Final answer:
Workforce management encompasses a range of activities designed to align workforce size and competencies with strategic organizational goals, including hiring, training, team structure, and promoting a positive workplace culture.
Step-by-step explanation:
The question asks about the concept that encompasses all activities needed to ensure that workforce size and competencies meet the organization's strategic needs, which can be identified as a form of risk management. This is most closely associated with workforce management, an integral aspect of Human Resources Institutional & Corporate Management. Workforce management involves analyzing current workforce competencies, workforce planning, development, and ensuring alignment with the strategic objectives of the organization.
In a rapidly changing workplace influenced by factors including technology, economics, globalization, and demographics, organizations must adapt through hiring, training, and developing their workforce. This could involve shifting to team-based structures, where diverse skills and expertise are pooled to increase productivity and respond to changes efficiently. Also, bureaucracies are investing in human capital and must consider how to maximize their investment through continual employee development.
Part of workforce management also involves understanding the workplace culture, maintaining positive work relationships, ensuring workplace safety, managing work-life balance, and promoting career resilience. Additionally, the planning and execution of Equal Opportunity Programs, Security Management & Safeguards, and employee retention strategies come under this broad domain, ensuring minimal firings and optimal hirings relative to organizational size. Overall, effective workforce management contributes to reduced extinction risk of the organization in a competitive market.