Workforce management (WFM) is an interconnected series of processes a company uses to maximize its employees’ productivity. WFM actively monitors labor requirements and defines and controls employee schedules to achieve a specific mission on a routine and hourly basis.
How does Workforce Management Function?
This collection of procedures encompasses all practices intended to create and sustain a healthy workforce-including:
- Real-time Data Collection– Collection of performance monitoring information for the workplace.
- Field Service Management (FSM) – Monitoring the company resources currently on the property of the client.
- Human Resources Management (HRM) – Handling the people who are working or involved in an organization.
- Training Management (TM) – Training of employees inside an organization or company.
- Performance Management (PM) – Ensuring that employee activities and results fulfill the organization’s aims.
- Recruiting Efforts– Reaching out, shortlisting, and then choosing appropriate applicants for job positions in a company.
- Budgeting Contributions– Planning and using the money capital of the organization for external or internal programs.
- Forecasting– Predicting the potential effects of the work underway.
- Scheduling– Job planning, monitoring, and optimization in an organization.
- Carrying out the Analytics– Assess a market or company’s current situation and then make feedback about how to make changes in the future.
Workforce management refers to all kinds of companies, businesses, and organizations, but they often link to a contact/call center process.
Benefits of Workforce Management
The potential advantages of using a WFM system include increased efficiency for employees, better job planning, lower operating costs, accurate monitoring of time and attendance, and better customer service. Owing to these advantages, organizations in sectors that require highly time-sensitive tasks and pay employees hourly are increasingly using WFM software. Workforce management software is widely used to boost the overall efficiency of organizations. They include retail, insurance, finance, education, distribution, and transportation industries.
Workforce Management Software
Companies usually use WFM software — a smartphone or desktop application that helps organizes staff. It is either used as a part of an integrated HR management system or as a stand-alone program. Workforce management software also works together with third-party HR applications. And with core HR systems that act as central repositories for workforce data. WFM software also provides self-service options enabling workers to request days off or review the time off balances paid. WFH software helps workers to take leaves without having to notify the human resources department. It results in decreased paperwork and allowing HR workers to concentrate on strategic activities.
What does a Workforce Management Analyst do?
A Workforce Management Analyst plays a more specialized role in the workforce management process. Usually, they are in charge of:
- Problem-solving– Collecting and organizing information on a particular problem to be solved.
- Information Processing– Collecting and organizing information about a particular process or policy which requires improvement.
- Personnel Analysis– Assessing the existing workforce to assess what the future workforce will need.
- Equipment Evaluation– Makes assessments on-site to assess the equipment needed in the future.
- Finance Analysis– To find space for change, scrutinize costs related to equipment and personnel concerning revenue.
- Seeking Alternatives to Obsolete Methods– Suggesting new software, processes, and workflows that the company should implement to change.
- Monitoring the Implementation of Changes– Ensure that the accepted changes follow the plan and reach the promised results.
Some Workforce Management Analysts work for one specific organization or business. Many of them work on a contractual basis, though – their specific roles vary from contract to contract.