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Estimating Cost Savings from using a WFM System

A simple approach for determining costs savings is to consider the time a workforce management system can save you in the following activities:

  • Data entry
  • Manual calculations of hours and payments
  • Reduced human error
  • Budget forecasting (e.g. overtime and premium payments)
  • Sharing information between business functions
  • Audting and correcting time records
  • Creating time reports
  • Creating and managing leave reports
  • Lost or inflated time
  • Filing of paperwork
  • Answering employee questions

Other factors to consider:

  • Number of employees
  • Minutes saved per effort
  • Total minutes saved
  • Total hours saved
  • Estimated labor savings per pay period

After doing the calculations you may find that a system such as WorkSight can pay for itself very quickly.

 

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