For many organizations across a variety of industries, it's widely acknowledged that the effective management of labor is one of the keys to financial and operational success. In healthcare, labor ranks as one of the highest single costs of service delivery. Why has managing labor costs become such a poorly understood discipline for so many organizations? Manufacturers for decades have used complex financial models and software to forecast fluctuations in foreign exchange rates and the prices of raw materials. Retailers invest tens of millions of dollars annually in building and improving sophisticated infrastructures to manage supply chains, inventory levels and product pricing. In order to successfully manage each of these business-critical assets and processes - supply chain, inventory, foreign currency, commodities, etc. - organizations know the key is to understand the dynamic and ever-changing relationship between supply and demand.
From a WFM perspective, the key to above-average performance is in understanding what DRIVES labor demand and how to respond accordingly from a supply perspective. Understanding the variables that drive the need for labor (and how those drivers fluctuate or behave over time) frees management to objectively PREDICT or FORECAST labor demand. With an accurate picture of demand, the organization can then determine how to match demand with available supply. The goal is making sure that demand and supply are in perfect (or near-perfect) balance - hence the Balanced Labor Model (BLM).
During this webcast we will introduce the Balanced Labor Model approach, describe how the model can be applied to various industries, and highlight the benefits including:
Improved ability to respond to absenteeism and other unplanned events