Reforecasting Amid Upheaval: Best Practices for Financial and Workforce Planning

Reforecasting Amid Upheaval: Best Practices for Financial and Workforce Planning

If your role includes financial planning and analysis, you likely had just completed your 2020 revenue, headcount, hiring, opex, and capex forecasts, only to find that COVID-19 rendered them moot. So where to go from here? How can you chart a new course when time is of the essence and the waters are murky? 

At Workday, our team of finance professionals has gathered timely and actionable tips for dealing with revenue shocks and workforce and capacity planning when income is hard to predict, and strategies for emerging from this pandemic in a position of strength.

The tips reflect what we’ve learned as we’ve been helping customers adapt and respond to the current climate. In these engagements, we’ve seen an increased need for two things across the board: more granular forecasts and a finer time horizon. 

These two dominant asks point to the demand for business agility. As Kinnari Desai, senior director of FP&A at Workday, points out, “Flexibility and the ability to react quickly are the two most important things.” 

For CFOs and their teams, navigating an uncertain future requires up-to-the-minute, data-driven forecasting that can be done monthly, weekly, or even daily. With the COVID-19 pandemic sending waves of disruption

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