What does the term “workforce planning” refer to?

The term "workforce planning" refers to the analysis and forecasting of workforce needs to ensure adequate staffing. This process involves assessing current workforce capabilities, predicting future workforce requirements, and developing strategies to align the workforce with organizational goals.

Workforce planning is essential for organizations to ensure that they have the right number of employees with the right skills at the right time. This proactive approach helps in anticipating changes in labor demand and supply, enabling organizations to make informed decisions about recruitment, training, and development. By effectively planning the workforce, organizations can mitigate the risks of talent shortages, enhance productivity, and maintain a competitive edge.

The other options focus on different aspects of human resources management. Annual reviews of employee performance pertain to evaluation processes, while managing employee benefits deals with compensation strategies. An overview of employee satisfaction and retention rates relates more to assessing workplace culture and employee engagement rather than planning for workforce needs. Hence, the focus of workforce planning is specifically on understanding and forecasting staffing requirements.