Importance of Workforce Management
The importance of Workforce Management (WFM) exists within your profit and loss statement.
The data collected by WFM allows you to mitigate losses caused by incorrect reporting of hourly payroll, create payroll reporting per employee, identify employee attendance issues, forecast labor needs for upcoming projects or tasks and adjust those needs for approved leaves or absences, assign labor to newly acquired projects, recognize employee potential for advancement, inspire workforce excellence, and more.
Completed manually, all of the above benefits would require manual scrutiny with the help of spreadsheets. The possibility of error is absolutely measurable in the time saved by your scheduling department, payroll department, and supervisory and administrative personnel. Reassignment of this time relief results in much higher productivity.
The money saved is quantifiable as with Workforce Management worked time is minutely calculated to a tenth of a second (1/10 second) rather than rounded up to the nearest minute. As an example consider an employee that makes $10/hour, that is potentially $0.1666666667 per minute saved per employee over one minute’s time.
Just as importantly, workforce management software spans geographical locations; telecommuters and field representatives as well as every branch location of your business work using the same system. Data can be micro and macro managed.
Lastly, WFM fits all business sizes. You choose among the components needed to help your business excel.