Effective workforce management is key to success for any business. In a competitive market, you need to manage your most important asset in the best way possible.
If you’ve been pondering more effective workforce management, take a look at these six statistics and facts. They may make you think twice about how important effective management of the workforce is.
1. Compliance Issues Are Common
According to one study, around 50 percent of organizations experienced compliance issues within the last year. While the survey focused primarily on health and human services organizations, there’s no reason to believe other companies aren’t experiencing compliance issues at the same rate.
Why are compliance issues so common? One reason is an increase in regulation over the past few years. The most salient example is the Affordable Care Act.
On top of this, over 60 percent of CFOs believed they wouldn’t have the resources to properly manage compliance in the near future.
2. Millennial Influencers
In the same study, almost 90 percent of CHROs believed Millennials had influence on the companies they work for.
Millennials are demanding more from their employers. They aren’t necessarily demanding more pay, but they want better benefits, flexible work arrangements, and more.
Millennials are changing the way businesses operate. If you haven’t already hired some Millennials, you’ll likely be hiring some in the near future.
3. Workforce Analytics Are Gaining Popularity
More than two-thirds of CFOs indicate they wanted to invest in data analytics for the workforce. Analytics allow you to gain better insights into your workforce and make better decisions about how to manage that workforce.
A great example is the use of scheduling tools to generate reports about when you need more shift coverage and when you can schedule fewer employees. The same scheduling tool can also provide insights into which tasks need more attention at peak times.
4. Talent Management Is the Word on the Street
The so-called gig economy is changing the way people work. More businesses have embraced a contingent workforce, which means they need on-demand talent. At the same time, a 2016 survey indicated more business owners and executives realized they needed to improve the workplace experience as well as increase their ability to properly manage talent.
Plans to enhance talent experience in 2016/17 included making financial processes more visible and transparent, improving the efficiency of onboarding and offboarding processes, and even streamlining certification checks and other verification processes.
5. The Contingent Workforce Is Growing
The number of contingent employees has doubled over the last decade. These workers, also known as on-demand talent and freelancers, are projected to make up about 40 percent of the average company’s workforce by 2020.
The contingent workforce poses new challenges and opportunities for workforce management. For example, compliance challenges are more frequently reported in relation to contingent workers. If you’re planning to employ contingent workers in the near future, you should develop a strategy to effectively manage them.
6. Integration and Automation Are Key
A decade ago, most companies were planning to integrate their time and attendance tracking with their payroll functions. If you haven’t already done so, you’re a bit behind the times. The good news is today’s tools make it easier than ever to transition to an integrated model.
These tools also allow you to integrate almost every aspect of workforce management into one holistic framework. Automation is another key word, and many companies have been working toward automating time and attendance tracking, along with other workforce management tasks.
No matter where you are in the process of implementing or improving workforce management in your business, you can easily reach the next stage.