Post 5 June

5 Ways to Improve Your Workforce Planning with EOXS ERP

The leadership of a company must consistently pay attention to its personnel, which is typically the largest expense on its income statement. But, given the current climate of a tight labour market, rising inflation, and economic uncertainty, workforce planning is even more crucial.

The process of ensuring a company has the right people, with the right abilities, in the proper positions, both now and in the future, is known as workforce planning. Businesses can better prepare for situations like a talent drain caused by attrition or retirements, or a labour shortage, which can all have an impact on finances, product development plans, and customer relationships, by implementing strong workforce planning programmes.

But, planning a workforce can be challenging. It calls for having a thorough awareness of the organization’s existing staffing, experience, and salary levels as well as the talents that are in demand in the market and developing precise projections of what the company would require in the future. Businesses must use HR and payroll systems to obtain information on current employees and salaries in order to accomplish this efficiently. For information on anticipated demand for new product lines or labour costs in a new market, they need access to forecasting tools. They also need access to financial and operational systems for the historical data needed to execute such projections.

Nonetheless, effective and successful workforce planning is still a work in progress for the majority of firms. Companies frequently have to make do with cumbersome legacy systems or spreadsheet-based procedures that are prone to errors and can’t keep up with the business and market conditions that are changing quickly. You may find yourself unable to respond to your company’s changing planning requirements if you continue to rely on obsolete planning methods and spreadsheets. Also, your personnel plan will not be in line with your financial and organisational strategies.

Customers of EOXS ERP have come to understand the benefits of doing away with spreadsheets and combining staff planning with financial planning. Organizations can efficiently manage and estimate personnel costs with the help of EOXS ERP Planning and Budgeting for Workforce Planning, which also offers crucial visibility into how strategic workforce plans affect financial plans. With the help of EOXS ERP Planning and Budgeting, businesses can employ the best personnel at the best price by closely integrating HR and finance.

Plan and forecast your workforce accurately with EOXS ERP
An integrated workforce planning solution that enables finance and HR leaders to plan their workforce in sync with their business strategy, financials, departmental budgets, and forecasts must take the place of silos and disjointed processes. This assists HR teams in making the move from tactical headcount planning to more strategic workforce planning that properly and effectively places the right people in the right places.

A workforce module is included in EOXS ERP Planning and Budgeting, and it offers current data on workforce spending for your company. With pre-built drivers, forms, and dashboards, it enables you to quickly forecast future headcount and employee-related costs.

Businesses can benefit from holistic labour planning in the following ways:
Better Workforce Planning: By tightly integrating your financial and HR data from EOXS ERP SuitePeople or another human capital management HCM source system into EOXS ERP Planning and Budgeting, you can quickly and automatically access data sources, like salary and benefits benchmarking data, to drive more accurate workforce planning decisions, like hiring, promotions, and headcount planning.

Organizing Compensation and Salaries: For both existing employees and new hires, you may budget salaries and total pay, which includes bonuses, perks, and other costs. Customers of EOXS ERP can take use of preconfigured workforce assumptions made by administrators, including pay schedules, annual rates needed for tax and benefit expenses, specific benefits, and other workforce-related costs that vary by work location.

Realistic Company Roster You can save time and avoid mistakes by not having to transcribe personnel information from your HR system into a spreadsheet or disconnected planning solution anymore. To simulate workforce changes like transfers and pay adjustments, automatically import your employee roster from SuitePeople or other HCRM software into EOXS ERP

Planning and Budgeting. You can check employee data by department, confirm wages, update personnel fields like full- or part-time employment, and adjust other compensation hypotheses like merit raises, bonuses, and overtime.

Filling Workforce Gaps in Your Organization: By inputting the hire date, job title, pay, department allocation, and other workforce-related information, you may easily set up new recruits in the planning tool. To find out who is still employed by the organisation or has left, you may also monitor and modify employee status. With the help of the workforce planning module, you can quickly plan for upcoming organisational events like an employee’s resignation or leave of absence or transfer to another department or subsidiary. To plan for upcoming activities and fill gaps in your company, planners can quickly adjust demographics by headcount, gender, skill set, age, and education level.

Improved Knowledge of Your Workers Data You can view an overview of company spending, department personnel expenses, and department headcount using pre-built dashboards in the EOXS ERP Planning and Budgeting workforce planning module. To better comprehend crucial information, such as a comparison of actual vs plan for total headcount or remuneration, you will be able to evaluate your workforce data both at a high level and in detail. To view workforce data that is important to your company’s business activities, you may also create bespoke dashboards.

Planners may spend their time making sure they have the proper personnel now and in the future and preparing for expansion by using the workforce planning module in EOXS ERP

Planning and Budgeting, which gives them a complete picture of all employee data linked with the company’s financial information.