Use Case

Workforce Planning

Unite the Organization and Streamline Workforce Planning

Accelerate continuous workforce planning optimization with pre-built financial intelligence.

Workforce planning is the continual process of aligning the strategic plan of the organization with its workforce, to ensure the goals and vision of the organization are met. An organization’s workforce is its most valuable and expensive asset. It is critical for the organization to have insight and access to its workforce data in a single financial planning and budgeting platform.

Workforce data sits in multiple locations, the general ledger (GL), human resource information system (HRIS) and talent management system to name a few. Spreadsheets and legacy on-premise EPM software no longer give HR, hiring managers, and budget managers the functionality and flexibility they need to align the needs of the workforce, with the organization.

5 Ways EPM Can Streamline Workforce Planning

  1. Bring in workforce data from multiple source systems for accurate workforce planning: EPM software allows the organization to pull data from multiple sources, actuals from your GL, employee data from your HRIS, and open headcount from the talent management system. This allows your organization to have all workforce data centralized, in a single planning and budgeting platform.
  2. Standardize how the organization calculates compensation: EPM software will provide the organization with a consistent, standardized method for calculating employee salary, compensation and fringe benefits. Cost assumptions can be stored at a global, department or cost center level, allowing for an assumption to be changed in one spot and the subsequent cost impact to be applied to all relevant employees.
  3. Continuously optimize financial accountability and accuracy: implementing EPM software will reduce the amount of time HR and budget owners spend gathering relevant employee data and completing the budgeting process. Time gained can be spent refining the budget and analyzing the impact, to ensure the needs and cost of the workforce effectively align and support the organization’s strategic plan.
  4. View all workforce planning data on a single dashboard and/or report: how often have you dreamt of viewing your workforce plan on a single dashboard or report? With EPM software that dream becomes reality.
  5. Capture siloed, institutional workforce planning processes and provide the organization with a single source of truth: the biggest risk to using spreadsheets to complete your workforce plan, is multiple sets of data and varying sources of “truth”. EPM software instantly centralizes the organization’s data, providing audit-trail and workflow capability, thus increasing financial accuracy. The organization also creates a financial culture of increased collaboration between finance and operations.

Learn more about how Host Analytics helps our customers streamline workforce planning.

Related Resources

On-demand Webinars
Stop Abusing Excel for Workforce and CapEx Planning

White Papers
Best Practices in FP&A

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Product Video Demos
Host Analytics MyPlan Demo

Watch the demo to see how business users can use this tool to better collaborate with finance.