One of the first questions we’re always asked when we meet new customers for the first time is: “Will we see a return on investment?”
Understanding the benefits a workforce management (WFM) solution brings is easy. Schedules are automated, employees always know when they are working and managers save hours of time each week. But what every CEO and CFO want to know is what the return will be and what impact it will have on the bottom-line.
Before we answer this question, it’s important to take a step back and understand what a great WFM solution does. And, put simply, it combines industry-leading software development with a deep-rooted understanding of people, their challenges and what makes their lives easier.
At Quinyx, we believe we have the best mission statement in the world: to create a smiling workforce. We do this through developing intelligent, powerful and intuitive software. It’s this solution that puts smiles on the faces of senior managers and employees alike.
So how can a smile be measured? And what does it mean for your business? Every business is different, and because the range of benefits a WFM solution brings are so broad, the pain points a workforce management system solves vary from business to business and industry to industry. But there are a range of metrics you can measure to demonstrate the impact of a WFM solution.
What we find many businesses have in common is the need to answer these questions
- How are we performing against our targets?
- How are our different units performing compared to each other?
- Which factors contribute most to our staffing costs?
- What parameters affect our efficiency and profitability?
To do this, it’s important to measure the following
Cost of labour is often the biggest fixed cost on the balance sheet. With a WFM solution like Quinyx you can see, in real-time, your actual labour costs compared with your budgeted costs. And because you have greater control over when and where people are working, it’s easy to reduce costs without sacrificing your service.
With a solution like Quinyx you’ll be able to see how many times a schedule is changed each month. As your use of the system matures you should see less changes being made after a schedule has been produced. This in itself will point towards both improved productivity and improved efficiency.
Measure the time you spend doing specific tasks, especially scheduling. We find on average a manager who creates schedules will save 9 hours a week once this process is fully automated. To measure this impact on your business you have to track your time to see where it’s being used. Better use of time is also a clear indicator of increased productivity.
Employee engagement is another important metric all businesses can measure. Engaged employees will help your business improve customer satisfaction and will save you money as more engaged employees are more productive. London City Airport saw the response rate of their annual employee survey double when it was communicated to their employees through Quinyx rather than traditional methods.
For many businesses, reducing staff turnover and improving retention is the main reason they decide to implement a workforce management solution and as such, measuring turnover is a must to gauge the impact the solution is having.
Forecast and budget accuracy
With a detailed forecast of future staffing requirements, planning and follow-up relating to budget becomes more accurate. Measuring the variance of the forecast to the actual results will show how accurate the forecast was. And we tend to find the longer a workforce management solution is used, the more accurate it becomes.
In short, a better WFM solution can reduce the time your business spends on admin by 50%, improve your workforce utilisation by 11% and increase your customer satisfaction and sales by 5%, delivering you a massive return on investment.