building, borrowing, or returning workforce skills and capabilities through:
Acquire. Hire new talent to fill or replace existing roles.
Share. Make use of the skills and capabilities across the organization.
Build. Upskill talent through shadowing, training, and development.
Borrow. Utilize skills and capabilities outside the organization.
Return. Employ alumni or retirees to fill a specific talent gap.