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Optimize Your Human Capital with the CCH Tagetik Smart NOW Workforce Planning App

Jul. 22 2020 by Giovanni Allegrini, Lead Technology Product Manager - CCH Tagetik North America

Performance Management Budgeting & Planning Strategic Planning

During times of crisis, one of these three things is guaranteed to happen:

  1. Your operations are entirely disrupted, and your workforce comes to a halt.
  2. Your operations are ramped up, and your workforce is overloaded.
  3. Your operations are reformed according to an entirely new business model, and your workforce must be reorganized.

Whatever happens, your workforce feels the immediate effects. With every corporate action, livelihoods, well-being, and relationships are on the line. Indeed, workforce decisions are the most difficult to make. During times of crisis, the weight of important decisions — hiring, repurposing, adjusting compensation structures, restructuring — and their impact to the bottom-line falls on Finance’s shoulders. And yet, so often, we hear that Finance teams can’t project or access the depth of the data they need to quickly and confidently make these decisions. But why?

The Biggest Challenges to Workforce Planning

No Way to Accurately Project Workforce Data: Payroll is a sizable part of the expenses affecting a company’s profit and loss. And yet, it’s exceedingly difficult to project workforce scenarios accurately. There are many changing variables to play out, and most systems cannot access, let alone synthesize, employee-level data.

Changing Requirements: Life happens. People move on. Budgets change. Business models shift. Pandemics halt business as we know it … Thus, what we need from our workforce — and what our workforce needs from us — is in constant flux. Without the ability to simulate scenarios and project the impact of workforce decisions on financial statements, neither side has their needs met.

Security and Sensitive Information: Employee information is sensitive. Often, only the HR department (if there is a centralized approach) or entity-owner (if there is a de-centralized approach) can see employee data. This stringent level of privacy makes using software for workforce planning challenging.

To avoid worst-case scenarios and make the best workforce decisions for the business and staff, we created the CCH Tagetik Smart NOW Workforce Planning app.

The App in a Nutshell

The CCH Tagetik Smart NOW Workforce Planning app is a pre-built solution that provides you with the functionality you need to accurately plan and forecast workforce-specific drivers, like payroll and benefits expenses at the employee and department level. Whether you need to plan new hires or determine costs by individual, this easy-to-use app enables you to manage your day-to-day workforce needs and forecast what happens next.

When your workforce management needs become more complex, our app equips you with what-if scenario analysis. This gives you the power to challenge assumptions and play out the impacts of changes to your organization’s structure on your income statement. Whether you need to manage employee transfers, bonuses, or calculate salary annually or hourly, the app has the embedded calculation logic, data validation, and reporting tools you need to generate workforce insights fast and accurately.

3 Reasons to Get This App

Reason 1: It Uses Pre-packaged Workforce Intelligence

We built this app based on years of developing custom workforce planning solutions. Each capability in this solution is based on functionality our customers universally requested. As such, our app comes complete with a suite of standard reports for salary, benefit, department, compensation, bonus, and merit planning. The app also taps into our robust reporting platform's visual dashboards. There, you can drill-down and dynamically pivot data for analysis.

Reason 2: It Gives You an Understanding of the Details of Your Workforce

No need to jumble together department or individual data through tedious email requests. Our powerful data engine, the CCH Tagetik Analytic Information Hub, transforms large volumes of real-time, granular data, enabling you to plan salary and benefits at the employee- and department-level. You can also develop future compensation models and adjust them to reflect changing human variables. What's more, the app provides permission-based data access so that administrators can restrict sensitive employee information based on privacy requirements.

Reason 3: It Enables Better Decision Making Through Forecasting and Simulations

While humans are unpredictable, our solution enables you to navigate uncertainties and suss out the best course of action with better accuracy. The app gives you the ability to instantly forecast, re-forecast, and simulate the effects of potential workforce scenarios. Plus, you can play out the operational and financial impacts of various workforce drivers and scenarios. By easily projecting drivers onto financials statements, like the P&L, balance sheet, and cash flow statement, you can make decisions more confidently

As with all our entire CCH Tagetik Smart NOW cloud planning apps, these cloud solutions are pre-built, pre-configured, and ready-to-go. We built CCH Tagetik Smart NOW apps for easy, remote implementation and to get you up-and-running instantly.

Learn more about CCH Tagetik Smart NOW Workforce Planning. Register here to the dedicated webinar to explore its entire range of functionality.

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