Workforce Management Technology (WMT) is the evolving centerpiece of managing worker activity and cost.  It is the best tool for treating human capital as a valuable asset.  WMT encompasses many different technologies and business solutions designed to help organizations effectively administer their labor related processes.  From talent acquisition, training, compensation, time and attendance, and scheduling to automated workflow, productivity analysis, and retention these systems help companies more effectively manage their workforce.

The cornerstone of these systems is the timekeeping component.  This is where labor activity, cost, and business intelligence converge.  Timekeeping has gone from a one way data feed of hours into a paycheck processing system to a fully integrated application.  WMT blends key performance indicators (KPI) - information about the operational side of the business such as work volume, location, equipment and task, customer/project information, and employee demographics (skills, availability, contract requirements, rates, etc.) with work activity and labor cost to create actionable data.

These action items include alerts for managers about tasks they must perform, staffing and labor activity they need to manage, and how close they are to meeting goals such as limiting labor expense, managing attendance and productivity, and ensuring quality work is completed on schedule.

WMT is where the work gets done, where labor brings the products and services to life.  Unlike traditional payroll systems which generate an historical, two dimensional picture of labor expense (who and how much), today's WMT systems give the organization visibility into what is happening now and what's about to happen.

It also adds two more dimensions - what and where labor activity is taking place.   Timekeeping is the proverbial dashboard for the drivers of the business.  WMT becomes a virtual workspace where decisions are made and activity tracked and projected telling the company where they are headed and whether they are on target - financially, operationally, and strategically - or not.

WMT systems effectively manage huge sums of money.  In many organizations labor costs are the single largest expense.  But without a WMT system it may be the least "managed" cost largely because outside entities took the first steps to dictate how labor would be paid.

These outside influencers include the department of labor (e.g. when to pay overtime), union contracts (e.g. when to pay premiums, how to deploy labor) and other market conditions (e.g. what the company across the street pays, old business habits).

A payroll system alone is merely an administrator for these outsiders - none of whom created their rules in the interest of the employer.  WMT puts the employer in the driver's seat - using what he knows about his operations and resources to get the work done most efficiently - it's demand driven workforce economics.  And WMT systems are better at enforcing all the rules and regulations too - altogether resulting in more profits.