Five Ways Workforce Management Systems Save You Money
Are you thinking of implementing a Workforce Management (WFM) solution in your business? Worried that it might cost too much? Having been in the industry for over 20 years, this is a common concern we hear.
However, WFM software can bring measurable benefits to businesses. The most notable one is the Return on Investment (ROI) case. WFM software saves you time and money and streamlines your processes, especially where you have 24/7, hourly paid employees. In our eyes, there are no downsides.
So, how can a WFM system save you money?
Reduce Payroll Errors
If you work in HR or Payroll, you’ll certainly be the first to know if an employee hasn’t been paid correctly! Sound familiar? Payroll mistakes not only cause issues for employees but also create unnecessary work and hassle for the HR team. WFM software protects you from this happening; the automated clocking’s capture the start and end time, calculate overtime rates correctly, and any shift bonuses that should be awarded. This not only means that employees are paid properly, but also saves your business money by reducing the number of overpayments made from inaccurate timesheets.
Cut down Admin
One of the main issues with manual and paper records the amount of time spent rectifying issues. This can include investigating missing start and end times, deciphering hand writing and incorrect hour and overtime calculations by employees. With a WFM system, clocking records and captured electronically eliminating the need for paper records. Managers can also approve timesheets with a quick glance and click to confirm.
A WFM system means you don’t need a huge HR department; the automated clocking records, system integrations and payroll export functionality remove the need for your HR team to rekey data, ensuring that your business has a single, correct version of the truth.
At the last count, it was estimated by the CIPD that payroll fraud including time theft and buddy clocking, was costing UK firms a staggering £12 billion each year.
A WFM system can help reduce and eliminate both time theft and buddy clocking in several ways. The electronic capture of clocking’s ensures that you’re only paying employees for the hours they have worked. Biometric terminals also go a long way to stamping out buddy clocking, as fingerprints and faces can’t be duplicated or fool the devices. Mobile Apps with GPS stamps are a perfect way of tracking remote or lone workers.
Streamline workflows & schedules
Creating rota’s and schedules that work for your business is at the heart of a WFM solution. Understaffing leads to underdelivering on customers expectations and can lead to burnout of your employees. Overstaffing unnecessarily increases your labour costs and can have a negative impact on productivity as there might not be enough work to go around. Neither are an ideal situation to be in. With a clear, graphical view of schedules, you can easily and quickly manage your workforce and ensure you have the right people, at the right time, for the right price.
Employee absence costs money. More specifically, it costs your business money. When margins are tight, unforeseen staffing costs can have a huge impact on your bottom line. WFM software enables you to spot patterns in sickness & absence, helps to calculate the Bradford Factor and allows you to raise issues with employees, and offer support where needed, before it becomes a bigger problem. WFM software also allows your employees to book holiday, ensuring they use their annual leave entitlement throughout the year.