5 Keys To Efficiently Managing Your Most Expensive Resource

5 Keys To Efficiently Managing Your Most Expensive Resource

Customer demands, labor scarcity, the development of new products and services, and cash flow are just a few of the competing concerns facing businesses today. No leadership team wants the complexity of workforce management in the mix. Inaccuracy might result from planning and tracking all your workforce data in spreadsheets or other systems. It can be difficult and complicated to gain visibility into worker availability, keep track of hours worked, and pay employees correctly in accordance with local wage laws. If done incorrectly, it can result in poor labor planning, significant overtime costs, compliance issues, and a lack of corporate effectiveness. 

Leaders and teams are freed to concentrate on worthwhile projects, enhance the customer and employee experience, and ultimately expand the business by simplifying and automating the management of people, one of the most expensive resources for the firm. 

These are the Features to consider in a workforce management solution: 

Time Tracking – Many businesses still use paper punch cards or old, fragmented systems to manage time, which results in inaccurate timekeeping, higher payroll expenditures, and angry workers. For one of a company’s most significant assets, its employees, a workforce management solution with digital time tracking offers greater control, visibility, and flexibility. 

Scheduling – Every week, managers may spend hours devising schedules and attempting to balance factors such as staff availability, hours worked, extra hours accrued, location, and anticipated demand. Traditional scheduling approaches don’t give a whole picture because they are either manual and customized by each team or give part of the story. Both can result in issues including understaffing or overstaffing, delayed schedule preparation, unanticipated absences, and unfair scheduling where some employees get more hours than others. 

Wage Calculations – Growing firms may hire a variety of workers, including hourly, contract, full-time, and gig labor. Managers must stay on top of all these groups, as well as the rules and salary standards that apply to each. Organizations that track this combination of categories using Excel spreadsheets or point systems that are disconnected from payroll and financial data suffer greater payroll costs, waste time, and increase the risk of non-compliance. 

Analytics – Making smart, confident judgments about planning and organization requires the use of workforce insights. It takes time to access the required data using Excel and point or specialized workforce management systems, assuming it is even possible. Managers are empowered to make decisions based on predicted sales and labor cost percentages, customized by store, warehouse, or regional goals and targets, thanks to a unified solution that combines workforce management operations with your ERP. 

Employee Experience – Employees want the freedom to adjust their schedules without it having an impact on the company or their jobs. For employees to clock in and out, choose, swap, or drop shifts, seek schedule modifications, and establish direct channels of communication with management and HR to address scheduling or timecard issues, a workforce management solution must offer a hassle-free platform. It helps managers retain top talent and increases operational effectiveness to make sure staff feel encouraged to do their tasks well. 

The next best thing to having an efficient resource management system is having a Complete, Unified, and Mobile Workforce Management solution. Businesses can manage their whole, unified, and mobile workforces thanks to NetSuite SuitePeople Workforce Management. Based on labor predictions and other data, such as the number of overtime hours worked, managers are better able to create team schedules. The mobile workforce management software allows employees to pick-up, drop-off, or reschedule shifts as well as interact with their supervisors about scheduling or timecard issues. Employees receive digital time tracking to help them anywhere, anytime. Finance will also value a comprehensive wage rules engine that makes sure every employee in the company is paid accurately and on time. 

read the full article here:


Category: Financial Planning, Tip of the Month, Tips, Guides, and Articles Tags: , , , , No Comments

Want to personalize your product descriptions without sacrificing the trust that comes with a unified brand voice? Net

14 Essential KPIs for Effective Finance and Accounting Management

It’s no secret that having a clear understanding of financial performance is key for any business looking for suc

Accounting, ESG and The Role They Play in Business

Running a business has always been challenging, but in 2024, business leaders face unprecedented obstacles. The landsca

Comments are closed.