The Money Saving Benefits of Workforce Management Software
Key factors industry-focused software drives savings for commercial cleaning and security companies.
The goal of workforce management software is to drive efficiency, profitability and growth. In layman’s terms – it should help support your profits, while also saving costs.
We’re going to show you the formulas for how it works, so your company can start taking steps towards money saving benefits.
Optimize schedules – reduced overtime = reduced labor costs.
One of the biggest drains on employee resources, especially for our clients in the security industry, is overtime — especially when its nonbillable. While sometimes unavoidable, in some instances improved scheduling can result in reduced overtime. Common instigators could be a scheduling manager not factoring in pay scales and certifications when finalizing rosters, wage creep, employee turnover or other issues.
By moving away from manual methods for scheduling (manual postings, spreadsheets or other methods) you gain the advantages of seeing scheduling from a bird’s eye view. Start by looking at your schedule for the week and in context with adjacent weeks to spot overtime risk. Then, review available reporting to track trends and pinpoint issues that can trim your labor costs.
Did you know workforce management software offers configurable alerts to proactively alert you to overtime risk and tells you when an employee has reached overtime status? Learn more.
Improved time and attendance – outdated employee absence management = more time to allocate to higher value projects.
For some in our industries, managing employee time off requests can be a full-time job itself. It’s easy for time and attendance records to become disorganized, especially in cases where employees are approved for time off regardless of their available balance.
With workforce management software, employees can see their balances available and request time off as they need it. Instead of a supervisor manually having to check their balances and benefits, they can review a quick menu of options and make approvals with a few clicks of a button, rather than mountains of paperwork. The back-office monitors the workflow of requests and updates payment records accordingly before it ever gets to payroll.
Implementing a solution that connects your scheduling, time and attendance, and self-service employee portal can serve as a huge time saver for your administrative team.
Increased data access – manual processes = instant time savings.
It’s true: every company looks at data a little differently. Even so, when you house most of your data in one system, you create a single source of truth resulting in savings.
Think about if this way. If you’re using a separate system to manage your scheduling and time keeping activities than what you’re using to manage your payroll prep, you’re having to enter countless information (like time worked and employee absences) multiple times. Not only is double handiling of data inefficient, it often leads to costly errors. That’s time better spent on your contract delivery.
Increased insights – unprofitable contracts = increased profitability at the job level.
If expenses aren’t allocated correctly, you could be thinking a job is profitable, when really, it’s becoming a drain on your time and resources. To get an accurate picture of profitability, it’s important to allocate your true job costs on a per-job basis.
Once you have this information, you can get a firmer grasp on what contracts to prioritize and what adjustments need to be made to increase profitability on higher-cost contracts.
Enhanced visibility + sound data = improved budget predictability.
With improved data access and quality, you can gain a more accurate picture of year over year spending, from labor costs to inventory and equipment management, to asset tracking. When combined with revenues, you’re able to better forecast budgets for future operations.
With industry trends, legislative changes and economic factors all throwing curveballs at your company, improved budget predictability can help future-proof your business and adjust when changes are required.
Improved compliance support = lessened risk.
Compliance management is complicated, and non-compliance is costly. Changes happen (seemingly) by the minute and can vary even within the same country. With solutions designed to provide tracking and reporting options for , you can better prepare your company to be able to prove compliance based on regulatory requirements.
Could you use the money saving benefits of workforce management software? Request a demo today.