Savings from an Automated WFM Solution Examples from Various Industries
Savings Implementing a Workforce Management solution is a large monetary commitment Providers of WFM systems always promise strong savings Here are some actual values to back up that claim… 2
Manufacturing If you have 1 employee, who is paid $20/hour and is away from work for15 minutes (i.e. arrives late, takes a long lunch, or leaves early): $20 per hour = $5 for 15 minutes $5 x 5 days a week = $25 $25 x 52 weeks per year $1300 per year of unproductive paid time Most manufacturing firms have more than just 1 employee though – if you had 50 employees with the same habit: $65 000 per year of unproductive paid time 3
Professional Services If your company has 50 hourly employees who are paid $15/hour each, as well as 50 salaried employees, a WFM solution can save you: At least 1.5% of wages for hourly workers with improved accuracy: $23,400/year in labour costs $25,000/year in hiring and training costs, if there are just 2 less hourly and 2 less salaried employee turnovers a year Up to 6 paid hours a week (for a supervisor paid $25/hour, that’s $7,800/year), with software to generate employee schedules That translates to $56,200/year in savings, not to mention the added value of abiding by compliance regulations 4
Retail Let’s look at a chain of grocery stores with 50 different locations where managers are paid $20/hour: A WFM solution saves managers 2 hours/week, given the scheduling and attendance administration capabilities: 2 hours/week x 50 locations = 100 hours $20/hour x 100 hours = $2,000 $2,000 x 52 weeks/year $104,000 per year With optimized scheduling capabilities, managers can save 5 hours/week in overtime at a rate of $18/hour: 5 overtime hours/week x 50 locations = 250 hours 250 hours x $18/hour = $4,500 $4,500 x 52 weeks/year $234,000 per year 5
General Benefits 6 Organizations can save up to 5% of their annual payroll costs with a workforce management solution, helping companies in the following aspects: Decreasing payroll errors Decreasing total payroll processing time Decreasing unauthorized leave time Improving labour reporting Decreasing payroll inflation Eliminating costs associated with paper timecards Eliminating the risks of employee buddy punching or time fraud
Return on Investment 7 Companies can see monetary savings as well as other benefits from implementing an automated workforce management system Above all, businesses strive to see a Return on Investment from their WFM system – with the right planning and implementation strategy, this is almost guaranteed!
Find the perfect WFM solution for your company to meet your industry-specific needs at www.synerionwfm.com. Thank You! Some information was taken from: http://www.ceridian.ca/webcast/