Employees make up a large part of the organisational system, which is why workforce management is one of the most crucial aspects of every organisation. Efficient employee management brings numerous benefits that contribute to overall success.
On the other hand, unplanned workforce management can make your company bleed revenue and perform poorly. Moreover, how do you expect to beat the competition when you do not have optimum workforce management?
Workforce management software can help you achieve all this and more. Read on to find out how.
What is Workforce Management?
Workforce management is the set of principles and practices that help organisations utilise their human capital optimally. It involves the in-depth analysis, forecast and fulfilment of productivity targets regularly. Also known as Human Resource Management (HRM) in some organisations, the value of WFM lies in its innate capacity to draw meaningful insights from raw data on employee productivity.
Significance of Workforce Management
Gone are the days of doing the bare minimum in business – from customer acquisition to human resources management, you have to stay on top of everything to make sure your business stays profitable. As the business environment around the globe becomes accepting and even encouraging of remote work, workforce management is only gaining more traction.
Keeping Costs in Control
Let’s face it – labour is one of the top cost-creating sectors of the organisational system and keeping the costs in check is a daunting task. Workforce management equips managers with the tools to analyse and keep costs arising from excessive overtime, overstaffing, and outsourcing under check with real-time data.
Changing market conditions and technologies take their toll on static business environments. It is impossible to stay ahead of the curve when you struggle to stay consistent. Workforce management ensures coordination between the results that managers seek and the productivity of employees.
Proper workforce management helps reduce the probability to negligible numbers. It empowers companies against aggressive market fluctuations due to uncontrollable circumstances. Despite safeguards and remedies, errors are bound to occur in extensive workforce processes.
Why Use Software for Workforce Management?
Fast-paced business environments need quick decisions and prompt actions. With so many data points to consider, this becomes difficult for the human mind. Workforce planning software does not just record data to show trends but also helps track real-time changes that facilitate decision-making.
Keeping employee satisfaction at its core, workforce management software can help you capitalise on their strong suits and bring out the best in them.
Capacity forecasting and management is the key contributor to goal achievement. While larger goals are broken down into weekly and daily milestones, they can only be achieved if planning meets execution. Workforce management systems help WFM teams mitigate the gap between expected and actual productivity.
Studies suggest that, in many cases, up to 45% of tasks that employees perform regularly can be automated. Imagine the kind of efficiency boost, not to mention the cost savings that this automation can bring to your organisation. Reduction in manual dependence also works in direct proportion to errors.
When managers accurately know the who, when and where of staffing, it becomes easier to make accurate projections. This helps the organisation to fulfil its promises to clients, build trust with partners and gain the support of vendors. In the long run, this gets more business and hence, revenue.
Using workforce planning software, you can guide your frontline leaders towards better execution of policies and grant improved oversight to top managers. Thanks to the enhanced planning for lean and peak hours, teams can complete projects timely and efficiently.
Workforce management is an integral cog-wheel to organisational machinery. While tools such as Skills Matrix and spreadsheets are a good starting point, their effectiveness is often limited by the level of human involvement. Dedicated workforce management software, however, is designed exclusively to bring all the necessary elements under one roof.
From forecasting and budgeting to performance management and employee engagement, every part of the employee management routine is combined into a unified workflow. If you are looking to optimise your organisational WFM, switching to high-quality software may be the best idea.