Looking at any business like a black box, you would find that the box consumes resources and outputs products or services that add value, generating profits in the process. The profits can be increased by either increasing the output or by optimizing the resource input. This is what Workforce Management is all about – managing the workforce to optimize the resources and improve productivity. This includes the complete set of activities from forecasting resource requirements, allocating resources, and managing the day-to-day operations. Workforce Management improves the bottom line directly.
Traditionally, the twin objectives of allocating resources optimally and improving productivity were the responsibility of the line managers. But when it comes to humans, decisions are subjective and vary from person to person. This brings inconsistency and inefficiencies into the picture that consumes more resources than required and lower productivity. If a business is a game of margins, you would want to avoid that. Invest in a workforce management application to streamline your activities. Consider the workforce management system to be your business performance monitoring dashboard that performs various roles under the hood.
Benefits of Workforce Management Systems
A robust workforce management system can add immense value to an organization. Some of the benefits of investing in a workforce management system are:
Many organizations have reaped the benefits of implementing a robust workforce management system. As a result, the demand for workforce management solutions has surged across industries in recent times.
Business processes in Workforce Management Systems
A workforce management system should include most business processes in an integrated and user-friendly manner. Some of the processes are:
Demand forecasting is a vital aspect of business and a precursor to planning. Forecasting the future resource requirement based on historical data and current business targets helps companies plan resource availability to ensure smooth operations. Workforce Management Systems utilize historical records and key metrics to determine optimal resource requirements. AI enables accurate demand forecasting based on in-house data to a great degree of precision. Better demand forecasting leads to optimal resource planning.
Planning and budgeting
With a good forecast comes better planning and budget control. Planning involves scheduling activities, allocating resources, setting a budget, and putting in place control tools. Planning is a complex activity that draws heavily on the experience and expertise of the planner. Poor planning can disrupt business operations. Workforce Management Systems enables organizations to plan and budget more accurately. As planning is accurate, operations require less contingency in resources, which saves money!
Staff scheduling enables companies to allocate workforce based on parameters like availability, working hours, vacation, etc. Staff scheduling also involves allocating the resource with the required competency and expertise for the job at hand. Workforce Management Systems take over the staff scheduling process by allocating the employees to the tasks based on various metrics. Scheduling meetings and interactions with team members become streamlined with a holistic workforce management system. Workforce Management Systems also monitor the progress of various activities and ensure task completion by routing it through the appropriate channel.
Time and attendance
Workforce Management Systems automates the complete time logging process for employees. Employees log their entry and exit schedules using access cards for the system to record. Leave records are also logged by the system tracking the entitled leaves against consumed leaves. Workforce Management Systems also enables the workforce to log their time on different activities accomplished. Timekeeping allows management to find out activities taking up the bulk of the time, eliminate bottlenecks, speed up processes and utilize resources optimally. Employee payroll is integrated with this system to automate the payroll process.
Performance appraisal and management
Workforce management systems also enable employee performance appraisal and performance tracking in real-time. Organizations require people in various roles with different expertise, working in a synchronized manner. With a solid Workforce Management System in place, managers can set performance and training goals for employees that build in-house knowledge and skills required to boost performance. Employees can set goals for themselves that are visible to their managers. Performance monitoring, goal achievement, and an appraisal are also feasible inside the Workforce Management Systems. It brings transparency and objectivity to the whole process.
Why go for a Workforce Management System?
With all the benefits and capabilities of a Workforce Management System arises the vital question – Should you go for it? The answer is an emphatic yes! Workforce Management System inherits the scalability of any software application that makes it a flexible all-weather business performance dashboard. Gaining insights from the past and improving the processes are also inherent from the record maintaining capabilities of the system. An organization with a strategic perspective on future trends will never be able to overlook the resource optimization potential of this holistic tool.
If growing your business revenue is one side of the coin, improving the margin is the other side. They go hand-in-hand in a sustainable business venture. If revenue without margin is useless, then revenue without optimal margins hands the advantage to your competition. The future of business belongs to dynamic, resilient, and high-value business models that respond to market needs and the latest trends. Workforce Management Systems are best for startups, on a rapid growth trajectory and organizations working with remote teams held together with technology. An investment in a scalable business platform is more effective than staffing more people to manage a workforce in a traditional style.
Workforce Management Systems are the future of line management. Software applications are entering into most business processes driving up efficiencies and bottom line. Organizations that adapt and adopt new technology will stay ahead of the game. Only by leveraging the latest tech will companies be able to leap ahead of the competition.
At Wolken, we help organizations implement the best Workforce Management Systems. We endeavor to help our clients harness the power of IT systems to boost their business. If you would like to know more, then get in touch with our team and we would be happy to help you.