Leading Technology Research Firm Discovers ROI of Workforce Management Systems
Workforce management systems can provide a high return on your investment by delivering real time data that allows you to stay on top of your labor costs and increase workforce productivity. In fact, Nucleus Research, a leading technology research firm, found the average company gets back $7.88 for every dollar invested in workforce management applications1.
With such high returns to be earned on these technologies, management teams should consider workforce management to be one of the most attractive investment opportunities available.
Nucleus found that ROI of workforce management systems were significant for two reasons. First, they enabled organizations to reduce several types of overcompensation. For instance, the improved application of complex pay rules allowed organizations to avoid both error-driven payroll overpayments, as well as the granting of unearned paid time off.
Reduced overtime was another source of savings. Using attendance-related data gathered by workforce management systems, managers were able to reduce overtime by selectively assigning new shifts to employees least likely to incur overtime rates.
Increased productivity was the second primary driver of high ROI of workforce management systems. By automating labor-intensive processes such as time tracking, timesheet approvals and the application of pay rules during the weekly payroll process, these systems improved productivity for workers, their managers and payroll administrators.
Benefits from mobile functionality and cloud-based delivery further increased ROI.These capabilities were drivers of benefits in some of the more recent deployments examined by Nucleus. Mobile applications improved productivity by reducing the amount of time required for HR-related interactions such as leave requests and task assignments. Cloud delivery functions enabled organizations to offload costly application management tasks such as legislative updates, patches and database tuning.
Workforce management systems can be rolled out quickly and efficiently and help to minimize difficulties associated with an organization’s greatest cost: labor. Nucleus found organizations are turning to vendors with comprehensive time and labor management offerings in order to minimize costs and simplify deployments. With an average return of $7.88 for each dollar invested in workforce management, companies should be looking to these systems as a high-return way to cut labor costs and increase productivity.
EPAY Systems provides a cutting-edge workforce management system that keep employers in control and in compliance with labor laws and union rules, while reducing labor costs by an average of 5%. Our uniquely flexible, cloud based BlueforceTM system can adapt to the most complex labor environments.
Resources
- Nucleus Research l109 – Technology Value Matrix 2H2011 – Workforce Management, October 2011