Does your finance department have trouble reconciling the actuals versus the projected salaries and benefits of your employees?
Do you need deeper and broader reporting capabilities that allow you to report on individual earnings as well as department-wide compensation costs and organization-wide compensation costs? If so, it’s time to scrap your old spreadsheets and invest in EPM software. Here are just a few of the ways this software can streamline and improve your workforce planning.
1. Bring in Information From Other Systems for Accurate Planning
Can you pull in actuals from the HR software, or include the hiring plans from your spreadsheets? EPM software can do this automatically.
EPM software allows you to draw in data from other systems around your organization, such as the HR software, spreadsheets, etc. and use that information for accurate calculations and better predictive analysis for the future. This allows you to use actuals from human resources, hiring plans, and other resources for super-accurate calculations and reporting.
2. Standardize How the Organization Calculates Compensation
Are all of the employees being paid, deducted, taxed, and allotted other benefits according to the same procedures? EPM software allows you to customize and standardize how these calculations are made so that these issues are being handled consistently across all of the employees in the organization.
3. Improve Accountability and Accuracy
When it comes to projections based on current workforce figures and projected growth, how accountable is your finance department when it comes to accuracy? With EPM software, you can know where the figures that are used came from and see what calculations were based on these figures, as well as the accuracy of the calculations. This leads to greater accuracy and better predictions in the future.
4. Customize Compensation Attributes
Usually, software customization is extra — it requires more time, more money, and more expertise from your vendor or consultant. EPM software is designed to allow for a great degree of customization regarding how compensation is calculated and how you handle taxes, benefits, deductions, etc. You can customize compensation attributes within the user defined fields, and generate reports based on individual workers, entire departments, or the whole organization.
5. View All of the Workforce Planning Data on a Single Dashboard
Instead of scouring spreadsheet after spreadsheet for the information you need, EPM software puts it all at your fingertips in a convenient, intuitive dashboard.
Are you exhausted from endless searching of spreadsheets to find the information you are looking for? EPM software puts all of the information relative to workforce planning into a single dashboard where you can see it, run various scenarios with it, and produce reports with it. No more furiously flipping through spreadsheets to find the information you are looking for.
To learn more, download this free white paper titled “No More Spreadsheets: Top 5 Reasons to Stop Using Excel for Planning and Performance Management”. This gives you handy insight on how to harness growth and retain agility. It is your free gift from Planful.
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