Gain Valuable Workforce Insight with Labor Tracking & Costing
About This Resource
A solid workforce management (WFM) strategy starts with a clear picture of the time and work required to complete tasks across your business. From that foundation, companies use workforce management to create forecasts, schedule employees and measure employee and job performance.
If you’re running into issues such as job cost overages, inaccurate bids that end up costing you money or lagging employee productivity, basic time and attendance won’t help you address those issues. Instead, you need a level of workforce management detail that provides valuable insight about your business and your workforce.
Empowered by workforce management tools, organizations are positioned to optimize and increase performance across human resource management, scheduling, budgeting and forecasting.
Your organization needs the data and insights that will empower you to take your labor tracking capabilities to the next level. There are two essential workforce management tools that will help you do this: labor tracking and job costing.
Labor tracking is how your organization tracks and understands your labor costs. It’s how you pay employees for their time – based on the labor of the job they performed. Accurate labor tracking is essential for accurate budgeting and job costing.
Job costing is a way of using codes to track the costs of a job. This data reflects what the labor costs to get a job done. With job costing in real time, you can see whether your project is on track and on budget.
Using these two tools, HR and Finance can shine the light on labor budgets and workforce management. Download our eBook to learn more.
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