Entries by Tina Suthers
At its core, Workforce Management (WFM) ensures your business’s understanding of its staffing needs—who’s doing what, what needs doing, how long does it take to do and how many employees are needed at any given time. Broadly speaking, you’re implementing WFM best practices if you’re staffed with the right number of people across each interval and consistently achieving defined goals. One of WFM’s many interlocking factors is shrinkage: the percentage of time that your employees are paid, but are not working on incoming production items. While shrinkage can be valuable (e.g., time spent in training, one-on-one coaching sessions, etc.), excessive shrinkage inhibits productivity, exacerbates stress, and inflates expenses. A proactive and realistic shrinkage forecast mitigates risk and allows you to fully invest in your employees while achieving business goals.