What is Workforce Management?
Workforce management refers to the process of optimizing employee productivity and performance through effective workforce scheduling, forecasting, and tracking.
It involves utilizing software solutions to manage all aspects of an organization's workforce, including HR, payroll, and time and attendance tracking.
In today's fast-paced business landscape, the competition is fierce,
customer expectations are high, and the margin for error is slim. That's where effective workforce management comes in.
Effective workforce management is about more than just filling seats. It's about empowering employees to do their best work, fostering a culture of collaboration and innovation, and driving business results.
Richard Branson has quoted, "Train people well enough so they can leave, treat them well enough so they don't want to." This is the essence of workforce management - investing in your employees' development, well-being, and job satisfaction so that they can thrive and contribute to your organization's success.
The Benefits of Effective Workforce Management Solutions
Effective workforce management solutions bring a whole host of benefits to your business. Here are just a few:
Improve productivity and efficiency:
An efficient and well-designed workforce management system can be a game-changer for any organization. Businesses can optimize employee scheduling and resource allocation through workforce management tools. Organizations can significantly improve their staff efficiency and productivity by monitoring employee hours and tracking employee bandwidth for projects,
Increase employee satisfaction and retention:
Effective workforce management tools can help create a positive work environment by ensuring fair and accurate project allocations. Employees do not feel overloaded with tasks and have the right resources and tools to do their job on time. These solutions significantly impact employee satisfaction and retention by improving communication, reducing workload, and providing greater flexibility.
In 2017, Starbucks, the coffee giant implemented a new scheduling system that gave employees more control over their work schedules. The system allowed employees to swap shifts, pick up extra shifts, and request time off, all through a mobile app. As a result, employees better balanced their work and personal lives, leading to increased job satisfaction and decreased turnover rates.
Reduce turnover and recruitment costs:
Workforce management solutions have become integral to many organizations' HR strategies to reduce turnover and recruitment costs. These tools can integrate with other technologies like the cloud, AI, mobile apps, etc. It helps companies optimize their workforce by improving connectivity and providing real-time, data-driven insights that enable better decision-making.
For example, Amazon has implemented a workforce management solution integrating predictive analytics. The solution offers employees’ performance and growth on a timely basis and provides insights. Accordingly, proactive steps are taken, such as offering training or career development opportunities. It has helped Amazon reduce turnover and recruitment costs while improving employee development and satisfaction.
Mitigate risk and ensure compliance:
Workforce management solutions are increasingly used by organizations to mitigate risk and ensure compliance with legal and regulatory requirements. The solutions help companies manage risks associated with employee relations, health and safety, data privacy, and other areas by providing tools and insights to address any potential issues proactively.
According to a study by Deloitte, organizations that use workforce management solutions report significant improvements in compliance management. The study found that companies using workforce management solutions had a 50% reduction in compliance issues and a 25% reduction in regulatory fines and penalties. (Source: https://www.deloitte.com/global/en/services/consulting/services/workforce-transformation.html)
Verint’s Workforce Management Solutions
Understanding the importance of workforce management and its benefits in businesses, Verint has developed a range of workforce management solutions. They are designed to automate and streamline tasks, including scheduling, forecasting, and performance management.
The changing work environment has made managing the workforce complex and time-consuming, especially when dealing with large teams or multiple locations.
Verint’s workforce management solutions are powered by advanced analytics and machine learning technologies. They deliver data-driven insights and recommendations that help the workforce optimize and achieve business goals.
Let's take a closer look at some of the key features and benefits:
Scheduling and Forecasting:
This feature allows you to create accurate forecasts and schedules based on historical data and real-time information, ensuring you always have the required staff on hand. It helps businesses improve efficiency, reduce labor costs, and enhance the customer experience.
Performance Management:
The solutions in this feature help you track and manage employee performance, allowing you to identify areas for improvement and provide targeted coaching and training. Some of the benefits of this feature are improved employee productivity, reduced turnover, and enhanced workforce quality.
Real-Time Analytics:
Verint’s WFM solutions provide real-time analytics and insights for better and faster decision-making. It helps businesses optimize their workforce and adapt to changing business environments, ensuring to stay ahead of the competition.
Mobile Accessibility:
Workforce Management Solutions are accessible from anywhere, at any time, allowing effective workforce management. The employees get the ability to stay connected and make faster decisions.
Customer Success Stories
Some of the outstanding results that customers gained by implementing Verint’s workforce management solutions include:
- Guardian Life, one of the largest mutual life insurance companies, recorded a 30% reduction in overtime.
- 5CA was able to scale its service to 90+ employees in five languages in only two days.
- USANA, an American multi-level marketing company, could answer 90% of their calls within 30 seconds.
Every business can adopt Verint’s workforce management solutions and meet its goals.
For instance, Verint Workforce Management (WFM) Professional solutions for contact centers includes forecasting, scheduling, and other functions in a coordinated effort to optimize the workforce resources.
Stanley Black & Decker is the only outdoor power equipment company with its own contact center. Stanley Black & Decker deployed Verint's Workforce Management Professional, part of Verint Customer Engagement Platform, to optimize its workforce resources through modern and automated forecasting, scheduling, agent communication, and adherence. Also, it upgraded its telephony to Vonage and introduced Salesforce as its new customer relationship management system. With this transformation, Stanley Black & Decker gained a single unified platform to connect its telephony and workforce management solutions. As a result, the organization could effectively forecast the contact center staffing requirements to meet service levels and reduce overtime.
Quantitative results recorded were:
- The contact center capacity was increased by 20% without adding headcount.
- Agent training and coaching were expanded by 250%, with 80% of agents broadening their skill sets from targeted cross-training efforts.
Stunned by these results?! You can also achieve this for your business by implementing the right solutions for workforce management. Contact us at https://sparsolutions.com/contact-us. Our experts will understand your needs and guide you in implementing and integrating the right solutions to meet your business goals.
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