UBS

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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