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