Are you looking for ways to improve productivity, boost employee morale, and reduce costs? In that case, embracing workforce management (WFM) is the key. The business landscape is becoming increasingly competitive. Therefore, the concept of workforce management is gaining more popularity than ever before. The global market size for  workforce management is likely to reach USD 5.25 billion by the year 2026.  

More and more organizations are leveraging workforce management tool to stand out in the market.  

In this blog, you will get to know everything about WFM and the crucial features of a workforce management tool.

Understanding Workforce Management

Before getting into the details of a workforce management tool, it is important to understand what WFM is. Well, workforce management refers to the processes leveraged by employers to direct the right employees to the right job at the right time. It involves strategic allocation, optimization, and tracking of human resources. The core aim is to maximize productivity and lower the risks of the organizations. 

WFM helps in effectively eliminating time-wasting activities and enables employees to work to their maximum potential. Moreover, it streamlines the processes and results in happier employees. 

Key Features and Functions of a Workforce Management Tool

Now that you understand the importance of workforce management, it is time to leverage a workforce management tool. However, before using the tool, you would want to know its important features. Take a look at the features and functions of workforce management software.

• Labor Forecasting

Forecasting labor needs is one of the challenging tasks for organizations. However, using resource management software can make labor forecasting simple and easy. The tools can help you understand the historical trends better and predict the labor requirements for your different projects. 

It takes into consideration the various factors that are likely to impact your staff availability and requirements. It includes factors like seasonal shifts, fluctuations in seasonal demands, changes in project timelines, and more. Ultimately, the software allows you to better plan and allocate your employees and ensures the optimum success of your projects. 

• Time Tracking

Keeping track of the hours worked by employees is vital for payroll management. Moreover, it is also essential for improving their productivity by lowering time-wasting activities. An important feature of a workforce management tool is that it allows you to track time effectively. It can be conveniently integrated with time tracking tools to capture data easily and ensure accurate payroll management. Some tools can even provide you with overtime alerts and offer more convenience to employers. 

• Smart Scheduling

Most workforce management tools come with smart scheduling features. It allows managers to select the right employees for a specific project. The factors that guide the selection of employees include skills, experience, preference, availability, and more. Moreover, the tools also facilitate the exchange of shifts among the employees. 

With smart scheduling, you do not have to worry about overburdening your employees. Effective scheduling helps in keeping the employees engaged, boosts their morale, and ensures optimum satisfaction. 

• Data Analytics and Reporting

Another important feature of resource management software is data analytics and reporting. The tools come with customizable dashboards that can provide you with a comprehensive view of workforce data in real time. 

As a result, you can easily identify staffing or scheduling issues and correct them at the earliest. Moreover, the tools can help in generating reports that can enable you to analyze data and take the required actions to improve workforce productivity.

• Regulatory Compliance

Leveraging workforce management tools can also allow you to comply with the hour and wage laws effectively. It helps your organization in avoiding any kind of penalties and improves your reputation in the market. 

Conclusion

By now, you must have a comprehensive idea of the importance and features of a workforce management tool. It is time to leverage one. To select the best workforce management tool, you need to consider various factors like your industry, workforce characteristics, location, and strategic goals. Based on your unique requirements, you can make the right choice. Are you in search of an efficient resource management tool? In that case, eResource Scheduler is just the perfect option for you. Connect with professionals and discuss your business needs.