Workforce management (WFM) consists of processes and procedures that align staff efficiently across the whole business. This article outlines the 6 advantages of adopting a WFM solution and how it can help your organisation.
Technology has become vital because of work's fast-paced, rapidly changing nature. With flexible, hybrid and remote working, technology has become the conduit that holds people and processes together.
Streamlining with technology is good for business. The role of technology in the workforce is a lever to attract and retain employees. Workforce management software is the foundation for managing people from hire to retirement.
1. Always up to date
An innovative workforce requires modern technology. Workforce management software is built with the end user in mind today as we are focused on experience for both the employer and the employee.
Cloud-based software delivers on many levels as software is updated and maintained by the company that creates the solution. SaaS (Software as a Solution) solutions can be deployed and upgraded quickly and are easier to maintain than on-premises systems and software.
Software providers regularly update SaaS software to ensure compliance, connectivity, and tailor-made features. Managing your people with an intuitive workforce management solution saves time and money.
2. Increase productivity
Improving productivity is key to business growth and profitability. Workforce management technology clears the administration tasks for employees and employers to focus on their roles and deliverables rather than the HR (Human Resources) administration.
Workforce management software automates manual processes like onboarding, time and attendance recording, and leave and absence management - feeding the data straight into payroll for processing means no one needs to do manual data entry.
Eliminating paper processing and offering self-service in an app saves employees' and employers' time and provides a better experience. Workforce management tools engage employees, which in turn improves employee productivity.
3. Compliance efficiency
Keeping up with legislative changes and compliance requires expertise. Compliance requirements are growing, and reporting requirements are adding to administration. Monitoring and reporting on STP Phase 2, FairWork Modern Awards, JobMaker and Super Stapling regulations is a full-time job.
Compliance is complex, and updates need to be understood by HR, payroll, finance, employers, and employees - so there’s a lot to learn and communicate to ensure you are current.
The one certainty is that your payroll and workforce management software provider will be across the changes and updates to ensure the software is compliant. Modern workforce management solutions have in-built compliance modules to ensure you are risk-free. Built-in compliance in a workforce management solution saves you time and manages risk for your business.
4. Paperless Onboarding
Hiring the right candidate can be a time-consuming process. Hence, as an employer, you want to ensure the new employee has a positive experience, as this is a competitive advantage.
Onboarding begins as soon as you have communicated to the applicant that they have been successful in their application. In most cases, onboarding is a manual, paper-based process that is laborious for employers and employees.
With workforce management, onboarding is paperless and streamlined. By eliminating paper, the data needs to live in the cloud, but it also means that the new hire can add data to the cloud database.
Implementing digital onboarding enables businesses to:
- Gather all details even before day one
- Provide modern experience whilst promoting confidence regarding technology
- Reduce stress for new hires on filling out forms and checklists
- Decrease paper and ensure records are stored accurately
- Deliver consistency, efficiency, and accuracy, ensuring all data is collected
- Capture and monitor compliance records
- Showcase your culture and deliver confidence
5. Accurate Payroll
With 13 million people employed by 2.4 million businesses in Australia alone, millions of pay runs are processed by payroll staff every week, fortnight, and month. Australian employees expect their pay to reflect the amount stipulated in their employment contract and to be paid on time. It would have profound adverse effects on employees' livelihoods and a company's payroll department if this did not happen.
The largest expense category for most companies is payroll, and managing compliance and risk is challenging for growing businesses. Small or large, every Australian business must remain compliant and control costs in the current business environment.
The critical building blocks for managing payroll are:
- Pay Frequency
- EOFY (End of Financial Year) Reconciliation
The data you need for accurate payroll you can get from:
- Onboarding data - A signed contract, acknowledgement of the Fair Work Statement and other policies the company requires, a Tax File Number Declaration, super choice, bank account details, and personal information are required.
- Time and attendance data - to pay the employee the right amount and rate, you need to record the hours they worked. Completing digital timesheets via an app makes the process seamless and easy for the employee – delivering the data in real-time for payroll.
- Compliance data: To safeguard against workforce-related risk, you may need qualification, police clearance, licence, visa, tickets, and training data to ensure your business is compliant.
Payroll Software built into a workforce management solution ensures you get all the data in a single source, which means that you can process pay runs with accurate, real-time data and
Workforce management software equips you with one platform from time and attendance to payroll processing. Streamlining payroll removes the need for multiple systems, eliminates uploads, reduces manual intervention, and increases compliance. Workforce management software also comes with intuitive award interpretation, which empowers you by offering configurable award engines, allowing you to create their own rules and conditions.
Software and technology can compromise an organisation's security. Stealing an important database was easy in the past as we stored data in files. Workforce management software reinforces the importance of data security in a successful business workflow. Modern workforce management solutions offer integrity and protection of payroll and workforce data by investing in reliable infrastructure with measurable uptime and service level agreements. Like your banking data, the data is stored locally in an Australian data centre and is encrypted. 24/7 monitoring to report any malicious or unauthorised behaviour is the norm. Today, we have single sign-on, two-factor authentication, and user access configured to your level and usage of the software in your company. So, it's no longer one size fits all when gaining access to the people and payroll data.
Want to learn more about workforce management solutions from The Access Group?