Whether you're an established business owner or in a start-up, big ticket purchases can be daunting. You wonder whether the benefits new software will actually pay off. You wonder when you'll start seeing results. From the biggest company to a local small business, a workforce management system is a big commitment that reaps big rewards. These are just five ways your workforce management system will pay for itself.
Eliminate Buddy Punching
Buddy punching, or one employee clocking in or out for another employee, isn't just a random occurrence. It accounts for almost 5 percent of total payroll costs annually and if you are using a punch card or paper timecard, you have no control over how often buddy punching is occurring. A workforce management system can integrate timekeeping software to use unique identification cards or biometric identification that reduces the occurrences of buddy punching in the workplace. This can save money and help employers get a better understanding of their employees' timekeeping.
Schedule Smarter
Payroll can eat your budget and if you're not scheduling effectively, you're wasting even more money. Both over scheduling and under scheduling can dramatically affect employee morale and your business' bottom line. A workforce management system can begin to pay for itself by helping managers schedule smarter. Workforce management systems can identify accidental over scheduling, occurrences where too many employees request time off, and use metrics to identify where more help is needed. This allows businesses to staff appropriately but stay lean in the process.
Reduce Payroll Mistakes
Too many employers know the fines and difficulties that come from payroll mistakes. Accidentally overpay an employee and it may take your company months to collect it back. Accidentally underpay an employee and the Department of Labor may be knocking at your door and charging hefty fines. A workforce management system helps pay for itself by helping managers and payroll staff avoid costly payroll mistakes. A workforce management system can identify when employees are accruing overtime, when managers over schedule specific employees, and categorize employees based on their exemption status. All this reduces potential fines from the labor department and ensures employees are being paid appropriately.
Prepare for the Future
No one knows what the future holds, but all companies make some educated guesses. A growth plan helps set the path to your success, but too many companies are making their plans on faulty statistics and gut instinct. Workforce management systems track and monitor unique metrics that make your business grow. Inventory, staffing, and productivity can all be tracked and quantified using workforce management systems and those, in turn, can help identify your real cause of growth and what's holding your business back. With this information, businesses can create growth plans based on facts rather than faulty instincts, saving your business money.
Increase Productivity
You may have the right staffing, but are they performing the right job? Too often, staffing has very little to do with productivity and more to do with empty space and a workforce management system can help change that. Workforce management systems can track company data to determine where and when your company needs additional help. Using productivity gauges and company data, a workforce management system identifies what departments are busy during what time, which can help you move employees for maximum productivity.
A workforce management system is an investment of time and money but one that easily pays for itself. From equalizing staffing to eliminating time theft, the benefits of implementing a workforce management system are simple to see and the costs are recouped quickly.
