What is Workforce Management?
Workforce Management is a set of processes that a company uses to optimize employee productivity.
Workforce Management (WFM) includes contingent and permanent staffing, staff augmentation, talent management, outsourcing, talent development, and resource procurement.
Workforce Management (WFM) involves screening, recruitment, hiring and training. Some features included are visa processing and management, workers compensation insurance, direct payroll deposits including bi-weekly payroll, CPP and EI deductions management, FICA (social security and medicare) expenses management, FUTA (federal unemployment insurance) management, payroll and accounting costs management, and liability insurance.
Benefits and advantages
The benefits of having a Workforce Management (WFM) solution is increased productivity, process streamlining, and reduction of costs associated with management of employees. Labor resource tracking and scheduling is also improved. Reporting can provide information on profit and loss.
- Recruitment – sourcing and managing talent
- Hiring – establish working relationships with employees, contractors or consultants
- Training – develop skills and knowledge
- Accounting – recording and summarizing financial information
- Insurance – workers compensation or liability insurance
- Benefits – health insurance, dental insurance, paid time off (PTO), and more
- Payroll – process of paying salary to employees
- Legal – contracts and other legal documents