Reasons you should consider NetSuite as your workforce planner

A famous quote by Steve Jobs goes like, “Great things in business are never done by one person. They’re done by a team of people.” And having a great team is what workforce planning means. Most of the organisations in the world, one of the biggest expenses, for them is payroll expenses. With the rise in inflation rates, and increasing uncertainty in the global market, workforce planning has become a crucial factor that an organisation needs to take care of. 

But what actually is workforce planning? It simply refers to the appointment of the right person with the right skill to do a particular job, at the right place that benefits the organisation both at present and future. But why is it important? With the growing business environment, the number of enterprises has also increased. And likely, the shortage of workforce due to retirement or a drain of talent might have a negative effect on the financial and product planning of the company.

And the process of workforce planning isn’t that simple as it sounds. The management has to take care of various points including the skills available with the employees, their salary packages, their work experience, and all the training of the skills that the company might require in the upcoming future. In order to evaluate these pointers, the management team needs to integrate these data into a single platform. But which platform can do this for the management?

NetSuite Planning and Budgeting is the perfect fit for appointing as your businesses’ next workforce planner. Oracle NetSuite has helped a numerous organisation in having a clear picture by forecasting workforce expenses and contributed in making an efficient financial decision for the business. Those organisations who have replaced their existing unsynced platform that lacks the function to evaluate the workforce simultaneously with Oracle NetSuite have realised that this task can also be easy and help the organisation in saving both time and cost. Also, it has helped them in placing the right person at the right place with the right skills needed for that job.

Some major benefits that businesses get using NetSuite Planning and Budgeting are as follows:

• Accurate workforce planning: NetSuite gives the user the ability to sync various data from management and finance departments, and generate a data source, which has the information of employee’ salary, perks and benefits. This helps in evaluation of decisions regarding new hiring, retirements, promotions and other various development training programs.

• Proper insights of employees’ salary and promotion plans: The management can keep an eye on the total payroll of both the new as well as the old employees, that includes salary, perks and bonuses, benefits and other expenses. The user can also get details regarding the pre-scheduled payrolls, taxes and benefits that might vary from region of operation, and other long- or short-term plans. 

•  Less prone to errors: As the data of employees are synced with the finance and management department, it becomes easy for the supervisors to cross-check the salaries, benefits, bonuses, checking of employee fields such as part time or full time, compensations for over-time, etc that vary according to the situation. The errors of omission or double entry gets minimised and now you don’t have to copy and paste data between multiple excel sheets. 

• Say no to workforce gaps: As the Planning and Budgeting tools provides the user with the ability to manage the workforce, the management can now add full details of all the new employees about what his name, job title, salary, department and other significant data is. Also, they can have a clear view about future activities, such as any future transfers of employees either to a different department or a subsidiary or parent company. It can help the management in starting the new hiring process once they have a clear view of how many employees, at what posts will be resigning or getting transferred or retired at a future date. This ultimately reduces the workforce gap.

• Saves both cost and time: The management has to spend a lot of time in workforce planning which includes reviewing all the employees’ details, their salaries, benefits and bonuses, their dues, whether they work part-time or full-time, their future transfers or retirements. But with NetSuite Planning and Budgeting, all of the above areas get automatically covered, and give an accurate report. This helps the organisation in saving both the time and cost of the employees who were earlier assigned to do this work. 

These were only some of the key benefits that NetSuite provides to its users. Automated accurate reports of the entire workforce, saving both time and cost of the company, clear future predictions of transfers, retirement or replacement, what more can an organisation ask for. So, when are you planning to appoint NetSuite Planning and Budgeting as your next workforce planner?