Payroll management system

What is workforce management software, and how is it helpful to businesses?

What is it?

This software is a form of workforce management tool that allows businesses to automate important aspects of HR so that things like scheduling, data collection, vacation and leave management, and task assignments, among other things, can be efficiently planned. It helps a business to manage staff scheduling, offer more benefits, avoid outsourcing accounting tasks, and remain in compliance more easily. This type of workforce management tool is good for both employees and for the company.

How Necessary is it?

One recent study found that half the organizations in the United States had compliance issues in the last year. Workforce management solutions keep track of compliance figures automatically. A Wasp Barcode Technologies report discovered that most small businesses cite managing payroll as one of their top five accounting challenges. In fact, at least 71% of small businesses are outsourcing at least one accounting function, which could be done in-house for nothing with the right workforce management tool. Workforce management software can keep track of everything automatically and update for changes as needed.

How Can it Help Employees?

Workforce management is a key ingredient in employee happiness and retention. Glassdoor?s 2015 Employment Confidence Survey found that 60% of people consider benefits to be a major factor in whether or not they accept a job, and $11 billion is lost every year to employee turnover. Offering employees benefits increases the accounting and HR loads; yet companies that offer 11 or more benefits are considered great places to work by 66% of employees. A workforce management tool is one way of managing benefits and employee engagement to increase satisfaction while avoiding having to outsource accounting tasks or overload certain departments.

How Can it Help Employers?

A Deloitte Payroll Operations survey found that 56% of North American respondents are outsourcing their payroll technology, maintenance, and support. That requires expending money that could be kept after investment in the right software for in house use. the right workforce management tool also allows a company to better communicate with employees. The training company Fierce, Inc. found that 86% of people blamed workplace failure on lack of collaboration or ineffective communication. Much of that could be avoided via automatic communication and predictable accounting.
Workforce management software can schedule employees based on skill and compliance requirements, help you understand your labor information at a glance, schedule time off without inefficient overlaps or unexpected complications, and keep track of time and projects in a way that is difficult for individuals to do on their own.

The right workplace management solution saves money, benefits the company, makes it easier to remain in compliance, encourages and satisfies employees, and takes a huge burden off of accounting and HR departments.