March 2, 2021 | Time and Attendance | Posted by Ascentis Thought Leadership
How to Reduce Workforce Management Costs
There’s no question that workforce management software is a major investment. While the advantages of automating your workforce planning are evident — improvements in organization, accuracy, compliance, time management, and many other areas that have a direct impact on your bottom line — the fact is that a quality suite of workforce management software costs a significant amount of money. That makes it vital for your human resources team to be able to demonstrate to management the value of investing in a solution that will pay off in the long run.
Improve scheduling practicesFlexible scheduling is at an all-time premium in the wake of the COVID-19 pandemic. The increased diversity of the modern workforce means that HCM teams are managing full-time employees, contingent workers, freelancers, and short-term contractors, often all at the same time. On top of that, many more employees have begun working remotely or on non-traditional shifts in response to concerns about social distancing and workplace health.
Being able to navigate smoothly between all of those unique requirements offers a chance for significant payroll savings. Juggling so many different kinds of workers and schedules puts an employer at risk for human error, compliance violations, excessive overtime, and over- and under-scheduling. All of those factors can rack up significant costs that can be avoided by automating your scheduling processes and consolidating those processes in an easily manageable dashboard.
Understand your workforce needsIn many cases, reducing workforce management costs begins with choosing the right workforce. Automating your hiring and recruitment functions through a recruiting software is a crucial piece of any workforce planning strategy. A customizable career portal that allows your recruiters and hiring managers to easily build applications, create job listings, share openings to appropriate job boards and social media channels, and filter resumes saves time and money by eliminating the hours that might otherwise be spent sorting through unqualified applicants.
Even before that step, automated workforce management tools help your HR team build out effective workflows and make accurate assessments of which areas and departments are most in need of staffing adjustments. Time and attendance software and scheduling tools allow your admins to determine whether it will be more cost-effective to recruit short-term or contingent workers or to commit to a full-time hire, while real-time data analytics give you the facts and figures to back up those decisions to upper management.
Reduce turnoverIt is almost always less expensive to retain an existing quality employee than it is to hire a new one. A strong workforce planning solution can help reduce turnover rates by increasing employee engagement and overall job satisfaction. Employee self-service tools and mobile apps that allow workers to adjust their own schedules, submit time-off requests, and other day-to-day functions can provide a big boost to your workforce’s empowerment levels. A customizable learning management system that offers on-the-job training options encourages motivated employees to develop new skills and improve their positions within the organization. By building a more empowered, upwardly mobile workforce, your organization can make your strongest employees feel more valued, cut down on turnover, and improve your bottom line.
Automate more functionsAutomation can be a tricky area for some employers. Even as technology advances and automated solutions can handle more and more of your day-to-day HR functions, it can be difficult for some administrators who are used to managing those processes by hand to give up control. The fact is, though, that the risk of human error coupled with the time required to complete these tasks makes a manual approach too costly to maintain. Automating as many of those processes as possible not only mitigates a good deal of risk, it also frees up your HR team to focus on more complex workforce planning responsibilities that will benefit the organization in the long run.
The world of workforce management is constantly evolving, and an automated workforce planning solution is the most reliable way for most organizations to keep up with the rapid pace of change. The value of remaining profitable, mitigating risk, and empowering employees is more than worth the cost of investment for any forward-looking organization.
Learn more about the many ways automated time and attendance software from Ascentis can help create a more efficient, cost-effective workplace.
With more than 35 years of experience in providing Software as a Service (SaaS) solutions, Ascentis thought leaders have become a respected source for insights, tips, and innovations in the Human Capital Management (HCM) space.