Workforce management (WFM) encompasses all the activities, processes, and tools needed to manage a workforce. A comprehensive WFM includes planning, forecasting, scheduling, and tracking workers to optimize the balance of customer, employee, labour laws, and organizational needs. We explore below 10 benefits a proper workforce management solution can do for your business:
1. Meet Strategic Objectives
Workforce Management solutions enable organizations to meet strategic objectives by tying deployment and utilization of the workforce to organizational goals and business demand.
2. Reduce Administration and Payroll Errors
Human resources are vital to the efficiency and productivity of any organization.
Reduce or eliminate data entry mistakes by using self service time reporting or integrating to time clock devices for automated time and attendance.
3. Eliminate Expensive Mistakes
Overpayment is the number one leading human error an organization can make.
A WFM system in place, data can be imported directly into the system and called upon when needed.
employee management ensures that data is always accurate and the bottom line is not negatively affected.
4. Monitor Planned Costs vs. Actual Costs With Increased Labour Visibility
A WFM solution provides daily insight for management to see their planned costs against their actual costs – allowing for changes to be made immediately to stay within budget.
5. Match Business Demands with Appropriate Labour
By using a combination of budgeting, planning and analytics and/or an optimization tool to reconcile data with the availability, skills, and eligibility of personnel to work to support them.
6. Increase Productivity and Transparency With Self Service Tools
Save managers and employees’ time and the reduction in paperwork with the use of self-service workforce management tools.
Eliminate the need to wait for information from other entities, with readily accessible data for direct and fast communication between employees and managers
Improved service to employees through transparency of data that applies to them and savings in reporting time.
7. Centralize Data Collection for Multiple Locations
Companies with multiple locations have the option to install a time clock at each location, or implement an employee/manager self-service solution.
Either way, all information can be gathered into one centralized system that can be easily managed.
8. Compliance with Labour Laws, Policies and Union Agreements
Reduced risk of statutory and/or union non-compliance and prevention of grievances and penalties.
Reduced exposure to regulatory risks through proper compliance with labour, health and safety laws and regulations.
9. Control Labour Costs - Create Significant Short and Long-Term ROI
For some industries, labour costs can account for 50 percent or more of total operation budgets.
With an effective employee management solution in place – staff reductions, hiring freezes, schedules, budgeting and forecasts can all be monitored to meet operational demands and boost short and long term ROI.
10. Maximize Yield and Operate at Full Efficiency
A workforce management solution equips management with real-time information to monitor staffing, analyze budget performance and control labor costs, all while continuing to focus on increasing production and profit margins.