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Workforce management means recognizing the top priorities of an organization and anticipating human capital challenges so that the proper steps can be taken to mitigate liabilities and maintain efficiency. Scheduling, timekeeping, data analysis, and regulatory compliance are just a few tasks central to this purpose.Why is workforce management important?WFM is important because employers who have inconsistent workforce policies and practices may experience:Compliance violationsIncreased costsStaffing shortagesWorkplace safety incidentsInefficient productionHigher turnover ratesWhat are the benefits of workforce management?Control costsOverstaffing, excessive overtime and other costly expenses can be minimized by using technology to forecast labor needs. With some advanced WFM solutions, employers can even see how budgets are impacted by schedules as they’re created.Run payroll with greater accuracyWorkforce management software makes payroll more reliable because it automatically analyzes hourly labor and identifies patterns of overtime. Repetitive data entry and manual calculations are also eliminated, thereby minimizing human errors.Improve productivityBenchmarks allow employers to cross-reference their time and attendance data against businesses that are similar in size or in the same region or industry. If their workforce isn’t measuring up to the competition, they can take corrective action.Create smarter schedulesWith real-time data at their fingertips, managers can quickly identify shift vacancies and fill them before they result in an understaffed situation. The ability to create schedules by location, department or job also helps ensure optimal coverage.Minimize compliance riskOverlapping FMLA and state leave laws are more easily managed with automated workflows that track employee eligibility and leave balances. In addition, the online recordkeeping available with WFM software is helpful if there’s ever an audit by a government agency.Choosing a workforce management solutionIndustry, location, workforce characteristics and strategic goals generally determine which workforce management solution is right for a business. Despite these variables, many employers follow these steps when evaluating providers:Define processesOutline the WFM processes in place and who’s responsible for them.Gather feedbackTalk to stakeholders about pain pointsAssess maturity levelDetermine if the organization is ready for an advanced solution.Create a wish listPrioritize the requirements of a new WFM system

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  Coastal Carolina University

  Business