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Top 10 Workforce Management Mistakes in Financial Services

January 23, 2018

FS-financial advisor

Effective workforce management is essential to achieving continued success for financial services institutions – but financial services management teams aren’t always maximizing their workforce processes or technology for full value. Below are 10 common pitfalls that can affect the performance of both your employees and your bottom line:

  1. Trying to manage labor compliance with outdated systems and processes
  2. Providing a substandard mobile experience for human resources, scheduling, and timekeeping
  3. Enforcing absence policies inconsistently and accruing time off manually
  4. Looking the other way when hourly employees do not adhere to optimized schedules
  5. Relying on manual and semi-automated systems for time and attendance management
  6. Depending on disparate systems for a holistic view of the workforce
  7. Neglecting to keep tabs on evolving employee expectations
  8. Staffing to achieve the lowest labor cost without accounting for employee engagement and customer service
  9. Failing to consider employee performance when determining the optimal staffing mix
  10. Lacking a data-driven approach to optimizing workforce utilization and performance

To learn more about what you can do to avoid these costly mistakes and improve business outcomes, check out the new paper Top 10 Workforce Management Mistakes in Financial Services.

 

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