What is strategic planning?
Strategic planning is an organisation's process of defining the business strategy, and then making decisions on how to allocate resources to achieve said strategy.
And why is it important?
By carrying out a strategic plan you will align the company to focus on key outcomes, and may uncover ways to improve performance in the process.
It has also been shown that companies that apply a strategic workforce plan will see a cost saving within the first year.
According to research carried out by HR.com businesses who implement a workforce management solution will see, on average, a 6-10% cost saving in under 12 months.
We have taken a deeper look at the research carried out by HR.com to create a list of benefits that will have an immediate impact on your business.
1. Cost Saving
For most businesses labour costs form one of the biggest fixed overheads. Savings can be made by being able to control these costs more effectively, from managing overtime to creating smarter schedules. Again, 60% of businesses said cost saving was the most common benefit they saw within the first year of using a workforce management solution.
2. Improved business insight
Nearly two thirds of business leaders say they have a better insight into their business from using a workforce management solution. From the number of sick days taken to the number of hours worked against those budgeted, they are able to see and influence real time data to manage their businesses more effectively.
3. Increased administrative efficiency
Nearly 60% of organisations who took part in the research say they saw an improvement in their administrative efficiency. A workforce management solution will automate key processes and save time, particularly for managers, every single day. Labour intensive tasks become automated and this is where the biggest time savings are made.
4. Better customer service
What isn’t always immediately apparent is that investing in a workforce management solution is also a great way to invest in your customers. Because of the time saved by managers (on average 9 hours a week) they are able to spend more time running and growing your business which leads to a better customer experience and happier customers.
5. Improved employee productivity
In the survey, 40% said the boost in productivity a workforce management solution brought them was the biggest benefit. When better efficiency is combined with an improvement in productivity it usual means revenue grows, costs are saved and businesses become more profitable.
6. Improved compliance
Working time directives and workers rights can make scheduling complex and time consuming. 42% of business said they had improved compliance and less scheduling errors from using a workforce management solution.
7. Reduced absenteeism
Workforce management solutions mean leave and absence management are all centralised. In the UK, the problem of absenteeism is growing, with the estimated cost of absence now exceeding £30 billion. Nearly 40% of businesses say since investing in a workforce management solution they have seen a decrease in absenteeism.
Every business has different pain points which is why the biggest impact varies from case to case. What we know is every business using a workforce management solution will save money. The job of our team of experts is to help you find the areas where the cost saving will have the biggest impact and then work with you to implement the best solution. Get in touch today to start the conversation that could save your business money.