2+1
Pay for Two Years and Get
One Year HRMS Subscription Free!
Limited Offer
Zimyo Logo
Login
Schedule a Demo

Workforce Management - Its Meaning and Definition

What is Workforce Management (WFM) ?

  • WFM stands for Workforce Management.
  • It is a set of processes and tools used by a company to check the productivity and performance of its employees.
  • It can involve forecasting labour requirements, scheduling staff, managing attendance, and ensuring compliance with labour laws and company policies, and many more…
 

Definition

“Workforce Management (WFM) is a systematic approach to managing and optimizing the employees’ efficiency and productivity.”

In the context of a corporate organization, WFM makes sure that the right number of employees with the right skills are in the right place at the right time to meet business objectives. 

Effective WFM leads to improved service levels, reduced labor costs, and higher employee satisfaction.

Components of Workforce Management (WFM)

  1. Forecasting & Planning:
    • Demand Forecasting: When the HR makes a list of the number of employees needed based on business demands, it’s called Demand Forecasting or Prediction.
    • Capacity Planning: It means making sure that there are enough resources to meet future needs within the company.
 

2. Scheduling:

    • Shift Scheduling: When the HR or the Manager assigns the employees their specific working hours, it’s called Shift Scheduling.
    • Resource Allocation: The process of distributing work among employees based on their skills and availability is called Resource Allocation.
 

3. Time & Attendance Management:

    • Time Tracking: It includes recording working hours and attendance of the employees.
    • Absence Management: The process of managing leaves and absenteeism is termed as Absence Management.
 
4. Performance Management:

    • Monitoring: It is the duty of the HR or Manager to track the performance and productivity of the employees, called as Monitoring.
    • Feedback and Coaching: They are an indispensable part of a working environment. As regular feedback and training tend to improve performance.
 

5.  Compliance:

    • Labor Law Adherence: A company must make sure that their schedules and practices comply with labour regulations of the country.
    • Policy Enforcement: Implementing company policies consistently is extremely important for an organisation, and is a crucial aspect of the WFM.

Examples in Corporate Offices

  • Automated Scheduling: It includes the use of software to create optimal employee schedules based on forecasted demand.
  • Time Tracking Clocks: They are the systems which accurately track employee hours and attendance on a regular basis.
  • Performance Dashboards: They are software technology based dashboards which help in monitoring and analysing the employee performance metrics efficiently.
  • Flexible Work Arrangements: Remote work or working from home is the main example of flexible work arrangements. 
  • Training Programs: Skill Enhancement and Technical Training programs help employees further their career and in  turn boost the business productivity of the company.

Conclusion

So, there you go, in corporate offices, Workforce Management is highly important to maintain daily, weekly and yearly operational efficiency and employee satisfaction. Through efficient WFM, companies can reduce their labor costs, increase productivity, and ensure compliance with labor laws, ultimately contributing to the organization’s overall success.

Trying to achieve a balanced workload? Go for effective Workforce Management tactics and get a more engaged and productive workforce!

Pay for 2 Years and Get 1 Year HRMS Subscription Free
Back to glossary