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A workforce management (WFM) solution is a software solution that helps organizations streamline and automate the processes that manage workers’ time, organize and deploy their labor force efficiently, enable employee and manager self-service, and ensure employee safety.
Effective workforce management encompasses all of the activities needed to maintain a productive and cost-effective workforce. This covers all the tasks and processes involved in efficiently staffing projects to ensure that the right labor mix is available—at the right time and cost. It also includes automating time tracking for all employees (including contingent and hourly shift workers) and managing absences and leave with consideration to regional labor laws and reporting requirements.
By providing integrated tools that extend beyond traditional compliance and automation activities, HR teams can become more strategic in how they deliver value to the rest of the business. As companies and employers have started to automate their time tracking, they’ve also increased their use of labor modeling and real-time analytics. Today’s leading HR systems are not a hodgepodge of disparate tools and legacy information systems, but strategic, connected, and integrated systems that meet the requirements of modern, digital enterprises.
Look for a workforce management solution that provides a complete view across your entire HR system, including the linkage between finance and HCM.