Workforce management, also referred to as WFM is a process through which a business tracks employee productivity. It then makes use of this data to optimise productivity. Thus, it helps employers allocate tasks effectively, provide necessary resources, ensure compliance with any new or standing laws, and plan for the future of the company.
In this article, we will discuss why workforce management is important, what benefits a WFM system can offer a business, as well as what features to look for in an effective workforce management software solution.
The Importance of Workforce Management
It is important to implement and make use of a workforce management system as it allows employers to track what is happening in their business by making use of the metrics and data that is gathered. It can provide information such as the number of employees needed to complete a task, how long a task should take, what resources or equipment are needed to complete a task effectively and efficiently and more.
Workforce Management System: The Benefits
An effective WFM system can have a dramatically positive effect on a business. Some of the benefits and ways in which it can help optimise a business include, but are a not limited to:
- Increased Accuracy and Compliance: WFM software can automatically track and provide payroll administrators with accurate readings and logs of timesheets when performing payroll. It will also allow for leave and overtime tracking, ensuring compliance with Labour Law.
- Increased Productivity: As metrics are readily available to track staff productivity, steps can be taken to ensure employees are performing optimally.
- Effective Schedule Management: Unforeseen crises or employee absences can be managed easily by adjusting schedules as unforeseen problems or absences occur. Thus, you will never be understaffed on tasks.
- Cost-Effective: With increased productivity and a way to ensure one is never overstaffed, one will save money in the long-term ensuring that a business has the financial means it needs to effectively grow and expand.
Effective Workforce Management Software
When searching for workforce management software, it is important to ensure that the chosen software solution has the features your business needs to succeed. Some of the basic features of effective workforce management software include:
- Scheduling: WFM should have the possibility to automate staffing schedules to ensure there is never a shortage of staff at any given time.
- Time Tracking: The software you choose should be able to provide data and metrics on staff attendance to encourage better planning and optimisation.
- Overtime Management: Overtime management is an important feature as it will alert the necessary people when a staff member is working overtime.
- Leave Management: A staff member’s leave will always be visible making it easy to approve leave requests.
- Compliance Regulation: Regulating and tracking compliance can be complicated and difficult. A good WFM software solution will make this easier and improve accuracy.
- Analytics: When one has access to real-time analytics dashboard one can make adjustments where needed, before a problem occurs.
- Forecasting: This refers to the software being able to depict how many employees and resources are required to finish a job effectively.
To find out more about what workforce management could mean to your business, contact the team at PaySpace.