Productivity is what every business requires at the end of the day. It is where Workforce Management (WFM) plays a pivotal role in maximizing performance levels in any organization. It is also often referred to as Human Resource Management (HRM) system or Workforce Asset Management or Enterprise Resource Planning (ERP). In other words, WFM provides the tools and software to support corporate management.
Over the last two years, organizations have switched to working from home due to the pandemic. Many businesses flopped while many industries shut shop. However, digital asset management application played an enormous role amidst the mess and things going haywire. It took things under control and helped bring the disrupted and nearly-destroyed businesses back on track.
Why is Workforce Management important?
Workforce Asset Management is as essential as food and water when we talk about the business domain. It’s not that one cannot do without it, but its presence makes things smoother, soother, and more vital for all parties concerned, i.e., employees and employers. It is what most companies do these days, from staff scheduling to employee performance management to vacation and leave planning, and everything is to be taken care of. Employees are an asset and not liabilities to any company, so it becomes essential for the management to groom them and get the best out of them. The system must be put in place; otherwise, the company will endure a torrid time.
What are the steps in Workforce Management?
Forecasting and budgeting: Forecasting and budgeting are integral parts of any organization. Forecasting helps plan upon the resources required to complete future projects and assignments. Meanwhile, budgeting is about how much the company can afford on its staff on a particular project or work.
Scheduling: Staff scheduling was a time-taking task in the non-digital age done manually. However, WFM has made things more accessible now. It assists in automating the staff management in any business, such as vacations and the availability of an employee.
Attendance: Do you punch in and out at the office every time you step in and out? Yes, that’s how your attendance is marked every day. It is an essential aspect of a person’s professional life as it provides accurate payroll management.
Employee Performance: Employee performance sounds familiar. Yes, it reminds us of that time of the year when appraisals happen. It does happen in many organizations, if not all! Workforce management solutions provide tools and software to the firms to engage with their employees at all levels and reward them accordingly.
Compliance: Adhering by the rules and regulations comes under compliance. It is a complicated process, and non-adherence to the rules can lead to fines and lawsuits. An employee must play by the laws and obey all agreements signed by the employers.
Payroll: Yes, we all wait to see that much-awaited salary credit text message on our mobile phones on the month’s first or last working days. Every employee gets his/her salary credited to their bank account simultaneously. So, how does that happen? Again, it’s a part of human resource management.
Leave Planning: Workforce management tools help track an employee’s earned leave, casual leave, medical leave, absence, half-days, and leave balance.
Are upskilling and reskilling paramount for workers?
Upskilling and reskilling are also vital components of Human Resource Management or HRM provided by any staffing agency.
Upskilling is vital to employees as well as employers. Upskilling is a process of adding to existing skills, so it becomes imperative for individuals to develop skills required to do a new or a particular job. In the digital age, improvisation has become essential to keep up with the pace of the moving world.
Reskilling, on the other hand, is about learning new skills required to do a totally different job. So, building a new technique gives an individual a chance to change roles within the organization. Gaining new talents helps employees stay relevant and competitive in the industry. On the other hand, employers can avoid layoffs and rehiring, preserve costs, etc.
Workforce management is the need of the hour as it improves productivity and solves many puzzles related to employee management, planning, payroll, leaves tracking, etc. Enterprise Resource Planning (ERP) is not a new technology, but its importance came to light in the last couple of years when the world was reeling under the coronavirus pandemic.