(Newswire.net — February 17, 2020) —
It’s a fact that employee compensation can eat up roughly 70% of our company’s total annual operating budget. If we’re not careful, those manpower-related costs can spiral out of control and reduce our bottom lines. One of best ways to improve our company’s efficiency and performance is by implementing a workforce management system. Using workforce management tools to maximize our daily operations isn’t just smart – it’s one of the keys to success in today’s highly competitive business world.
What is Workforce Management?
In layman’s terms, workforce management is a series of processes that we can use to track efficiency and increase the productivity of all our company’s employees. An effective workforce management system can also help us manage day-to-day operational aspects like employee scheduling, direct and indirect compensation, compliance and payroll budgeting.
Workforce management principles can be applied to all types of industries including construction, manufacturing and real estate. It’s also true that most employers that use an effective workforce management program reap many benefits as a result.
Increases Productivity
Happy workers tend to be more productive. That said, we can all make our workers smile by using workforce management tools to:
· Identify and reward top performers
· Accurately track and compensate employee for hours worked, including overtime
· Coordinate indirect compensation programs
· Enter pay raises in a timely fashion
· Ensure transparency and open lines of communication
Helps You Cut Costs
When we automate our employees’ time and pay computations it eliminates payroll errors and allows for the seamless uploading of compensation changes. As managers, we can also deploy our workers more efficiently and adjust employee numbers and operational budgets accordingly based on current and future market trends.
Reduces Non-Compliance Risks
The more we can lower our exposure to non-compliance infractions, the better we can sleep at night. Poor compliance monitoring and record keeping methods raise those risks and potentially
increase costs, while a good workforce management system can help us stay compliant with:
· Local ordinances
· Federal and state labor laws
· Union contracts
· Company policies
· Independent contractor agreements
Promotes Operational Flexibility
In today’s rapidly changing, high-tech business world, we’ve got to be flexible when responding to change. The faster we respond to fluctuating production goals, market conditions and customer demands, the higher the quality of our product or service. A good workforce management process puts real time data into our hands as managers so that we can make better, more informed decisions.
Improves Employee Morale
Again, a happy employee who’s emotionally invested in what we’re doing also tends to be more productive. No matter what our company does, employee satisfaction priorities include the organization’s values and culture, quality of its senior leadership and the ability to enjoy career growth opportunities from within. As those factors feed employee satisfaction, it builds team morale. Workforce management also allows us to identify workers with career growth potential, and then match their skills and experience with open positions so that all parties win.
Higher Customer Satisfaction
Maximizing our workplace efficiency and workforce productivity also promotes a higher level of customer satisfaction. Companies with employees that feel satisfied in their respective roles tend to put out a better, higher quality product. Using an effective workforce management system ultimately helps us improve customer satisfaction and brand awareness.
When choosing your workforce management computer software, make sure to carefully do your homework first so that you make the right decision. A good workforce management program should cost-effectively simplify your life by eliminating the need for old-fashioned spreadsheets while further optimizing your resource planning. When done correctly with the right computer software, workforce management will not only boost your bottom line, it will help you sleep more peacefully!