Any sharp global economic contraction (like the one we've just experienced) comes with massive volatility and shockwaves in the employment market. The last 18 months have been especially complicated due to unique COVID-19 responses across regions and jurisdictions. Depending on where you live, lockdowns and regulations continue to change rapidly in response to local pandemic conditions.

The geographically disparate nature of this "return to normal," coupled with the high number of job vacancies and a lack of interest among many people in returning to work, presents a unique landscape for businesses around the world. This is perhaps most pronounced in the professional services industries, where human capital is the primary product, and an inability to react to quickly changing circumstances could be the difference between survival or insolvency.

The ability to effectively plan around resourcing, demand, staffing mixtures, skill sets, and utilization is always important-but particularly in the current unpredictable economic climate. Planning and budgeting as an activity extends far beyond resourcing and workforce-based initiatives, with financial statement, cash, depreciation and amortization, marketing, and project financials being just some of the other areas where such effective forecasting may be prudent.