16 May, 2022

Here are Five Ways to Upgrade Workforce Planning With NetSuite

In the modern business landscape, workforce planning has become a critical component of organizational success. Effective workforce planning may have a major influence on an organization's bottom line. This is because it optimizes resource allocation and ensures talent alignment with strategic goals. Many businesses struggle to properly coordinate their workforce with changing demands, resulting in understaffing, overspending, and dissatisfied employees.   

NetSuite is the premier cloud-based ERP solution that enables organizations to optimize operations while driving growth. It has an array of tools and functionalities for improving labor planning processes. Let’s explore how NetSuite can improve workforce planning by maximizing resource utilization while encouraging talent development.

The Importance of Effective Workforce Planning  

Workforce planning ensures an organization has talented individuals with the required skills in the right positions. Businesses with strong workforce planning are ready for events such as talent shortages or labor gaps. This minimizes the negative impact on finances, product expansion plans, and customer experience.   

However, achieving that level of preparedness can be challenging. It requires a comprehensive understanding of the existing staff numbers and the talents available in the industry. One also needs to have an idea of the education and training programs; and future workforce requirements.  

Businesses require robust HR systems to collect data on existing employees and salaries. They need access to forecasting tools and operational systems. This helps them gain insights into emerging products or services that may be on the horizon.   

Most organizations still struggle with productive and smooth workforce planning/. This is the result of glitchy, error-prone outdated systems and spreadsheet-based processes. This leads to difficulty adapting to changing business needs and misalignment with funding and strategy.   

NetSuite clients have recognized the significance of removing spreadsheets and combining HR and financial management processes with robust and united workforce planning remedies.

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: 

• Improved Workforce Planning Suite

Firmly integrate your monetary and human resource (HR) data from NetSuite SuitePeople into NetSuite Planning and Budgeting. You can access information sets like salaries and bonuses benchmarking data. This enables informed decisions regarding workforce planning, including hiring, promotions, and training courses.

• Better Salary and Compensation Plans

Consider the 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. They include wage schedules, yearly prices for employee benefits and tax policy. Also in the list are other workforce-related expenditures that differ by work location.

• Reliable Company Rosters

Avoid manual data entry by transferring employee details directly from your HR system to NetSuite Planning and Budgeting. Streamline your process, eliminate errors, and increase efficiency. With SuitePeople integration, you can quickly model workforce changes, such as transfers and pay raises.  

You can evaluate employee details in the department and confirm salaries. One can also adjust employee status (full-time or part-time) and customize compensation assumptions. They include extra hours, rewards, and commissions.

• Capacity to Fill Workforce Gaps

You can use the planning tool to effortlessly onboard new staff. One can also add the hire date, job descriptions, wages, department allocation, and other workforce-related data.  

You can also monitor and manage employee statuses, including departures, retirements, or role changes. The workforce planning module enables you to easily forecast future activities. They include employee departures or leaves of absence, or lateral moves between departments or subsidiaries.  

Organizers can configure demographics based on staff numbers, gender, skills, age and education level. This is to meet further operational needs and fill gaps as they emerge.

• Gaining a Better Understanding of Workforce Data 

Review summaries of company expenses, departmental costs, and other financial outlays. Dive into workforce data, comparing actual versus planned metrics like total headcount or compensation. Tailor dashboards to visualize workforce insights specific to your business needs.   

Leverage NetSuite Planning and Budgeting’s workforce planning module to test various business assumptions and effectively manage your organization’s variable expenses. Streamline processes for workforce planners, allowing more time for analyzing departmental data, adjusting salaries, and refining compensation assumptions.  

With NetSuite’s comprehensive compensation calculation, managers can focus on updating information for current employees. After reviewing existing data and recalculating compensation, managers can initiate planning for new hires, anticipating total pay, headcount, and Full-Time Equivalent (FTE) positions.  

In conclusion, effective workforce planning is critical for organizational success. NetSuite Planning & Budgeting enables businesses to streamline processes, make intelligent choices, and drive growth. By integrating HR and financial data, predicting future needs, and optimizing pay plans, NetSuite enables organizations to link labor activities with financial objectives. Turn your workforce from an expense burden to a competitive advantage by harnessing NetSuite's wide array of tools.  

Join us on this journey to transform your workforce planning from reactive chaos to strategic control. Let's work together to establish a stronger, more efficient, and future-proof team that will launch your business to new heights. Connect with Jobin & Jismi now for better knowledge related to workforce planning with NetSuite.