The 4 Ps of Workforce Management
Workforce management (WFM) consists of the whole host of activities that an organisation employs in order to optimise the efficiency and output of its manpower. Activities such as work and manpower scheduling, demand forecast, and management of staff are a part of workforce management.
WFM systems allow organisations to monitor and gain an understanding of the operational standards and the exact number of workforce and resources needed to complete a task. This not only allows for the continuous improvement of the organisation but also allows project managers to optimise their resources. A well-established WFM system has the following components:
Demand forecasting and budget allocation.
- Manpower scheduling.
- Timeline management and employee attendance.
- Performance management of manpower.
- Compliance with operational regulations and protocols.
- Management of compensation and benefits.
- Scheduling of leaves and vacations.
A robust and streamlined WFM system ensures cost-effective operation, better performance from employees and improved punctuality and turnover time.
The 4 Ps
Any successful WFM program is based on 4 key underpinnings. They are principles, practices, processes, and people. In order to understand and develop a proper WFM system, it is important to understand all the 4 Ps and how they affect operation and scheduling of manpower.
- Principles – There are certain unchangeable patterns and trends that a company experiences by virtue of the industry it is in. These patterns or principles are the guidelines or laws based on which the company operates. Forecasting and scheduling, intraday, performance assessment and accurate reporting all come under the basic operational principles of any organisation.
- Practices – Practices, unlike principles are not unchangeable and can be modified or improved to suit the needs of the company. Practices are tailored or adjusted according to the demand generation and work schedule. Best workforce practices involve establishing a strict working standard for excellence and output along with managing labor costs and manpower expectations.
- Processes – They are activities and operations that directly contribute to the everyday functioning of the organisation. Every process that an organisation utilizes must have well-documented records of each and every step and metric involved. This will not only allow better scheduling of manpower but also allow companies to manage employee vacation time better.
- People – The workforce of any organisation ultimately consists of people. Employees need to be communicated with and routinely compensated for their contributions. Managing the morale of the workforce is probably the most vital aspect of any WFM program.
The leading workforce management software Planday, allows you to easily create and share a schedule, communicate with employees, and handle your HR processes. As official Planday partners, iMovo can guide you through the process. Contact us now for more information or to schedule a demo.