People are one of the most important resources for any business, no matter what industry.
Workforce management, which refers to the strategic use of a company’s workforce, focuses on optimizing an organization’s most treasured resource – its workforce – in support of performance excellence.
Goals of Workforce Management (WFM)
Workforce management refers to the strategic use of a company’s workforce. Some functions and capabilities that fall under the umbrella of project workforce management include timekeeping, scheduling, regulatory compliance, and workforce data analysis, project management, helping to ensure all time worked is time paid.
These are Some Important Modern WFM Goals for Business:
- Avoiding staffing shortages and turnover
- Cutting project costs
- Reducing compliance violations
- Avoiding unnecessary overtime pay
- Increasing productivity and engagement
Workforce management includes many processes and tasks suitable for automation with digital tools. Hence, the rise of project workforce management software, a market segment that experts project will grow by $2.3 billion between 2022 and 2027.
Workforce Management Software
Workforce management (WFM) software is a suite of tools that helps an employer ensure it has the right people in the right place at the right time. Many industries use this software, including professional services, finance, legal, retail, manufacturing, and hospitality. There are different types of WFM software that you can tailor to specific business needs. Some of the most popular types include workforce scheduling, time and attendance, and payroll.
Workforce scheduling software helps businesses plan and manage their employees’ work schedules. This includes tasks like shift scheduling, vacation planning, and time off tracking. Timesheets and attendance software helps businesses track employees’ work hours and ensure they are putting in all their hours by handling clocking in and out, tracking breaks and lunches, and tracking over time. Payroll software helps businesses process employees’ paychecks and helps ensure your workforce is being paid correctly by doing things like calculating taxes, deductions, and bonuses.
Some workforce management software packages support functions that help the workplace run smoothly, like task management and assignment, workplace communication, and customer support.
Key Functions of Workplace Management Software
Workforce management software (WFM) features vary by industry. Basic solutions cover time and attendance tracking and may also include scheduling. Some WFM solutions have smart scheduling that allows team members to find substitutes and trade shifts. Most basic systems also supported overtime authorization and tracking.
More advanced WFM or workforce management software solutions offer labor forecasting to help identify staffing trends due to changing business needs. Being able to define future needs leads to more efficient staffing. They also provide tools like real-time data dashboards that provide real-time views into the workforce.
Many workplace management tools provide flexibility by working on a variety of devices, including PC, laptops, mobile tablets, and smartphones. An important feature of any tool or platform is the ability of team members to enter and manage their own data, especially for time and attendance. Being able to integrate workforce software with other digital tools is another high-priority feature for many organizations.
What are the Benefits of Workforce Management Software?
Workforce management software can benefit many areas of an organization. Automating essential tasks can help increase productivity. Intelligent staffing controls labor costs. Having accurate time and attendance data helps ensure payroll accuracy and regulatory compliance, especially when the software knows about union contracts and labor laws.
Finding the right project workforce management software (WFM) can make a drastic difference in the effort required for workplace management, especially in organizations that have relied on manual processes. According to Julie Sweet, CEO of professional services provider Accenture, “It is very hard to transform your culture and your workforce to be a relevant company in the digital world if all of your processes are stuck in the traditional world.”
The Best Workforce Management Software Solution for You
Finding the best solution for your business depends on your industry and workforce. Look at your current processes and decide which would benefit from automation. List your requirements and ‘got-to-have’ workforce management features or functions before you shop for a solution.
coAmplifi’s workforce management (WFM) helps you plan, assign and track deliverables, tasks, projects, and workforce hours. Whether your workforce is onsite or working from home, coAmplifi will help you realize your short- and long-term goals, supporting your workforce no matter where work occurs, helps ensure all time worked is time paid, and helps teams and employees showcase their work.
