Alex is an HR Manager at Town, a tech startup. While his days are usually full, the most common challenge he deals with from one day to the next is finding the right talent to fit the company in the rapidly growing and evolving tech space.
One day, while sitting in on a financial forecast meeting, Alex discovers rolling forecasts, a great hiring strategy especially suited to the tech space whose hallmark features and unique hiring needs require HR managers to diverge from traditional hiring methods.
But what are rolling forecasts? This guide will explain everything you need to know about them.
What are Rolling Forecasts?
Rolling forecasts are like having a crystal ball, but they’re way more accurate. They allow companies to iterate and update their financial predictions based on the latest data. This continuously provides a dynamic and real-time view of future business conditions.
Instead of being locked into an annual plan, rolling forecasts receive on-the-go updates, often monthly or quarterly, and are thus a powerful tool for anticipating staffing needs.
The Power of Rolling Forecasts and Data-Driven Planning
One key advantage of rolling forecasts is their reliance on data-driven planning. They give managers a complete overview of the company’s trajectory and make it easier to predict and prepare for future staffing needs.
As you can guess, this is just the tip of the iceberg, so If you’re looking to learn more about how to dive into the weeds and implement this next-level business approach, Pigment’s guide to rolling forecasts is a must-read.
Some other noteworthy business benefits of doing rolling forecasts for talent acquisition include:
1. Anticipating staffing needs
Imagine Alex’s relief when he realizes the business can foresee the staffing demands for upcoming projects months in advance. By integrating rolling forecasts into its recruitment strategy, the company can align talent acquisition with the ever-changing business demands.
As a hiring tool, rolling forecasts are a proactive approach that can make all the difference. For example, well-done rolling forecasts can ensure that when a new project kicks off earnestly, a business has a ready and pre-qualified pool of qualified candidates ready to step in.
This next-level alignment eliminates last-minute dashes to fill positions, saves time, and ensures the company can maintain its momentum without hitting any talent roadblocks.
2. Matching candidates to evolving roles
In fields like tech and engineering, roles can evolve as quickly as the technology driving those rapid evolutions. One day, you might need a software developer; the next, you’ll need an AI engineer. Rolling forecasts allow decision-makers at all levels to identify these shifting needs early.
For example, hiring managers can use the forecasted data to tailor the business’s recruitment efforts to match perfect-fit candidates with the right roles as they evolve. Think of it like a chess game where checkmating someone always requires you to strategize a few moves ahead.
Rolling forecasts provide that foresight and allow managers to strategically place talent where it’s needed most, ensuring that every role has someone who’s not only qualified but perfectly suited for the task at hand.
3. Enhancing flexibility and responsiveness
With rolling forecasts, businesses can swiftly adjust hiring plans to scale up the workforce and ensure the company can capitalize on new opportunities without delay. Additionally, they can streamline and simplify the hiring process on the fly to ensure the business is ready for staffing surprises.
Picture this: Alex’s company wins a major contract to develop software earlier than anticipated. Thanks to rolling forecasts, Alex had pre-identified the need for additional software developers and UX designers months before the project’s confirmation.
As soon as all parties append their signature to the agreement, Alex quickly onboards the necessary talent, and the project starts without a hitch. That’s the power of rolling forecasts.
4. Fostering Continuous Improvement
Thanks to the rolling forecasts, hiring teams can regularly examine recruitment patterns to determine what’s working and what needs a makeover. This data-driven process refines their decision-making and more accurately matches talent with opportunities.
Since mastering recruitment is just like honing any skill, the repetition and refining that’s so integral to valuable and actionable rolling forecasts move you from an apprentice to a grandmaster.
Conclusion
Tech, engineering, and other industries that seem in constant flux need talent matching that can keep up, and rolling forecasts make that possible.
Businesses that forecast staffing requirements and pair them with company objectives avoid last-minute hiring scrambles and ensure they have the talent to drive key initiatives forward.