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What Is Workforce Management (WFM)? Exploring the Tools That Streamline Your Business Operations

The foundU Team
May 14, 2024
9 Min Read

Companies today face a multitude of challenges. Whether it’s managing cash flow and overheads, tracking performance, or forecasting labour needs, operational issues are a large question mark all companies must address.

Believe it or not, your business’s operational concerns can be simplified with a single solution known as workforce management. But, what is workforce management exactly? 

Workforce management (WFM) is the practice of overseeing your workforce and achieving peak performance to effectively reach your business goals. It is a set of techniques used to improve a business’s internal processes – automating where possible. 

What is a Workforce Management Software?

The evolution of the modern workforce has made workforce management more diverse and consequently more complex. It has also made the need for WFM more essential. 

Fortunately, technology has also become more advanced, heeding the call for efficiently automated WFM solutions. 

Thanks to new innovative technologies like cloud-based solutions, AI, and mobile technologies, businesses can easily optimise their resources with automated tasks. 

Workforce management software manages HR tasks like employee scheduling, time and attendance tracking, leave management, and performance analysis. The software creates a more efficient and productive work environment for your business.

Key Functions of a Workforce Management Strategy

A workforce management strategy is made up of many different key components.

The essential functions of workforce management strategy include employee scheduling, time and attendance tracking, labour budgeting, performance management, compliance monitoring, leave management, activity management, payroll integration, and data and analytics.

Employee Scheduling

Scheduling involves predicting your business’s labour needs and creating efficient employee schedules, matching employees with the necessary skills to fill those needs. 

It can also include making real-time adjustments so work is done efficiently and getting the most important work done during peak work hours.

Time and Attendance Tracking

Time tracking includes accurately monitoring employee hours, including when they start and end work; their breaks, how long the breaks are, sick days, and leave requests. This helps employers adhere to fair pay practices and comply with labour laws.

Labour Budgeting

A clearly outlined labour budget allows for better financial planning and resource allocation.

Labour budgeting looks like managing all direct labour costs associated with staffing needs, including all wage costs and other direct labour add-ons, and estimating the number of hours and billable revenue to be produced throughout the financial year. 

Performance Management

Performance management tracks and evaluates employee performance to identify areas for improvement. It uses data and technology to streamline processes, allocate resources, and create a more efficient work environment.

Compliance Monitoring

Compliance monitoring makes compliance with regulations, company policy, and wage and labour laws easier by taking all the necessary considerations into account.

Leave and Absence Management

Make sure you are complying with industry leave regulations and employee absenteeism by requesting, approving, and tracking employee leave. This practice creates a system of efficient work coverage during absences. 

Leave and absence management minimises the effects of reduced productivity, increased risk, and increased costs as it relates to leave and absenteeism.

Task and Activity Management

Assign, track, and monitor employee tasks and activities to see where employee time is spent. Gather insights into workforce capacity, budgets, and costs to promote focused work, improved workflow, and better overall workforce management.

Payroll Integration

Integrate existing timesheet data with automated payroll systems for more accurate and efficient wage calculations, payments, and disbursements. Analyse labour costs and track paid leave and timesheets.

Analytics and Reporting

Analytics provides valuable insights into workforce data, which helps to identify long-term trends, give real-time access to scheduling edits, optimise staffing strategies, and make decisions in real-time.

Workforce Management System Benefits

A robust workforce management system can offer many benefits, such as cost reduction, improved productivity, better compliance with regulations, and enhanced employee satisfaction. 

By automating functions like time tracking, scheduling, and payroll, you can eliminate human error and save time that can be used on other more productive tasks.

Speaking of productivity, an efficient workforce management system can increase team productivity by reducing manual time, attendance, and scheduling processes. When work is distributed proportionally and communicated clearly, the quality of work is improved and productivity can reach optimal levels.  

Automated workflows can easily manage leave entitlement and allocation, leaving an easily trackable record for regulation compliance purposes in the event of an audit.

Perhaps the most important benefit of all is employee satisfaction. When done well, a workforce management system gives employees more control over their work, reduces unnecessary stress, facilitates fair treatment, and creates growth opportunities.

Challenges in Workforce Management and How to Overcome Them

Workforce management incurs challenges that all businesses, regardless of size, will undoubtedly face. 

Whether it’s adhering to labour laws or handling complex schedules for your employees, having the right systems in place can be the difference between your company’s success or failure.

Your workforce management solution should focus on these key challenges, as well as any operational challenges that are unique to your business and industry. 

A system that covers all the bases and has prevention solutions in place will have a much better chance of navigating any complexities that surface.

Transform Your Business with foundU

Workforce management software, like the foundU WFM platform, gives businesses a fully integrated solution to tackle WFM pain points. 

The foundU Employee App connects your employees and gives them access to attendance, leave, payroll, and other important core functions. It simplifies the whole process and engages your workforce, improving morale and making them more productive.

Get In Touch Today

All businesses face operational challenges. What sets successful businesses apart is their ability to confront these challenges and the systems that are put in place to improve overall performance.

foundU’s workforce management software can streamline your business’s internal functions with automated processes on a singular intuitive platform. 

Use the foundU WFM software to improve efficiency, comply with regulations and labour laws, optimise your scheduling, and boost productivity.

Ready to overhaul your workforce management strategy? Book a demo and learn how foundU can make a lasting difference in your operations. 

 

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