Workforce planning initiatives encompass strategies used to identify and prepare for the current and future needs of an organization’s human capital. The process involves evaluating internal resources and external labor markets, as well as determining skill sets needed to support organizational objectives. By planning ahead and taking proactive steps, companies are better equipped to successfully adjust to a dynamic business landscape. Effective workforce planning initiatives enable organizations to effectively manage risk, anticipate challenges, maximize talent potential, develop competitive advantage, and drive innovation.