What is Workforce Management?
Workforce management is a process that uses integrated software solutions designed to optimize workforce efficiency, individually, in a team, and throughout the company. Areas covered by employee management software include recruitment, timing and attendance, payments and benefits, planning, training, and performance management. The goal of effective employee management is, in a nutshell, to optimize customer service while reducing personnel costs to a minimum. More precisely, it means balancing the company’s resources and requirements so that an employee with the skills best suited to the task is assigned to perform any job in the company or on its behalf, this task on time to meet demand.
“Your workforce is your most valuable asset. The knowledge and skills they have, represent the fuel that drives the engine of business – and you can leverage that knowledge.”
What is a Workforce Management Solution?
Workforce management solutions arose as a result of constant changes occurring in every company, changes in which human resources play a crucial role, such as employee rotation, training, schedules, and business requirements. Using system automation software, such as payroll, administration of services, and provision of services, can dismiss human resource specialists to focus on other essential tasks requiring human involvement. Workforce management can be used to get a clear picture of employee activity.
So basically, the workforce management solution is a system that allows companies to plan, manage, and analyze the demand for human resources and allocate them in the most efficient, cost-effective, and productive way. This helps the organization ensure that the workforce is efficiently used, which saves costs and efficiency. Simultaneously, the best workforce management software also has the function of managing talent management processes in the organization and has robust reporting functions to optimize personnel planning and explore potential improvements in these areas.
Why does an organization need a Workforce Management Solution?
To identify why you need a workforce management solution and how to use it optimally, you should consider the most significant “pain areas” for your business, like can you make better use of HR data and get your financial numbers quickly? Think about how you can take HR or “people” data such as time and attendance, health, and productivity data, and use them to achieve the desired results. For example, do you want to identify problems related to recruitment, personnel management, attendance, and involvement? Do you want to categorize this information by a manager or by location?
Employee management solutions allow a better look at HR data and can help streamline company and employee decision-making processes. Ultimately, to decide what you’re looking for in workforce management software, you need to look at your organization and think about the problems.
This varies from organization to organization, but critical problems for many companies include staff involvement, retention and turnover, productivity, and customer satisfaction. Identifying the areas your business is facing problems means that you can look for software that will help identify the source of the problem and solve it.
In 2019, the global Workforce Management Software market size was US$ 2437.5 million, and it is expected to reach US$ 4174.8 million by the end of 2026, with a CAGR of 7.9% during 2021-2026.
Employee management solutions also automate working time and payroll calculations eliminating errors and ensuring that even the most complex payroll rules are implemented with precision and ease. In addition, a complete overview of the use of labor helps organizations to plan more efficiently and adjust staffing levels as required. These improvements can dramatically reduce average labor costs. Research shows that organizations with optimized personnel management spend 33% less unplanned overtime.
What to look for when buying a Workforce Management Solution?
There are many WFM solutions on the market, each with a range of tools. Distinguishing between them and choosing the best employee management software for your company can be really difficult. However, several key features make up the best workforce management software.
First of all, a cloud-based workforce management solution is an excellent option for organizations of all sizes. It offers total flexibility as it is a web-based platform, giving users the opportunity of remote access to the system. It is even better if a system provides mobile access to the workforce management solution to ensure maximum flexibility on the go.
You need a workforce management system that can easily handle various types of complex data. For example, many organizations have complex staffing structures, and employee hours and contractual arrangements contain anomalies. The perfect workforce management software will be able to synchronize these discrepancies easily.
Finally, choose a workforce management software that has comprehensive reporting features through analytics. This will help HR teams and management in analyzing data stored in the system to identify staffing issues or blockages in individual departments or at specific times of the day to see opportunities to increase the efficiency of talent acquisition activities.
Workforce management solutions that match your business requirements can produce better results. It will ensure that your business acts as the best version of itself, minimizing losses and maximizing efficiency, creativity, and productivity. This will make it easier to manage your business, so you can create schedules and forecasts that are best for your company, allowing you to effectively balance changing demand with available resources.
Successful implementation of workforce management solutions will allow you to save time and money, improve accuracy, and free up the previously occupied employees with administrative work and move them to higher-level work requiring human input.
The technology of workforce management solutions is today an invaluable resource that is available to companies. This will continue to grow and improve in terms of the increased efficiency it can provide to companies. Our other blog, “Things to consider when choosing a Workforce Management Solution,” contains extensive detail on how you can buy and use the best workforce management solution. Whether you are already a technologically advanced user who wants to know more or a complete novice who is just beginning to realize the potential benefits of the software, the blog will be of great help.
If you are looking for an all-around workforce management solution that takes care of employee management, timesheets, documents, benefits, and expenses in one place, check out our product Vultus Connect. If you feel that it will help your company improve productivity, go ahead, and connect with team Vultus for a demo.
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