Workforce Management Meaning | What is Workforce Management? | UBS
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Workforce Management

What is a Workforce Management?

Workforce management or WFM includes a set of operations that a company utilizes to streamline the efficiency of its workforce.

WFM includes estimating the needs of employees and making/overseeing every worker’s schedules to carry out a specific operation on a day-to-day or hour-to-hour basis.

Workforce management not just empowers companies to acquire insights on business metrics but also aids employers in gauging employee performance in a timely manner.

Following are different parts of WFM:

  • Forecasting & budgeting¬†
  • Employee scheduling¬†
  • Time & attendance¬†
  • Employee performance management¬†
  • Compliance management¬†
  • Payroll management¬†

There are a host of advantages of workforce management, but here are the top ones: 

  • Improves overall efficiency¬†
  • Supports and simplifies employee planning¬†
  • Cuts down operational expenses¬†
  • Enhances customer experience¬†
  • Eliminates fines and lawsuits related to non-compliance¬†

To make this process super robust, organizations are relying on workforce management software lately.

Automated WFM systems take the burden off the HR manager’s shoulders by automating every process.

Also, See: Employee Benefits Administration

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