According to Neil Pickering, Senior Manager for HR innovation at software firm UKG, workforce management (WFM) is strategically deploying your human resources and aligning them with the processes and procedures central to operations.
He added that having an excellent WFM is key to reconstructed and optimized human capital management (HCM). If approached correctly, it can address the needs of all stakeholders in a business, including employees, shareholders, and customers.
Employees will receive incentives, flexibility, and recognition, while customers benefit from good service and products, value for money, and feel appreciated.
At the same time, shareholders will be assured of a healthy bottom line, productivity, and peace of mind that the business can sustain itself, irrespective of the challenges.
However, experts believe businesses must adapt to the new dynamics of a post-COVID world.
The solution? Smart WFM technology.
Why go smart?
Smart WFM technology is armed with data showing which parts of the business are more profitable, the best practices, and which areas are most productive.
It empowers employers to gather data and apply analytics to be adequately informed to make better decisions.
“Using this data in real-time is very important,” added Pickering. He also noted that smart WFM can drive down the costs associated with HR issues such as unplanned absenteeism, the need to bolster productivity, compliance with labor legislation, and a shortage of skills.
“We need to focus on people. Businesses must become agile and be able to switch out and change operating model quickly and easily.”
Moreover, workforce management should also be critical of new workplace trends. With hybrid models, digitization, and evolving workforce, investing in smart WFM technology would allow businesses to focus on staff retention, work-life balance, and worldwide collaboration.