The ability to centralize information and institutional knowledge is critical for improving productivity and streamlining business operations. A unified knowledge base can increase workplace productivity by at least 20%.
This is where knowledge management comes in.
What Is Knowledge Management?
In basic terms, knowledge management or KM is the ability to identify, sort, and distribute valuable information in the organization. This means being able to flag essential knowledge as well as making sure it gets to employees who can best utilize it.
Knowledge can be broadly defined. This can cover everything from your most useful HR templates to onboarding procedures for new hires.
KM is accomplished by using a Knowledge Management System, software that stores and distributes the information. Knowledge Management Systems can be as simple or as complex as your organization requires.
Organizations and companies that use Knowledge Management Systems outperform their competitors. Knowledge Management gives you access to the collective wisdom of your entire company and keeps that information in an easily searchable database, so it can be used right when you need it.
Centralizing Your Data 101
Now, let’s get to the heart of the issue by discussing how you can centralize your data.
We’re going to take an open approach to this topic so that your organization can make use of this information whether you’re a startup or Fortune 500.
Centralized information doesn’t have to be a complicated subject. In fact, when you break it down into the basic components, it’s actually really simple.
Centralized information is stored in a single location that can be accessed from many points. A great example of this is your email.
You can log into your email account from your work computer, your home computer, or even from your mobile phone. The emails are centrally stored and can be accessed from many points.
There are two basic ways that you can centralize the information for your business. These options boil down to whether or not you want to use local storage or use the cloud.
Local Storage
Local storage is a sensible option depending on the type of business you operate and how much data you’re talking about storing.
Local storage involves setting up a server that you own and maintain. If you already have a robust IT department, this might be a logical step for your business.
These local storage options put your organization in total control over your data management. your IT department will be in charge of everything from cybersecurity to data architecture.
You could always contract out to Independent data management companies to fill in any gaps that your IT department does not cover.
Cloud Storage
Cloud storage is the other strategy for centralizing the information generated by your business. Cloud storage has gotten increasingly populated over the last several years. This involves paying a third party company to host your information on their servers.
Amazon is probably the most well-known cloud storage option, but there are countless competitors out there with features and benefits that might be better for your company.
Cloud storage has the advantage of being entirely prepackaged and not requiring an IT department to manage. Cybersecurity is also in the hands of the company that hosts your data, but that doesn’t mean that your business should shirk cybersecurity management.
Why Do We Centralize Information?
There’s so many reasons to centralize information, but these five are the most impactful.
Reduce Redundancies
Improve Your Cybersecurity
Allows For Cross-Department And Cross-Roll Collaboration
Improves ROI On Knowledge Generating Tasks
Creates A Central Repository Of “Truth” For Your Organization
Reduce Redundancies
Once you centralize the information generated by your business, you’ll be shocked by the amount of redundancies that pop up throughout your current Knowledge Management System.
These redundancies are going to be in everything from your onboarding practices to how departments communicate with each other. Each of these redundancies is reducing the efficiency of your business and costing you revenue.
Improve Your Cybersecurity
Before you use a Knowledge Management System to centralize the information generated by your business, your information will be scattered across different storage systems.
The more storage systems you use for your information, the greater your cybersecurity vulnerabilities are going to be. Centralizing your information greatly minimizes your risks by reducing the amount of opportunities hackers have to attack your data.
Cross-Department And Cross-Roll Collaboration
Your departments need to work together. In order to cooperate, they need to share information through a centralized repository.
Without a centralized source of information, your departments and staff are going to be left sending scattered emails, documents, and other disconnected bits of information.
Improves ROI
All of these improved efficiencies and reduced risks are going to translate to a higher return on investment for all of the knowledge generating activities that your business engages in.
This ranges from contacts generated by employees to valuable marketing information. We’re living in the information economy and every bit of data you can correlate only improves the overall earning potential of your company.
Creates A Central Repository Of “Truth”
If you have one reliable source that all of your employees can double check, then you’ll remove all of the lost productivity caused by employees and departments being confused over best practices and company policies.
The Future of Corporate Parking: Trends and Innovations to Watch Out For
Have you ever been late for work because you couldn’t find a parking spot for 30-40 minutes? This is not some fictitious scenario but the reality we live in. This occurrence is so common that some people start building up car parking anxiety before they arrive at work.
This is a serious matter that deserves serious consideration. Being late for work is already costing companies (and employees) a small fortune, and anxiety is a known productivity killer.
So, how do modern businesses solve the issue of corporate parking, and what changes may we expect to see in the future? Let’s find out!
Fleet diversity is a major issue regarding modern parking trends. Namely, one of the ideas in corporate parking management is to handle different types of transportation to incentivize positive behavior.
For instance, electric vehicles are more environmentally friendly and require fewer resources. This is why they’re societally preferable to other fossil-consuming counterparts. One of their downsides is that charging electric cars takes a lot of time compared to fueling. So, modern parking lots will need areas for electric vehicles with available chargers, a solution further enhanced by technologies like Elysia battery intelligence. Doing so will also incentivize your employees to start using electric cars.
Another thing you need to worry about is autonomous vehicles. Sure, they’re still a relatively new concept, but this won’t remain so for long. Parking spaces for autonomous vehicles may significantly differ from what we have now. So, it might be wise to inquire if any of your employees have a plan or buying a self-driving car or if they already have one. If you plan to build a new parking lot, you need to discuss this with your architect.
Ride-sharing is another form you need to consider. Some companies provide the best parking spots for those who carpool. This positive trend is worth encouraging, but how many slots can you allocate? Carpooling compositions usually change over time, so having a fixed plan is not the best solution.
Temporary parking is also something worth mentioning. A lot of people uber to work. You’ll prevent traffic holdups by organizing a designated slot for them.
Lastly, people cycle and ride motorcycles to work. Just adding a bike rack or two is hardly sufficient. You also need proper security, possibly even cover in case of rain.
While conventional parking still takes priority, you must consider all these methods.
An online parking reservation system is the simplest way to handle most corporate parking problems. Using an app, your employees can book a parking spot for a specific date and duration. Naturally, a company can limit the maximum period of this reservation to avoid abuse of the system. This also works great for companies that have shifts.
Reserving a parking space for your company can be expensive, so you want to get the maximum value out of its use. By allowing your employees to book and cancel parking spots at any given time, you also take an “inventory” of your parking space. In other words, you can downsize if you notice that you use far fewer parking spaces than you need. On the other hand, this will also help warn you if you need more.
Since your employees can book the exact spot they will park in, this helps them better organize their schedule. Namely, some parking lots are not on the company premises, while others are massive. This way, your employees will know if they must head out beforehand.
Chances are that you’re already using some sort of parking management. Without an app, you will need a facility manager for this task. Since this is a highly administrative task, the chance of human error is high. You shouldn’t underestimate the number of work hours that comes from this. People are calling even on weekends and holidays to ensure they have a parking spot on the next work day. In other words, besides being more efficient, this method saves you work hours (and reduces payroll).
Parking as a business
Understanding parking as a business will help you strategize around the corporate use of parking lots. Namely, when it comes to the parking business, it’s all about the revenue. In general, parking rates are affected by several factors. These factors are:
Parking technology
Valet services
Amenities
Shade structures
If more of these factors are present, the cost of parking will be higher. Unless you own the parking lot, the cost of parking services won’t stop with the added expenses. You see, parking managers do this to justify the increase in parking rates rather than increase the quality of service. What you need to do is figure out whether it’s worth it.
Sure, you end up paying more, but you also get more. The bottom line is whether you need these amenities and if you’re willing to pay for them.
Businesses that rent out a company also rent out their parking lot. However, if you own a building and make a parking lot, your job still needs to be completed. Instead, you also need a manager, a system, and a maintenance plan. All of this increases costs. In the long run, it’s supposed to save you money, but it will also complicate an organization. Still, staying organized despite the circumstances is a requirement for running an efficient business.
Lastly, just because you own a parking space doesn’t mean you’re limited to it. If you don’t have enough space, you can rent out more. These hybrid solutions to the problem are pretty effective, and you shouldn’t ignore them.
Keep track and analyze data
Previously, we’ve talked about booking parking lot online. One of the reasons why this is so good is because it helps you keep volumes and volumes of data. Later on, you can analyze this data and turn it into actionable information. For instance, you pay your employees’ travel expenses. In that case, their means of transportation matter to you.
We’ve already determined the efficient use of parking, but this is just the tip of the iceberg. You see, roughly 68% of city land is devoted to parking spaces. This shocking stat shows how big of a surface you need to handle parking efficiently.
While multi-story parking garages are more efficient, they’re costly to build. Also, they usually can’t be seen outside of shopping malls. The same thing goes for underground parking. The biggest problem that stems from this is the matter of signal. Most modern vehicles rely on customer support and the internet (IoT is massive in the automotive industry). It’s pretty easy to lose signal in underground garages and multi-story parking.
Another thing that most people don’t consider is the potential damage to vehicles. Now, roughly 40% of all car accidents happen while parking. It is in your best interest to minimize these occurrences using accurate signalization, enough space allocated for each parking lot, and parking monitoring. Setting rules is one thing; ensuring that they’re abided by is something else entirely.
While some of these trends are massive in standard parking, no rule says this will apply to your case. Still, you can’t control how many people carpool, and people rushing to get to work are more likely to bump or scratch a vehicle next to their parking spot. So, it’s always worth having some of these things in mind.
Finally, it’s important to mention that finding parking in an urban environment is a legitimate concern. It causes anxiety and stresses people out. This stress will reflect on their performance. This problem is so massive that it even has a term – car park anxiety.
The definition of car park anxiety is the anticipation of a situation where you’re unable to park properly or spot parking. In other words, it’s not even your inability to find parking; it’s your feat that makes this will happen. With online booking, you can avoid this altogether.
An established system allows your employees to focus on the rest of their commute and rest assured that, once they get to work, they won’t have parking problems.
It’s also worth mentioning that parking spot disputes may cause some workplace arguments. Even without a system, everyone has “their” parking spot. The worst part is that the argument may be fueled by it, not break out over this. This means that it will be near-impossible to diagnose the root of the problem. Sometimes, it won’t be an outright argument but passive aggression or subtle antagonism. Why not avoid all of this by establishing a proper system?
Corporate parking is a major issue that you cannot afford to ignore
Ultimately, digitalizing your parking system is the simplest way to solve the problem. Everyone should have the ability to book their spot via an app. This system will make things simpler and provide you with much-needed data.
Also, you must acknowledge the evolution of workplace commutes in the last decade. You are preparing for electric vehicles, incentivizing carpooling, and recognizing that some people uber to work are just some issues you should recognize.
Lastly, you need to understand that parking is not a trivial matter. In some cases, it will impact your staff’s productivity and mental health.
5 Reasons Why You Need a Strong SEO Strategy for Your Business
Gone are the days when businesses could thrive without having an online presence. Today, even imagining this is not possible. As more and more people start doing everything online, you need to have an online presence to attract your target audience, build long-term brand loyalty, and boost conversions.
This is where Search Engine Optimization or SEO comes into the picture. SEO is one of the most crucial and powerful elements of online marketing. It includes the methods and tricks that can enhance your website’s overall visibility and searchability in an organic manner. As a modern-day business owner, you have your SEO game on point, you have already won half of the battle!
In this blog post, we will walk you through five reasons why having a strong SEO strategy is critical for your business’s success.
Let’s get started!
5 reasons why your business needs a robust and effective SEO strategy
Are you dealing with high bounce rates? Are your conversion rates at an all-time low? Do you struggle to make your website appear on the first page of Google’s SERPs?
If yes, then there are flaws in your SEO strategy. It is preventing you from reaching your full potential and making you leave money on the table.
It is crucial to work on your SEO strategy (or create one if you haven’t already!) With a robust SEO strategy, you can improve your site’s rankings, thereby increasing the number and quality of your website traffic.
Having a robust and effective SEO strategy is critical, irrespective of industry or type of business. You only need to identify what your audience is likely looking for on the internet and tailor your strategy to meet their needs. For example, manufacturers can invest in SEO tailored to the needs of their target audience, who are their customers or their competitors’ customers.
There are even agencies that can help you out. There are SEO agencies for SaaS businesses, the retail industry, freelancers, and nearly any other industry you can think of. So, you don’t have to start implementing a marketing strategy by yourself.
1. It helps you build trust and credibility with your target audience
If you want to have a long-term business relationship with your customers, building brand loyalty, trust, and credibility should be your priority. And SEO is necessary for achieving that.
A website that ranks on the first few spots on a search engine’s result page is considered more trustworthy and more credible than the one hidden on the second page. In fact, 75% of online searchers never scroll past the first page of their Google search results.
Viewers are more likely to click on a top-ranking website and believe the information presented there. Thus, business owners need to focus on their website’s SEO, do keyword research, create high-quality content, and optimize their pages to rank their website higher.
2. Good SEO is necessary for a better user experience
Most marketers and business owners focus on the searchability and visibility aspect of SEO. However, they often undermine the important role it plays in enhancing the user experience of your website. Google now focuses on the kind of user experience your site delivers before ranking it.
A strong SEO strategy can help you optimize your website for both search engines and users. It includes improving your website’s speed, making navigation easy, and providing high-quality and relevant content for your target audience. All these factors contribute to a positive user experience, which is essential for attracting the right customers and retaining them.
3. A strong SEO strategy helps you rank higher in local search results
A strong SEO strategy is necessary for ranking higher on local searches. Today, more and more people are searching for terms like “bakery near me” or “best salons near me.” This means a large part of your customers is local people. So, having your local SEO game on point is crucial.
Local SEO strategies can like making a Google My Business account, optimizing your listings, using location-based keywords in your website’s content and meta tags, etc., can boost your visibility. On top of this, you can also request your customers to write reviews for your business on Google and Yelp can to improve your local credibility.
In case you are looking for a reliable service that can assist you with local SEO, SEOHero is here to help you. SEOHero is the leading SEO service in Hong Kong and have been helping businesses ace their SEO game for years.
SEOHero’s Local SEO experts can help you target any geographic area and generate maximum website traffic organically. From gaining better visibility to staying ahead of your competitors, they can help you with all of your local SEO goals.
4. Having a strong SEO strategy is the most cost-effective way to grow your business
One of the best things about SEO is that it is incredibly cost-effective. Unlike social media ads or paid marketing, SEO doesn’t cost a lot of money. It’s more about your skills and the way you implement your strategies. Additionally, leveraging tools like an SEO analyzer can streamline the process, offering insights into keyword optimization, site speed, and other crucial factors.
Sure, you will have to spend money on SEO, but it’s more of an investment that will give you long-term results and continuous benefits.
5. You will be able to measure the results
Another reason your business needs to invest in SEO and build an SEO strategy is that you can get measurable results. For example, you can check your rankings, your competitor’s rankings, your traffic, the keywords your target audience is using to search online, and so much more.
There are a large variety of online tools like Google Analytics that offer you invaluable information about your website and its organic performance. You can drill down every piece of information to a deeper level and understand your audience in a better way.
For example, the tool allows you to analyze the buyer journey of each of your website visitors. You can check the keywords they have used, the pages they have visited, and what actions they took.
Conclusion
Today, having a strong SEO strategy is no longer a choice. It has become a necessity. By implementing a strong strategic approach to SEO, you can attract more organic traffic to your website, gain a competitive advantage, improve user experience, and measure your results.
So, consider the above-mentioned reason and start developing your strong SEO strategy today! After all, being on the second page of Google SERPs is not an option, right?
Your Ultimate Guide to Benefits Administration Software Features
A benefits administration software is a software utility that enables employers to manage and administer their organizations’ employee benefits.
These tools can aid companies in streamlining processes such as assessing employee benefits packages, creating benefits packages, enrolling employees into benefits plans, tracking eligibility and availability, and tracking distribution management.
HR managers or specific staff have the role of administering employee benefits packages.
This software may also include tools and means for communications, health insurance plans, messaging, and voluntary benefits program enrolment. The use of benefits administration delivery tools can assist companies in automating tasks about benefits and even allow the deployment of self-service portals.
Admittedly, benefits management and administration is a complicated domain in HR and involves many facets concerning employee and employer relationships.
This is where benefits administration can be useful, as these tools can help organizations streamline the benefits administration process through automation tools.
Management of employee benefits could be expensive. It is a time-consuming facet and necessitates a lot of logistical considerations.
What features are essential when selecting a business’s apt benefits administration software?
A competitive salary package and attractive benefits programs may help businesses attract new hires, retain talent, and help alleviate worries and employees’ anxiety during difficult times, just like what has been experienced during the worst times of the COVID-19 pandemic.
What administration software are you using?
We review 8 benefits administration (BA) services that can help with other HR tasks.
Benefits administrators and human resources personnel can be fully empowered through the use of intuitive benefits management software to easily identify, manage and track the usage of benefits and amenities they offer in an organization.
An effectively managed benefits program may solve issues with staff and resources. Having functionally rich and easy-to-use software could help employers and employees maximize the use of HR tools and benefits.
Standalone Benefits Administration Software
Several options are available when choosing an organization’s ideal benefits administration software. Some HRIS platforms already come with built-in benefits administration features.
A standalone and customizable software might be the perfect solution for those with bespoke requirements. Some utilities are cloud-based, while the rest are implemented on-premise.
The following are the essential features that should be supported by the tool that an organization will choose to employ.
Feature 1: Payroll Processing and Integration
The process of calculating and distributing wages, salaries, and all matters compensation to employees, which typically involves calculating the total amount of pay due to each employee, is an arduous and complicated task where a lot of factors come into play, such as the number of hours worked, overtime, deductions, among others.
Payroll processing is an important function and should be done accurately and promptly. This may also entail other compliance tasks, such as preparing and filing necessary tax return documents and unemployment insurance reports.
A good benefits administration tool includes compliance management, employee self-service, and business intelligence tools. These benefits administration systems can process automatic payroll deductions, management, and employee welfare programs as standard.
Implementing payroll with manual workflows or limited software might pose a risk for the business and lead to delays or issues with the amount employees will receive. It could even lead to penalties from labor governing bodies.
When a system where payroll is seamlessly integrated with benefits management, an organization may benefit immensely with gains such as efficiency, accuracy, and accessibility.
Manual processes can be avoided or eliminated when payroll and benefits are automated through software, and increased administrative efficiency can be achieved. Benefits administrators and HR personnel could then focus on other important tasks, saving resourcing and time.
Another benefit of having a seamless ecosystem of HR tools can ensure that information, sensitive information at that, can be transferred easily, securely, and accurately. There will be no manual input, and input and data errors can easily be avoided.
Finally, data stored and processed in this software can be easily accessed and analyzed.
Knowing that data integrity is maintained and preserved could assure that everything is properly handled and processed. Other functions reliant on these processes and data, such as tax reporting, can be readily done.
Feature 2: Workflow Management
One key component of an effective process of administering and managing employee benefits is having a comprehensive and complete record of employee and HR data.
In addition, the HR partners of an organization should be fully aware of all the laws and policies needed for compliance and ensure that all necessary processes are documented and supported by workflows that are implemented and observed by all parties involved.
Key deliverables, accountable parties, and a detailed workflow need to be defined and communicated with all stakeholders to achieve the intended results. Meticulous planning and implementation are needed due to the complexities and numerous aspects governing benefits administration.
Employee data, all changes to the life and profile of an employee, and usage of benefits are all part and parcel of this process.
Regulatory policies and laws constitute one hurdle that benefits administrators should always consider. Legislation that concerns labor and employment, such as HIPPA, COBRA, and FMLA, are a few of the bylaws that should be consulted and referred to when determining what is due for an employee.
These regulations help determine what labor laws and requirements should be fulfilled for an organization to comply.
With the help of a benefits administrator and a digital tool for benefits delivery, a company can be assured of accurate response and delivery of employee benefits and compliance with all laws and policies.
Feature 4: Automation in Administration
By implementing and using a benefits delivery solution, the platform’s automation capabilities can be fully utilized to avoid manual work that is prone to errors and issues. Considering and handing individual employee details and enrollment to insurance and medical benefits will not be necessary.
Complicated calculations and considering specific laws and policies can be automatically handled. Reporting and analytics features are also usually included in these benefits programs to aid HR professionals in analyzing performance and determining the needs of employees and their needs.
Implementing and using these benefits solutions provide a functionally rich utility that aids organizations in achieving and attaining efficiencies and productivity. When automated tools are used and maximized to their full potential, adapting the business’ specific needs, the mundane, repetitive, or complex tasks can be easily done with the required precision and accuracy that ensures that everyone involved and affected by the processes will be satisfied.
This also allows an organization to divert and focus its efforts and time on other important tasks.
Feature 5: Integrations for Scaling Up and Building a Digital Ecosystem
Regarding benefits, integration is essential because connectivity with third-party systems, vendors, and providers will often be needed. Connectivity with these systems is essential for the companies to provide a seamless and complete benefits delivery to the employees.
One useful application for this is when applications and enrolments need to be submitted or forwarded to carriers and service providers. There, it is imperative to consider supported integrations and the presence of APIs in the platforms when choosing which benefits administration software is best for a company.
Acquiring new services and providers and data migration, combination, conversion, and transfer of data might also be needed to implement new software. The existing technology stack of a company is also part of what should be considered.
When all the essential requirements are considered during the procurement of the benefits management platform, the company can be assured that all the necessary features can provide the functions demanded by the business requirements.
What should be automated in employee benefits administration?
A company’s HR department handles many tasks, especially administrative tasks and all activities concerning employees, from recruiting, onboarding, training, managing health insurance and care, employee benefits, and offboarding.
Some of these repetitive tasks may involve working with many benefits administration software and software, several vendors and providers, and probably many forms and tons of paperwork.
Using benefits administration software can help organizations automate some, if not all, of these tasks. Some of the tasks that can be automated, according to EverythingBenefits.com, are:
Enrollment Process
Automating enrollment processes eliminates repetitive actions and tasks and ensures that each enrollment activity will be done correctly, swiftly, and efficiently. Submission of the enrollment data can also be done automatically through integrations.
Usage Tracking
Having the means to track the availability and usage of benefits can benefit both the employer and employee by allowing the easy perusal of what benefits are still available and providing employers with the means to gauge usage and determine what benefits are preferred by the staff.
Benefits Calculation
If done automatically through a platform, anything that involves calculation can eliminate human errors, allow faster results generation, and ensure accuracy.
Employee Data Management
Maintaining a digital solution to record and manage data ensures a safe, secure, and central repository. With this, capturing and editing of information can be easily performed. Generating reports and obtaining important information can be facilitated.
New Hire Reporting
Automating recruiting and the hiring process can save a lot of time and ensure that all the essential tasks can be done, such as submitting requirements and documents and providing all important information that a new hire should know about. Line managers and
HR personnel can also be reminded of key dates and tasks that can ensure that a proper and efficient onboarding will be done.
PTO Management
Regarding PTO management, having a benefits administration system where application, tracking, and approval functions are present will remove this process from HR. It will instead empower the employees and managers to manage time off and leaves themselves.
How can benefits administration software elevate a company’s HR team?
Time-Saver
When manual processes, tasks, and form-filling are eliminated, HR partners and employees benefit. Employees can access benefits data through online accounts, portals, and self-service facilities. Automated benefits administration software can also facilitate time-off applications, benefits, and reimbursement options without needing a benefits administrator to focus on these requests.
Error Elimination
With the use of benefits administration software, the possibility of human errors due to issues with data capture and manual calculation is minimized. These tools also assure the organizations that the data and forms are securely stored and can be recovered and accessed at any time.
Convenience
With digital transformation and implementation, most benefits management activities can be done on-site or remotely, providing a convenient way of administering and managing employee benefits. Paperwork and other infrastructure associated with obsolete means of doing things can be avoided.
The availability of data, portals, and functions through mobile sites and smartphones also makes things easy for employees to use their benefits. This enhances the employee’s experience, especially if the benefits administration software is easy to use and navigate.
Compliance
Most of the time, conforming to laws, policies, and the huge number of government regulations that govern benefits are handled automatically in this benefits administration software, giving proper guidance for employees and HR practitioners in ensuring that everything is done in compliance with the company and government policies.
What factors should be considered for selecting the best benefits administration software for a company?
When implementing HR automated solutions such as benefits administration, the processes involving benefits management would not only be simplified but can also be streamlined and automated.
The growth of the company and plans to scale should also be considered because this directly affects and influences recruitment, employee engagement, and retention.
HR partners should also consider the processes these platforms should cater to and the relationships that need to be considered, such as vendors and brokers.
The company should also evaluate data integration capabilities and functions the platform should support so that all employee benefits can be done via the platform.
If an organization is already using an HRIS platform with a built-in benefits administration, it could be an advantage, provided that the module can fully support all the benefits management requirements of the company.
Otherwise, choosing the best benefits administration as a standalone platform can be done if this software can be integrated with the company’s existing technology stack.
Are there Disadvantages to using Benefits Administration Software?
List of Cons in Implementing Benefits Administration Software:
Learning how to use this software and roll it out in an organization might take time.
Subscribing to a service or purchasing a platform might be too costly.
The functions could be too specialized, especially when considering the geological location and laws that govern the area and country where a company is located.
Having a workplace setup where employees are located in different parts of the globe could be challenging because each location’s laws and policies should be considered.
The Wrap
Benefits administration is a very important aspect of running a business, especially since this affects the workforce directly, and using software to manage and administer benefits will greatly impact an organization.
When evaluating and choosing the perfect employee benefits software for a company, many factors come into play. What is important is the needs and experiences of both the employees and HR partners should be front and center when determining what platform will be utilized.
Your Guide to Workforce Management Statistics, Trends, and the Market (2024)
Why should you consider reviewing the statistics and trends in your market when it comes to workforce management? That’s because an astute manager will have to use these stats and data sets to justify how they can keep their business and team ahead of the market.
Workforce management refers to the way employers reserve and strategically allocate employees and resources.
Tasks such as attendance management and adherence to the constantly changing legislation and regulations at work are also part of workforce management. Ultimately, the aim is to maximize productivity and minimize risks.
What are the latest statistics on the usage and growth of the workforce management software market?
Here are the latest workforce management statistics and trends, workforce market statistics, and workforce management software, gathered by WebinarCare.com from sources like CXC Global, Select Hub, Forbes, 7 SHifts, BLS, Statista, Continuum Cloud and NetSuite:
16% – the percentage of employers that use technologies more often to monitor employees through virtual clocks, tracking the use of work computers, and monitoring emails and internal communications.
11% – the percentage of growth for the workforce management software market as predicted for the next five years
$466 billion – estimated cost of spending for the purchase of enterprise software
75% – the percentage of HR managers and practitioners that use recruiting and workforce software.
44% – the percentage of remote workers in the United States
70% – the percentage of the distributed workforce that has worked remotely at least once a week
Engagement and Employee Retention Statistics
20% – the percentage of employees that say they are engaged with their work
63.3% – percentage out of more than 600 US businesses that say retaining employees is harder than hiring them
41% – the percentage of decrease in absenteeism for companies and workplaces with high employee engagement
15% – the percentage of engaged employees in the workplace
73% – the percentage of employees that would consider leaving their jobs for the right offer
74% – the percentage of employees that would accept a pay cut for a chance to work at their ideal job
Workforce Management Employee Statistics
31% of organizations reported that they conduct employee surveys
47% – the percentage of employers with the capacities or processes in place to handle staffing crisis
38% – the percentage of employees that feel exhausted when faced with week-long virtual meetings which are detrimental to employee satisfaction
75% – the rate of employees that felt more socially isolated with remote work set-up
86% – the rate of employees that state that they feel the need to prove to bosses they are working hard
73% – the
percentage of CFOs
that agree or strongly agree that their organization uses digital tools and workforce software to help streamline and automate operations.
55% – the
percentage of CFOs
who stated that their organization uses digital workforce management software and tools to increase collaboration and productivity
Company Statistics who Use WFMS’s
88% – percentage of organizations who reported that they already adopted time and attendance, and workforce management applications
18% – average percentage of workforce turnover every year for a company
6% – percentage of reduction on staff for a business due to poor performance
13% – the percentage of employees who choose to leave on their own volition.
3% – the
percentage of annual high-performer
turnover rate
28% – the percentage of workers who rejected a job offer or leave within the first 90 days of joining a company due to company culture
36% – the percentage of American employees who say their manager doesn’t understand how to lead a team
40% – the percentage of employees who said getting a question answered from HR managers took too long
69% – the percentage of employees that are more likely to stay with the company for at least three years after a positive onboarding experience
How does your company compare?
Statistics are important for HR managers because they can provide valuable insights into the performance and productivity of employees, as well as the overall health and effectiveness of the organization. Statistics can be used to measure employee engagement, turnover, absenteeism, and other key metrics that are critical to the success of an organization.
What are the latest trends in workforce management solutions:
According to WorkForce.com, the following are some of the predicted technology trends and factors that may shape the workforce management market:
Labor compliance and minimum wage changes
Changes in policies, rates, and market demands will mean that organizations should be prepared to adapt and adjust. Having the platforms to quickly implement the changes will be beneficial in ensuring that employers will be able to comply.
COVID-19 Recovery and employee well-being
The COVID-19 pandemic has changed the world and our lives for good. As businesses worldwide slowly struggle to adjust to a new level of normalcy, the focus has not been given to employee health, especially on mental health and work-life balance.
Auto employee scheduling
Anyone who has worked in retail knows the anxiety that attends workforce scheduling for both manager and employee. Through workforce management platforms, advanced algorithms can be utilized so that organizations can easily schedule staff shifts, including shift building and shift filling.
Advanced workforce analytics trends and open APIs
With APIs, companies that use multiple workforce management software can implement a seamless flow of processes and data. By maximizing integration and connectivity capabilities, organizations can build a digital ecosystem designed to automate most of the day-to-day tasks that help staff with their tasks.
Cloud, mobility, and ease of use
When tools are accessible and user-friendly, the rate of adoption and frequency of use can be guaranteed to be high. This gives the assurance to organizations that invest in these platforms that the use of this workforce management software can be maximized to their full potential, thereby improving efficiency and productivity.
When workforce management is integrated into the software ecosystem of a company, it aids businesses in improving the relationship between employees, elevating customer service, and creating positive financial gains.
It also entails recognizing and focusing on a business’ priorities and anticipating the risks and challenges of human resources; when these are identified early on, the organization can take the appropriate steps to mitigate the risks and maintain the efficiency of the organization.
Moreover, staff scheduling, time and task management, data collection and analysis, and compliance with laws and regulations are just some of the tasks that are also important to workforce management.
Different goals for different businesses
Every employer has a different goal, but the majority of businesses, regardless of the size, market segment, or industry to which they belong, share the desire and need to improve their efficiency and productivity.
With regards to compliance, a business needs to be able to stay on top of things with an awareness of the changing laws and policies.
Workforce management, therefore, is very crucial, because employers with inconsistent policies, shortcomings, and inefficient procedures may experience a shortage of staff, issues with safety and regulations, inefficient services or production, increased cost, violations of compliance and regulations, and high employee turnover rates.
Workforce management software can be used to design and plan strategies that could affect the resources by using historical data and machine learning to predict and forecast staffing needs as well as potential issues.
It may also help the organization, and the staff in particular, in terms of time tracking and attendance management. For staffing, workforce management software can be utilized to devise schedules that best fit the forecast model.
A company’s workforce management solutions should be able to support the following requirements or features:
Time tracking
Time-Off Management
Resource forecasting
Staff scheduling
Time management, including overtime
Regulatory compliance
Workforce analytics
Mobile accessibility and employee self-service portal
It would be beneficial for an organization if an effective and apt workforce management solution is in place, and if the chosen platform is used, implemented, and regulated effectively could produce outstanding results. It may help the organization in reducing and controlling costs.
Issues such as overstaffing and excessive overtime can be avoided or reduced by utilizing a platform that can predict the need for labor and provide optimal solutions. Some platforms can inform employers of the correlation and immediate effect of schedule changes on the compound annual growth rate company budget.
Workforce management software may also allow companies to ensure that payroll processing will be done with greater accuracy and reliability because it can easily analyze and apply factors such as hourly labor and rates and recognize overtime and other work patterns.
Mundane and repetitive data capture and tedious manual calculation can be minimized or eliminated.
With the use of this workforce management software, an organization may also see an improvement in efficiency and productivity. With staff data, employers can ascertain and identify benchmarks that may allow them to compare their performance against other players in the same industry or region.
Having this analysis can set them up to have a corrective plan to address issues and identify areas where improvements can be made.
This workforce management software can enable companies in designing and implementing optimal staff schedules. Shift changes, vacancies, surplus, or lack of resources can be easily determined. The ease of designing schedules based on several parameters like department, location, season, and other issues can empower organizations and mitigate staffing problems.
Finally, compliance risks can be minimized or eliminated. When parameters that allow organizations to conform to policies and adhere to compliance and regulations are managed and monitored are fed and stored in this workforce management software, these can be considered when analyzing staffing requirements, enabling employers to address issues without compromising compliance.
What are the key elements of workforce planning and strategy?
In terms of providing value and delivering impact, businesses that invest deeply in their employees are better equipped to thrive in the volatile business environment. To achieve this, workforce management plays a seminal part in the main corporate business strategy.
Business leaders are aware that human resources are the most important asset of the organization. Investing in their talents and developing skills can have a positive impact on their efficiency, productivity, profitability, and loyalty. This then leads to a propitious impact on the company.
The changes in the economic environment that has transpired in the last few years have led to a change in the workforce planning process.
Now that business leaders are recognizing HR’s tactical role in the preparation of their businesses to adapt to the changing business landscape, they will see the analysis and planning of the workforce as an integral approach to the professional development and honing of talent and the management of the organization.
Workforce management software market
This includes the formulation of strategies to enhance skills, promote the mobility of talent, and formulate succession plans.
Workforce planning involves the process of identifying and meeting the needs and business goals of the company when it comes to its diverse workforce that enables the organization to achieve its objectives.
This may include the identification of current and upcoming requirements in staffing, the development of strategies for recruiting and retaining talent, and the alignment of the workforce to the objectives of the organization.
The planning of the workforce can help to ensure that the company has a suitable number and type of employees who have the necessary experience and skills to support the operation of the company and to achieve its objectives.
A workforce strategy provides and delineates a comprehensive plan on how an organization will respond to its workforce needs to support the overall goal of the business.
This may consist of the analysis of current and upcoming staffing needs, the development of strategies for attracting and retaining talent, as well as the alignment of the workforce to the mission and long-term plans of the organization.
A workforce strategy helps ensure that the company has the optimal number of employees with the right skill sets and expertise necessary to support operations and achieve its objectives. A well-thought-out strategy for the workforce can improve the organization’s performance, competitiveness, and productivity.
When designing the approach for workforce planning and the allocation of resources to the management of the workforce, the following major contributing factors may guide the business: organizational and business goals, strategies and policies, process alignment and reengineering, talent acquisition and enhancement, financial planning, and technical resources analysis.
What are the 3 phases of workforce management?
Some organizations adopt a three-phase process in implementing effective workforce management. The three phases usually consist of the following activities: analysis of workforce capacity plus identification of skill gaps, development of an action plan, and implementation of this action plan.
The first step is usually concerned with identifying and determining the current capacity of a department or the organization as a whole in terms of workforce resources including potential and projected changes to this count. It also involves stacking up requirements and needs against the supply.
For the second step, organizations should formulate strategies to resolve and address the gaps that were identified in the first step. Employers should come up with plans to strategize and design measures and business goals.
Action points that will result from the data analysis could be translated into activities such as recruiting, training, restructuring, re-engineering, or procurement of additional workforce management software and tools.
Finally, the last step is to carry out and implement that devised plan and produce the means to control and assess the results whether they are effective or not.
How much is the average or typical cost of WMS?
According to CrozDesk, the average software pricing for workforce management platforms range from $2.50 per user per month for small- to medium-tier businesses and may cost about $72.00 per user per month for enterprise tiers. However, some of the vendors only provide custom quotes or quote-based pricing based on the organization size and features that will be availed.
The leading vendors or companies in this field are ADP, Papaya Global, Oracle, Ceridian, Fuse, and Workday.
There are a lot of workforce management platforms to choose from, depending on the size of the organization.
For individuals, there are free wares such as RescueTime and Toggl. Other platforms include EverHour, HubSTaff, Deputy, and TimeCamp; subscription prices range from $2.50 to $7.00 per user per month.
For small to medium enterprises, the following platforms are available: ClickTime, BambooHR, Skedulo, Deputo, Planday, When I Work, Calamari, and Gusto, among others. Subscription fees range from $1.5 to $39.00 per user per month.
Data and statistical models can be used to forecast employee needs.
The Analytics employee data can be used to identify new markets, develop marketing strategies and increase customer loyalty. This data analytics workforce management system (WMS) can also track employee attendance, overtime, and vacation time.
A workforce analytics dashboard can be used to track employee performance and identify areas of improvement. Workforce analytics projects action of employee turnover can help organizations make better decisions when recruiting and retaining employees.
Predictive analytics implement workforce planning to anticipate the future needs of an organization. Predictive workforce analytics force analytics can be used better to understand employee engagement, job satisfaction, and motivation.
Workforce analytics evolving to address the challenges of today’s business environment, such as understanding how best to manage a remote workforce and measuring employee engagement. As you implement workforce analytics, it will help you optimize your work, improve employee productivity, and build better customer experiences.
Frequently Asked Questions About Your Guide to Workforce Management Statistics, Trends, and the Market (2024)
Q: What is the Workforce Management Data?
A: Workforce Management Data is an in-depth analysis and review of workforce management systems, trends, and statistics.
Q: How important is strategic workforce planning?
A: Strategic workforce planning is a critical part of any organization’s long-term success. It helps to develop and implement a comprehensive strategy for the recruitment, training, and retention of personnel to ensure that organizations have the right people with the right skills at the right time.
Q: What are the strategic workforce planning activities?
A: normal strategic workforce planning activities encompass a variety of tasks, including market analysis, capacity planning, talent assessment and reengineering, talent acquisition and enhancement, financial planning, and technical resources analysis.
Q: Can workforce analytics software help with strategic workforce planning?
A: Yes, there are many software solutions available that can provide insights into a company’s current and future workforce needs.
Q: What should I look for when choosing workforce analytics tools for workforce management?
A: When choosing workforce analytics tools, it is important to consider the features offered. Look for tools that allow you to track employee performance, attendance, and leave data, analyze trends in hiring and attrition rates, monitor labor costs, manage scheduling activities, and generate reports.
The Wrap
Companies of all types and sizes and from almost every industry may benefit from workforce management solutions and the implementation of workforce management software. It can help alleviate stress on employees and mitigate staffing and scheduling issues, thereby increasing productivity, employee engagement, and retention.
Leaders should use statistics in their business because it provides valuable information that can aid in decision-making, helps identify trends and patterns in data, and can be used to measure the effectiveness of different strategies and tactics.
By analyzing data and using statistical methods, leaders can gain a deeper understanding of their customers, market, and operations, which can help them make better decisions, improve performance, and drive growth.
Additionally, statistics can be used to forecast future trends and identify potential risks, allowing leaders to proactively address issues and capitalize on opportunities.
Overall, using statistics can help leaders make more informed and data-driven decisions, which can lead to increased efficiency and success in their business.
Your Guide to Modern Workforce Management in 2024
Workforce management refers to the coordination and management of your people resources; the employees who are employed by and work for a company or an organization.
An organization’s workforce is normally made up of a group of people from diverse backgrounds who would contribute their skills and experiences to the goals of the company.
They are the employees who work together performing specific functions that aid the company in achieving its goals. In a nutshell, the workforce can also refer to the entire resources employed in a particular industry.
Here are three key statistics as to why you should utilize a workforce management solution.
Productivity: Using workforce management software can increase overall productivity by automating tasks, reducing manual errors, and streamlining communication. This can lead to increased output and a more efficient workforce.
Attendance and punctuality: The software can help in tracking the attendance, punctuality, and absence of employees, enabling managers to identify patterns, and take action to improve attendance and punctuality.
Labor Costs: By optimizing scheduling and automating time-keeping, workforce management software can help to reduce labor costs by reducing over-scheduling, overtime, and other inefficiencies.
You can check out our other important statistics here.
Why is workforce management important?
Employees are extremely essential to an organization. Without human resources, a company would fail to function and will not be able to achieve its goals.
The workforce, after all, is the driving force behind the success and wins of a company. The personnel plays a crucial role in helping the company to scale up, thrive, and develop.
Employees are tasked with the day-to-day tasks and activities that are needed for operations. With their skills, knowledge, and expertise, the workforce of an organization can help the company innovate and stay ahead of the game.
More than the practical contributions that employees give to a company, the workforce is also what gives the company its identity and culture, and this is just as important as the other reasons.
The employees, given the chance to flourish in a supportive and conducive work environment, can help to create a positive and amiable company culture and a pleasant work environment.
This in turn can boost morale, improve workforce productivity, and increase efficiency, affecting the entire workplace. helping them build and maintain relationships with colleagues, customers, and other stakeholders.
Employees are an indispensable component of any burgeoning company. When you ensure employee safety, treat them well, and value them for their contributions, the long-term success of the organization can be assured.
What is workforce management?
Workforce management is the term that is used to define the process of planning, organizing, and managing an organization’s employees to help the organization achieve its goals and mission.
This domain typically comprises activities such as staffing, recruiting, employee onboarding, employee scheduling, training, performance management, and employee relations.
Why is workforce management integral to a company’s success?
It is very essential because it is primarily concerned with the care of an organization’s most important resource: the employees.
With this, organizations can efficiently and effectively maximize the utilization of their human resources thereby improving productivity and overall performance.
Workforce management is a traditional process that aids in optimizing performance and competency for an organization concerning its human resources.
This normally includes all the activities needed to maintain an effective and productive workforce and may cover domains such as human resource management, performance appraisal, training, and workshops, as well as data analytics on employee data.
What
As the way businesses are run has evolved the processes involved with managing employees have metamorphosed, Workforce management has been transformed from the conventional approach which is constrained to staff scheduling systems and shift and time management.
This entire process has shifted to a form that we know today that is more shaped by the demands of the modern workplace with an emphasis on efficiency and productivity.
It also covers workload forecasting and capacity planning, most of the time involving employees in the process of determining effort requirements and schedule management.
The main goal of workforce management WFM is to ensure that more streamlined processes are in place to determine the amount of work that is required for a specific time bounded by identified plans and tasks; based on these metrics, personnel could then be plotted and scheduled, and the tasks and milestones can then be easily tracked and identified.
What is workforce management software?
Workforce management platforms are tools that are used by organizations to directly manage and optimize their employee work plans and allocation.
A software solution under the workforce management domain can be used for employee attendance and time tracking, shift and work schedules management; ultimately, these utilities enable companies to estimate the needed number of resources given metrics such as tasks, milestones, and projects.
By eliminating the need for manual and tedious scheduling, WFM software can aid businesses in reducing labor expenses and saving time, money, and effort.
How can WFM software be integrated into your business?
Workforce management software can be implemented and deployed onsite, hosted by a vendor, or implemented via the cloud; the latter makes it possible to access these platforms through mobile devices. Fortunately, workforce management has come a long way in terms of how attendance and time are being tracked.
With the software and technology that we have at present for demand-oriented workforce administration, managers can easily forecast and implement staff schedules.
In addition to this, workforce management solutions could aid businesses in conforming to applicable laws and policies that affect employees, including monitoring individual contracts of employees.
This is also useful in implementing and enforcing strategies that promote work-life balance for employees.
How can a business decide what features are important? Staff Scheduling
One of the most important features that a WFM software should provide is staff scheduling. Platforms provide analytics on staff demand against needs based on an organization’s historical data. The usual bases for forecasting are sales figures, orders, and customer volume or project tasks and milestones.
These metrics are used by wfm tools to help in determining and creating schedules. From the forecasted figures, organizations can then allocate employees to address and meet the demands and needs of a project, a set of tasks, or the day-to-day operations of a business.
To ensure that staff and resource forecasting, allocation, and deployment are possible, all necessary metrics and factors essential to the nature of the operations of a company should be fed into the workforce management WFM tool.
Such as staffing requirements, peak loads, staff availabilities, holidays, skill sets and expertise portfolio, labor policies and regulations including wage and individual contract details; during the forecasting and planning activities, all of these will come into play.
Considering all these components could be hard if there is no system or process in place. A 360 view of management and HR personnel is essential, as well as input and support from employees for a company to come up with an optimal work schedule or work plan.
An all-inclusive workforce management solution covers activities and tasks such as forecasting and budgeting, staff scheduling, employee time and attendance tracking, performance appraisal, compliance, payroll and benefits administration, and paid time off management. Benefits administration can be considered a subset of this type of software.
WFM Feature: Budgeting and Forecasting
Forecasting and budgeting of resources entails identifying and determining the number of staff resources as well as the required skill set for specific tasks, particular projects, or a predetermined season or time of the year.
It also involves calculating the employees that the company can afford. Workforce management wfm platforms enable companies to budget, assess, and estimate the optimal employee headcount, and staff deployment strategy and balance workload depending on the need.
WFM Feature: Staff Scheduling system
Staff scheduling is another essential facet of workforce management especially if automated staffing practices are available. Companies can utilize scheduling using known business variables as parameters like planned leaves, employee availability, ongoing projects, and staff workload.
The use of workforce management systems has helped eliminate the obsolete, inefficient, and time-consuming manual staffing processes that often left companies with staff and resource issues.
WFM Feature: time tracking and attendance management
Most workforce management platforms also provide time tracking and attendance management; these provide important data that may provide attendance patterns that may help forecast demand changes and help mitigate planned and unplanned employee leaves, eliminating inaccuracies and errors in payroll and resolving tardiness and absenteeism issues.
Such platforms provide organizations with more insight on employee engagement and performance gauging providing enough importance and focus on factors that influence and enhance employee empowerment and productivity.
Being able to discern and having awareness of how each staff member performs may let employers plan on how to identify and reward employees who perform above and beyond their duties and responsibilities.
WFM Feature: compliance management
Compliance management is one of the aspects that is common for both workforce management and benefits administration; just like what has been mentioned in benefits management, it is an expensive and complicated domain.
The risks of not having a system in place to verify and manage compliance could potentially lead to penalties, legislation issues, and violations of by-laws, regulations, and sanctions from labor governing agencies. Compliance requires acquiring and tracking certifications as well as preparing for certain compliance-specific roles.
Workforce management wfm platforms help enhance and improve experience with payroll and benefits administration. Data analytics and reports make payroll processing and management easier and more efficient.
Workforce management, along with payroll and benefits administration, enables several salary payment options.
When it comes to vacation and leave planning, these platforms provide the necessary tools to design and implement processes that may enable companies to track and manage schedules like leave and time-off requests including approval rules and processes.
Automation of paid time off and time tracking can be utilized by organizations to make it easy for employees to schedule and file their leave requests, for managers to manage and perform approvals, and for management to analyze and determine time off patterns and requirements, and attendance data.
Visit our post on The Top Workforce Management Software to learn more about products that could aid organizations in achieving productivity and efficiency. We have chosen the top and most popular software for this particular sphere.
How can these platforms help provide workforce management solutions?
Organizations can utilize workforce management platforms to review payroll. Proper analysis of the cost of effort and resources can provide companies with the correct insight in determining the true cost for payroll purposes.
In addition to this, organizations may also determine if there are any disparities between the forecasted demand and actual efforts, along with factors such as leaves.
Scheduled paid time off as well as unplanned and sudden absences may also affect the schedule and plans of the company.
Overestimating and underestimating will affect the company and team members negatively and workforce management platforms can help teams come up with the optimal basis for determining resource allocation needed for tasks and projects,
All the data that can be perused from these platforms can be used to formulate strategies that may help the company. For instance, it might be beneficial for a company to consider and hire part-timers or contractual employees to fill job openings and available positions.
Information may also be used to come up with offers and strategies that may attract resources that could help companies ensure that tasks and projects will be finished on time. For example, there might be employees who prefer fixed or part-time schedules and may even be willing to work on a flexible work schedule.
Workforce management platforms therefore allow the scheduling team to use them to fill in gaps without committing to an excess of hours.
WFM platforms and tools provide the workforce management solution in ensuring that an organization will be able to address staff scheduling needs and issues; these applications can be implemented as stand-alone independent workforce management solutions or part of an existing and integrated HR suite.
What is the role of workforce management software in a remote work environment?
Because of the COVID-19 pandemic, a lot has changed in terms of workplace arrangements. For a time, employees had no choice but to work remotely from home due to lockdowns and other uncertainties because of the pandemic.
Now that things are slowly going back to a new state of normalcy, employees have embraced the remote set-up.
According to a study that was done by LinkedIn this year, 2022, 97.6% of workers who have experienced working from home would like to retain this privilege. This is a call to organizations to consider having this option for their workforce.
The way things are being done before the pandemic may no longer be preferred today by employees. Organizations as well as employees have to adapt and acclimate to new ways of working.
Companies need to consider how a workforce management solution or platforms could help the organization and the workforce weather through the changes. Managers are also tasked with the onerous task of changing the way tasks are managed and employee performance is appraised as businesses adopt a hybrid or fully remote model of work arrangement.
Implementing a remote work setup has its advantages and disadvantages. One of the challenges of doing things remotely is a greater need for the employees to be engaged in individual-focused work as well as participate in remote meetings or virtual stand-up discussions.
Another hurdle that is prevalent at present is the implementation of a hybrid work set-up. Whatever the work setup or arrangement may be, digital platforms can help businesses manage and monitor employee activity. These applications provide increased productivity and analytics with features that can maximize productivity through good employee management.
With an efficient and skillful WFM system, organizations can foster and maintain a functional and productive work environment, without adding burden to the organization’s HR department.
Why should organizations utilize this software as part of their workforce management solution?
Workforce management platforms help organizations obtain insights into importantmetrics such as the employee headcount, list of tasks and projects, and the necessary resource allocation needed to complete the estimated efforts and reach identified milestones. These tools can also be used to track, measure, and enhance employees’ performance.
The gains and benefits of using a workforce management system that helps organizations streamline their processes and achieve optimal labor planning, as well as provide a cost-effective workforce by reducing operational costs while maximizing time and effort.
With the use of these platforms, businesses will have the leverage to implement an improved and efficient payroll process with the help of automated processes. Employers can also obtain statistics and data on employee engagement, performance, and attendance.
Using this information, they will be in a better position to implement plans that could elevate the employee experience and improve productivity and engagement through training, coaching, and other activities that could maximize performance.
This data may also help guide management in determining if there is a need to implement or adapt changes such as remote or hybrid work setups.
The streamlining and automation of processes relating to employees can improve operations, eliminate issues with employee services, and increase the accessibility of workforce-related functions and data, thereby leading to an increase in employee productivity. This will also have a positive effect on management and HR partners.
As for long-term effects, it can be assured that organizations can avoid compliance violations. Operational agility can also be guaranteed if companies can easily allocate staff resources, identify issues with staff allocation, and address any staff shortage or issues.
Finally, overall improved morale can be ascertained since conflicts can easily be resolved or mitigated. There will be better transparency and awareness of the capacity and capabilities of all stakeholders.
In summary, the following components should be considered and covered by workforce management strategy and tools: recruitment and hiring, which ensures that the business is capable of increasing the workforce if necessary with the applicants that are right for the identified positions; measurement of performance, key process indicators and possible issues between staff supply and demand; monitoring of employee tasks, activities, and performance; regular communication and interaction to ensure that all stakeholders are aligned with the workforce plans and strategies; reward and remuneration to retain employees’ engagement, and discipline through training and enforcement of company policies.
An effective employee management tool is a useful platform that empowers many business owners in streamlining HR tasks and managing employees. It is beneficial in optimizing the processes and can be utilized in automating administrative tasks.
Other HR features that can be addressed by such platforms are employee onboarding, payroll and payments, and appraisal of performance, among others.
These platforms, along with other platforms, can be utilized to improve the overall performance of the company by ensuring that staff are given the proper tools to help them with their day-to-day functions and privileges.
FAQs
What are workforce management tools?
Workforce management tools are utilities that businesses can use to ensure that they have the proper number of staff resources for all the company’s needs and milestones.
What are the types of workforce management?
There are traditionally two types of workforce management platforms. The first is strategic. This first type is meant to address system-wide risks and can be used to formulate strategies for day-to-day operations.
Bulk of the strategic planning is being done at the senior management level. The second type is operational. This subset focuses on day-to-day operational issues. This is more concerned with ensuring that the members of an organization would be able to function properly.
What are WFM products?
Usual products that belong to the workforce management domain are meant to address payroll processing, compliance, resource planning and management, time off tracking and attendance management and reports and analytics.
What are the 5 key elements of workforce planning?
The following elements comprise the key components for workforce planning:
Identification of strategy plan and goals
Analysis of existing workforce and staff resources
Designing and development of plan
Implementation of plans and changes
Controlling, monitoring and adjustment
What are the 6 stages of workforce planning?
According to the National Institutes of Health, the following six stages may be followed in order to come up with an effective and optimal workforce plan:
Strategic Direction
This step involves formulating the strategic direction of a company’s workforce using a plan with the goal of understanding key mission goals and organizational objectives.
Supply Analysis
This step is concerned with identifying the capacity and capabilities given the company’s current workforce including projected changes.
Demand Analysis
This step is done by determining the demand that will affect the workforce of a company considering operations, tasks, projects and milestones.
Gap Analysis
This step compares the supply and the demand that usually entails identifying if there are issues wherein the supply will not be able to satisfy the demand.
Solution Implementation
This step involves plans on how to mitigate and resolve the issues identified during gap analysis.
Monitoring Progress
Finally, with this stage, companies will monitor the performance of the organization after applying the workforce management solution that was formulated in order to address staff resource issues.
