Jake Ballinger

Jake Ballinger - FP&A Writer

January 2023 - min to read

11+ Best workforce management software for CFOs in 2023

11+ Best workforce management software for CFOs in 2023

Workforce management (WFM) involves the strategic planning, scheduling, and monitoring employee tasks and activities. 

So while basic workforce management systems track and measure employee scheduling, absence management, and employee engagement, more advanced workforce software solutions help with compensation management and labor management forecasting.

But it’s not always easy to gather and analyze the data necessary for these tasks. 

Fortunately, with workforce management software, businesses can streamline these processes to improve productivity and profitability. 

This review covers the best WFM software applications available on the market, what to look for in workforce management solutions, and the benefits of implementing workforce management best practices. 

Let's begin. 

Key takeaways

  • Workforce management software platforms help businesses improve employee productivity for long-term financial health. 
  • The key features of workforce management software include labor and task management, payroll support, and automated reporting. 
  • The best workforce management solution makes it easier for companies to enhance employee productivity for long-term financial health. 

Contents

  1. What are workforce management software platforms?
  2. Key features of workforce management tools 
  3. Benefits of using workforce management software
  4. Top workforce management tools
  5. Conclusion: Improve your workforce management 

What are workforce management software platforms?

Workforce management software platforms are comprehensive online systems that streamline and automate workforce scheduling, payroll, HR, and time-tracking processes. 

Workforce management solutions reduce manual workloads and provide insights into an organization’s performance and labor costs. This allows organizations to maximize their resources while achieving long-term financial success. 

Key features of workforce management tools 

Common features of workforce management software include: 

Labor management 

Labor management involves scheduling and shift planning, time and attendance tracking, and onboarding management. 

Labor management tools help businesses ensure that they have the right staff at the correct times while keeping track of labor costs and optimizing available resources. This can help reduce turnover and labor costs while improving customer service and productivity. 

At a high level, better workforce management starts with the ability to efficiently schedule employees.

Task management 

Task management helps organizations set deadlines and priorities, track progress, promote collaboration, and measure and report the results. 

The integration of task management into workforce management tools also includes budgeting tools which allow users to track expenses associated with specific projects. 

Performance management 

Performance management includes goal setting, performance tracking and evaluation, coaching, development planning, and feedback. It ensures that employees work to their full potential and meet their goals. 

Performance management is also used to measure organizational changes that can impact team productivity. This allows managers to make well-informed decisions about the effectiveness of their strategy and its implementation.

Payroll systems

Payroll systems help employers process, track, and manage employee payments. Unlike manual payroll processes, automated payrolls simplify the payment process while reducing human error. 

Payroll systems can be also integrated with other HR and finance software to help companies automate other accounting and financial planning & analysis processes

Benefits of using workforce management software

Workforce management software improves productivity and profitability through: 

Labor demand forecasting 

WFM software provides real-time data and analytics on employee availability, productivity, and workload. It can then predict the number and types of employees an organization will need to meet its business goals on any given day.

For example, suppose a manager sees that certain employees are consistently working overtime or that specific departments are consistently understaffed.

In that case, they can use this information to plan for future hiring or to adjust staff schedules to better meet the organization's needs.

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Automated reporting

WFM systems generate automatic reports so businesses can access up-to-date and accurate insights into business performance and financial health. 

These reports help businesses monitor employee hours worked, overtime costs, customer acquisition costs, customer satisfaction scores, customer loyalty and retention, and more. 

These reports can then easily be shared with finance teams so they can accurately and quickly forecast, plan, and budget. 

Easier HR management 

HR teams can efficiently manage, train, and onboard staff when all their data is in one accessible system.

Built-in and robust analytics capabilities also help streamline processes like attendance, payroll, and performance evaluations. 

Best workforce management software solutions

The best workforce management software tools make it easier for companies to ensure employee productivity for improved financial health. 

Which is the right workforce management software for you? Let’s start at the top. 

1. Cube

cube-logo-1 

Cube is a spreadsheet-native FP&A software that helps finance teams collect, process, and analyze financial data quickly and without errors.

The platform provides the benefits of a robust FP&A tool (like scenario analysis, data consolidation, multi-currency support, dynamic user controls, robust source system integrations, and custom reporting) within Excel and Google sheets.

Cube supports workforce management by automating tedious and repetitive tasks, allowing organizations to focus more on strategy and analysis.

how-cube-works

It can integrate data from any source system, including accounting, finance, HR, sales, marketing, and business intelligence.

By creating a single source of truth, Cube makes it easier for companies to track, manage, and improve employee productivity and long-term financial success. 

Features & Benefits: 

  • Integrations: Cube connects with extensive source systems like Microsoft Excel, Google Sheets, NetSuite, Quickbooks, ADP, Bamboo HR, Ordway, SaasOptics, Salesforce, Hubspot, Amazon Redshift, Power BI, Microsoft Azure SQL, Oracle SQL, Amazon redshift and many more
  • Customizable dashboards: Cube helps teams build and share customizable dashboards and reports from reusable templates to flexible ad-hoc reporting
  • Multi-scenario analysis: Seamlessly model how changes to key internal and external assumptions can affect your overall outputs
  • User-based controls: User controls, validations, and audit trails ensure that the right data goes to the right people at the right time
  • Security: Cube provides enterprise-grade cloud security. We are SOC 2 Type 2 compliant and we protect users’ accounts through full encryption, multiple-factor authentication, customized controls, and single sign-on on multiple apps including Google SSO.

Pricing: 

  • Essentials: Starting at $1,250/month 
  • Premium: Starting at $2,450/month 
  • Enterprise: Starting at $3,750/month
  • See detailed pricing for customizable plans

Start improving your workforce management with Cube.

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2. Workday Adaptive Planning

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Workday Adaptive Planning is a cloud-based financial planning solution for organizations to plan and predict future performance.

It offers specific solutions to cover financial planning, workforce planning, and sales planning. These financial tools promote collaboration across the enterprise without manual, error-prone spreadsheets or inflexible, clunky legacy systems. 

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Adaptive Planning for finance is an enterprise performance management software solution.

Features & Benefits: 

  • Real-time reporting and insights 
  • Financial consolidation and reporting
  • Automated forecasting and budgeting
  • Customizable dashboards
  • Multi-dimensional planning

Pricing: 

Workday Adaptive Planning does not provide pricing information on its website, but various sources estimate that pricing starts at $15,000.

3. ADP Workforce Now

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ADP Workforce Now is an HR platform for small to medium-sized businesses. ADP Workforce Now provides companies with a central system to streamline payroll, labor management, tax filing, analytics, and performance management.  

The platform’s database enables data synchronization and integration with other HR and business applications. HR teams can utilize ADP Workforce Now to reduce administrative tasks.

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Features & Benefits: 

  • Employee background screening
  • Peer/teammate feedback and review 
  • Digital direct deposits into workers’ account
  • Creation and distribution of W-2 tax forms to employees 
  • Compliance and regulatory alerts

Pricing: 

ADP Workforce Now offers three pricing levels:

  • Essential
  • Enhanced
  • Complete
  • HR Pro

Pricing is not available on the website but according to external sources, ADP Workforce Now starts from $62.00 per month.

4. Anaplan

Anaplan_logo (1)

Anaplan is a cloud-based business planning and performance management platform for business departments such as sales, finance, HR, and operations.

It allows businesses to model, plan, forecast, and analyze data so companies can streamline operations, reduce costs, and monitor performance across multiple dimensions.

Anaplan is powered by a Hyperblock engine that drives collaboration and strategy. 

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Features & Benefits: 

  • Reporting and analytics
  • Multi-dimensional planning based on hierarchies
  • Real-time modeling and calculation
  • Central data repository 
  • Application cataloging

Pricing: 

Anaplan offers three tiers of pricing:

  • Basic 
  • Professional 
  • Enterprise 

Though Anaplan does not share its pricing plans on its website, sources estimate between  $30,000–$50,000 or higher depending on the scale of the project.

Also read: Anaplan vs Adaptive vs Planful vs Vena vs Datrails vs Cube 

5. SAP Success Factors

SAP resized 

SAP SuccessFactors HXM Suite is a Human Experience Management (HXM) solution that helps organizations with employee productivity throughout their entire workforce.

 SAP Human Capital Management solutions help companies become more agile, flexible, and resilient by improving the employee experience that covers core HR processes such as payrolls, time management, talent management, and more. SAP SuccessFactors automates manual tasks through its cloud-based system so that businesses can focus on other activities.

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Features & Benefits: 

  • Employee experience management
  • HR and payroll
  • Talent management
  • HR analytics 
  • Workforce planning

Pricing: 

According to various sources, SAP Success Factors' starting price is estimated at $85 per year. 

6. Projectworks

projectworks-logo

Projectworks is a cloud-based project management software that helps businesses manage an entire project lifecycle from ideation to finish. HR teams can monitor employees and contractors with timesheets, and finance teams can track costs, revenue, forecast, and compare budgets and invoices. 

Projectworks allows administrators to customize and configure the portal to meet their needs. The platform integrates with other applications such as Xero and Quickbooks.

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Features & Benefits: 

  • Communication management 
  • Risk assessment and management 
  • Resource allocation
  • Progress tracking 
  • Quality assurance

Pricing: 

Projectworks offers 3 ways to build a project:

  • Budget level – Fee-based pricing
  • Timecode level – Fee-based pricing
  • Timecode level – Hourly-based pricing (hours x rate)

However, exact pricing is only available upon request.

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7. NetSuite

Oracle Netsuite

NetSuite is a cloud accounting software that automates supplier invoice payment and processing. It automatically streamlines business processes such as account reconciliation, approvals, and transaction matching. 

NetSuite offers a comprehensive system consisting of ERP, HR, inventory management, CRM, supply chain management, and more. It provides real-time business insights at a click of a button and uses business intelligence to help with forecasting and scenario planning.

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Features & Benefits: 

  • Inventory and order management
  • Analytics and reporting
  • Manufacturing and supply chain management
  • Data integration
  • Time and expense tracking

Pricing: 

Although NetSuite does not list its pricing, reviews show that a NetSuite license includes a $999/month fee and an additional $99/month fee for each user.

8. Sage Intacct

sage

Sage Intacct is a cloud-based solution that offers companies automation, financial reporting, and operational insights. It supports time and expense management, revenue management, and project accounting functions. 

Sage Intacct offers integration capabilities with different systems, such as CRM, payroll, POS, and ERP. Various industries, including SaaS, financial services, wholesale distribution, and nonprofits can use it. 

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Features & Benefits: 

  • Audit trails
  • Expense tracking
  • Billing and invoicing
  • Compliance management
  • Consolidation/roll-up

Pricing: 

Sage Intacct does not publicly disclose pricing information on its website. But sources suggest pricing varies between $15,000 and $60,000 depending on the specific needs of the individual or organization. 

9. Oracle HCM Cloud

Oracle_Cloud_logo-600x350 (1)

Oracle HCM Cloud is a complete WFM solution that connects human resource processes, including talent management, strategic workforce planning, workforce health and safety incidents, recruiting, benefits management, and more. 

Oracle HCM is an all-in-one platform for all HR functionalities. It operates as a natively-built SaaS application that offers users a tailored user experience and multi-layered data security and privacy.

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Features & Benefits: 

  • Applicant tracking
  • Benefits management
  • Employee onboarding
  • Vacation and leave tracking
  • Payroll management

Pricing: 

  • Help desk: $4.00 per employee per month
  • Talent management: $10.00 per employee per month
  • Global HR: $15.00 per employee per month

10. Rippling

rippling-logo

Rippling is a central repository for HR, IT, and finance departments. It aggregates workforce management processes that could’ve been siloed and enables teams to work and communicate with each other. 

Rippling offers automated payroll, benefits, and expense services that allow companies to digitize employee lifecycles in a single system. Businesses can onboard global employees and easily set up benefits, accounts, and necessary third-party apps.

rippling-view

Features & Benefits: 

  • Payroll and benefits management
  • Third-party integrations and APIs
  • Employee single sign-on systems
  • Time, attendance, and PTO
  • Employee onboarding

Pricing: 

According to info on Rippling’s website, pricing starts at $8 per user.

11. UKG

ukg-logo

UKG is a collection of cloud HR tools on a unified platform that streamlines HR processes. UKG provides a visual interface for HR teams to handle stages from pre-hire to retirement. 

UKG offers an interface that allows users to manage and track candidates and their data. The software also provides tools for managing payroll, benefits, performance reviews, scheduling, etc. 

ukg-view

Features & Benefits: 

  • Comprehensive, unified HR platform
  • Automated payroll processing
  • Robust analytics and reporting tools
  • Employee self-service portal
  • Real-time scheduling

Pricing: 

According to sources, UKG’s pricing model is on a per-employee-per-month basis, costing between $26-37 per employee per month. UKG also charges an implementation fee of 30-40% of the annual software fees. 

Businesses looking to use UKG should contact UKG for a custom quote.

Conclusion: Improve your workforce management

For successful workforce management and improved financial health,  businesses need software that combines finance, sales, marketing, and HR functionalities. 

Enter Cube. 

Cube is an all-in-one FP&A software that makes it easy to plan and execute your projects on time with advanced analytics and reporting capabilities. 

Instead of transitioning to an entirely new platform, Cube integrates directly with Excel and Google Sheets. So WFM and finance teams can start gaining insights within two weeks of implementation. 

Don't waste any more time with clunky and limited WFM solutions. 

Upgrade to Cube and streamline your workforce management today.

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