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Workforce management (WFM) is an institutional process that maximizes performance levels and competency for an organization.The process includes all the activities needed to maintain a productive workforce, such as field service management, human resource management, performance and training management, data collection, recruiting, budgeting, forecasting, scheduling and analytics.
Management may be very preoccupied with the productivity of employees, but the productivity gains of management itself are very difficult to prove. While labor productivity growth has been seen as a useful barometer of the U.S. economy's performance, recent research has examined why U.S. labor productivity rose during the recent downturn of ...
Overall labor effectiveness (OLE) is a key performance indicator (KPI) that measures the utilization, performance, and quality of the workforce and its impact on productivity. Similar to overall equipment effectiveness (OEE), OLE measures availability, performance, and quality.
Researchers have categorized two approaches to work force development, sector-based and place-based approaches. The sectoral advocate speaks for the demand side, emphasizing employer- or market-driven strategies, whereas the place-based practitioner is resolutely a believer in the virtue of the supply side: those low-income job seekers who need work and a pathway out of poverty.
Human resource management (HRM) is the strategic and coherent approach to the effective and efficient management of people in a company or organization such that they help their business gain a competitive advantage. It is designed to maximize employee performance in service of an employer's strategic objectives.
The planning processes of most best practice organizations not only define what will be accomplished within a given time-frame, but also the numbers and types of human resources that will be needed to achieve the defined business goals (e.g., number of human resources; the required competencies; when the resources will be needed; etc.).
The term can be differentiated from traditional staff scheduling.Staff scheduling is rooted in time management.Besides the aspects of demand orientation, workforce modeling also incorporates the forecast of the workload and the required staff, the integration of workers into the scheduling process through interactivity, as well as analyzing the entire process.
The non-labour force includes those who are not looking for work, those who are institutionalized (such as in prisons or psychiatric wards), stay-at-home spouses, children not of working age, and those serving in the military. The unemployment level is defined as the labour force minus the number of people currently employed. The unemployment ...