What Does Workforce Management (WFM) Mean?
Workforce management (WFM) is the application of information technologies in business, or the use of applications and other products to analyze, evaluate, and optimize workforce systems.
Techopedia Explains Workforce Management (WFM)
WFM is often seen as a component of enterprise resource planning (ERP) systems, as part of overall human resource management.
A wide variety of applications and software products help human resources employees to manage a workforce.
Common elements of WFM include:
Payroll and benefits resources
Time and attendance tools
Performance management components
Scheduling tools as well as other
Resources for recruiting and talent acquisition
In general, the full range of workforce management tools on the market help those responsible for workforce management to make the right decisions, and to look at a bird’s eye view of the workforce to determine what’s going on, and how things can be optimized.
Although these kinds of tools have innovated the human resources industry, some critics note the limitations and restrictions of these tools in actually projecting outcomes.
The best strategies involve a combination of workforce management tools for analysis, and active management, which involves significant person-to-person interaction.