16 May, 2022

Five Methods to Upgrade Your Workforce Planning with NetSuite

Workforce planning is the process of assuring an organization has talented individuals with required skills in the right positions, presently and in future. Businesses that have strong workforce planning are ready for events such as a talent drain due to weakening or retirements, or a labor shortage, which can have an adverse effect on finances, product expansion plans, and customer experience. 

However, achieving that level of preparation can be difficult. There is a need for comprehension of existing staff numbers, insight, and employment levels; the talents offered in the industry currently on the market; education and training programmes where the company promotes; and accurate predictions of future requirements. Businesses require HR systems to collect data on existing employees and salaries, as well as access to forecasting tools and operational systems to gain insights into new products or services that may be on the horizon. 

Most organizations are still working on productive and smooth workforce planning. Decision-makers are frequently hindered glitchy, error-prone old systems and spreadsheet-based processes that are incapable of keeping up with quickly shifting economic and market conditions. Depending on spreadsheets and out-of-date planning solutions can leave you unable to adapt to your company's changing needs. Furthermore, you will have a workforce that is out of track with funding and business strategy. 

NetSuite clients have recognized the significance of removing spreadsheets and combining HR and financial management processes with strong and united workforce planning remedies. NetSuite Planning and finances allow companies to successfully maintain and estimate workforce expenses, as well as provide critical visibility for linking strategic workforce plans with economic decisions.  NetSuite Planning and financial planning tightly integrate HR and finance to assist businesses in employing the best at the right cost. 

Precisely organize and predict your workforce with NetSuite 

NetSuite planning and Budgeting contributes the latest data on workforce prices of your business. It permits you to model future employee-related expenses with minimal effort using pre-built drivers, forms and dashboards.  

The following are some of the benefits that businesses gain from holistic workforce planning:

• Improve workforce planning

Firmly integrating your monetary and human resource (HR) data from NetSuite SuitePeople or any Human Capital Management (HCM) source system into NetSuite Planning and Budgeting, you can instantly click into information sets like salaries and bonuses benchmarking data to move to reliable workforce planning decisions like hiring, promotions, and training courses.

• Better salary and compensation plans

Consider total pay for existing and new staff, including bonus payment, advantages, as well as other expenditures. NetSuite customers can use workforce assumptions that managers have preconfigured, such as wage schedules, yearly prices for employee benefits, tax policy, and other workforce-related expenditures that differ by working site. 

• Reliable company rosters

Stop copying and pasting employee details from your HR system into a spreadsheet or disconnected planning solution, and remove redundant, error-prone procedures. Bring your employee roster from SuitePeople into NetSuite Planning and Budgeting instantly to model workforce changes like transfers and pay raises. You can evaluate employee details in department, confirm salaries, inform employee fields like full-time or part-time, and dial other compensation assumptions like extra hours, rewards, and commissions.  

• Capacity to fill workforce gaps

Create new staff directly in the planning tool, entering hire date, job description, wages, department allocation, and other workforce-related information. You can also view and manage employee status to see who is no longer with the company or who is planning to retire or change roles. The workforce planning module enables you to easily forecast future activities such as an employee's departure or leave of absence, or a lateral exchange among departments or subsidiaries. Organizers can configure demographics based on staff numbers, gender, skill, age, education level, and other criteria to organize further operational requirements and fill gaps as they emerge.

• Gaining a better understanding of workforce data 

View a summary of the company's expenses, department employee expenses, and other costs. 

Examine your workforce data at a high level or drill down to the information to obtain a greater understanding of important details, such as comparing actual versus plan for total headcount or compensation. Customized dashboards can even be created to envision workforce data relevant to particular business operations. 

Leaders can test-drive various business assumptions and better plan for the future in successfully managing one of their highest variable expenses using the workforce planning module in NetSuite Planning and Budgeting. 

Workforce planners, for example, spend a significant amount of time analyzing information for employees in their departments or cost units, conforming salaries, defining employee properties such as full- or part-time, and updating compensation assumptions such as bonuses. As a rule, NetSuite Planning and Budgeting calculates all compensation components for existing employees; now, managers can concentrate on changes that affect current employees. 

Managers can begin planning for freshers after reviewing and updating information on existing employees and running the ‘calculate compensation’ business rule for the entire organization to get an updated plan or foresee total pay, headcount, and Full Time Equivalent (FTE).  

Connect with Jobin & Jismi for better knowledge related to workforce planning with NetSuite.