Relations Between Workforce Management and Business Results

Topics: Management, Employment, Business Pages: 1 (483 words) Published: January 26, 2015
 Relations Between Workforce Management and Business Results. During our collaboration in HRM Simulation we have made a lot of decisions that made an impact on “” business results. Due to that experience we realized the importance of workforce management on business success. As a HR managers we had to analyze our budget and make right decisions to achieve desired goal in terms of relations between employees and firm, in order to improve company’s performance measures such as productivity, morale, turnover, unit labor cost and others. Generally, workforce management should provide organization with an applicable plan that will manage workforce effectively. One of the most important thing in workforce management is relations between employer and employee, because as a managers we wanted to save our budget; however, sometimes retrenchment negatively affects workers attitudes. Thus one of the most significant things that we have learned is the importance of capability to measure the benefits of investments in training, programs, wages and many other aspects of HRM. Good workforce management will apply good investment strategy and focus on essential issues which should be solved in order to increase business results. That is why, we tried to find out the cost and benefit relationship to increase the effectiveness of our decisions. Managers should allocate their budget very smart, so that performance and loyalty of workforce will increase and, as a result, increase business profits. If company provides good conditions for employees, workers will have high morale, which leads to decrease in turnover, absenteeism, grievances and unit labor cost. That is why the appropriate amount of money should be invested in benefits and programs. Also it is very important to have qualified workers, because they will increase company’s productivity and quality. Thus, we invested a significant part of our budget in training. Generally,...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Workforce Management Essay
  • Essay about Management of Industrial Relations
  • Essay about Business
  • HND Business Human resource management Essay
  • business management Essay
  • Business management Essay
  • Essay on Business Management

Become a StudyMode Member

Sign Up - It's Free