Across a wide range of industries, most companies spend anywhere from 40%-80% of their revenue on employee compensation. Recognizing the scale of this ongoing investment for most businesses, it’s surprising that many companies fail to utilize Workforce Management Software to help their business grow, improve productivity, lessen expenses, avoid noncompliance, and become more efficient.
With recent data demonstrating increased costs and pay raise expectations due to inflation, it’s important to remain adaptive with workforce planning, time management, scheduling, recruitment, onboarding, and other HR-related concerns.
In this article, we’ll outline some of the ways that workforce management and workforce management software can help your company become more profitable, productive, and efficient.
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Lower Overall Expenses
One significant advantage of workforce management and workforce management software is that it empowers your business to automate time and payment entries and calculations. Beyond saving you time on the usual administrative tasks associated with time and payment concerns, workforce management helps you quickly and efficiently identify staffing and scheduling issues. Workforce management helps you understand and improve your workforce, whether it's by reducing overtime hours or improving scheduling efficiency.
Equipped with these insights, you can make practical and cost-effective choices for your business that save you time and money. Remember that by automating time and payment data, you also lessen the likelihood of human error(s) that could lead to issues with noncompliance, which itself can lead to massive expenses. We’ll cover that in the next section.
Reduce the Likelihood of Noncompliance Issues
Rarely are noncompliance issues a result of deliberate negligence or indifference on the part of employers. Often, it’s a byproduct of becoming overloaded with other core business operations and/or struggling to understand a host of state and federal requirements that change quite frequently.
For businesses, single or multiple incidents of noncompliance can lead to sizable fines. As just one example, a single violation for failing to post a labor law poster related to Job and Health Safety could cost upwards of $14,502 per violation. Similarly, small violations related to paid breaks, accrued vacation time, or other fringe benefits could lead to extensive audits, lawsuits from former employees, etc.
Workforce management software can help you easily navigate compliance concerns, whether related to overtime hours, employee pay, safety regulations, or FMLA compliance for leave (paid or unpaid). With the right tools and support, you can focus on your business' central mission without worrying about compliance.
Boost Employee Satisfaction and Project Efficiency
Thanks to the precise tools that workforce management can offer, your employees will enjoy an increased degree of transparency, especially regarding the effort they invest and the work they accomplish on a daily basis. Time management software, one facet of WFM, can lead to employee recognition or promotion for your employees, incentivizing high-quality performance.
Likewise, workforce management software can significantly help your business with analyzing the efficiency of projects and project types to locate “model” projects and staffing configurations based on the historical data you can draw from WFM software. Successes should be highlighted, replicated, and celebrated in order to improve proposal and invoicing accuracy and to increase profit margins. This will also enable smoother communication between managers and employees, based on facts.
A Holistic, Multifaceted Solution: Making WFM Work for Your Business
One of the major benefits of workforce management and workforce management software is that it’s highly adaptable to a variety of workplace configurations. Whether your staff are fully on-site, fully remote, or working hybrid-at-will, you stand to benefit from the tools that WFM can offer.
Workforce PayHub offers comprehensive workforce management solutions that can address all of your company’s needs. From recruiting to time management, budgeting, compliance monitoring, data analytics, benefits enrollment, and performance reports, we work to streamline your end-to-end workforce management from recruitment to retirement.
Connect with us today to start our collaboration and let workforce management optimize your business operations.
