Workforce Optimization Process Audit

How Reliable are your Workforce Optimization Process, Tools, Systems and Data?

It’s a common problem that costs banks millions of dollars. Best-in-class workforce planning tools are put in place and left to run unmonitored for years. The result is over staffing or plummeting customer service.

Performing a workforce optimization audit will help you recalibrate your current tools and processes. Performed by experts in retail banking labor planning, this service is one of the most cost effective means of ensuring that your organization is properly staffed to meet customer demand.

Regardless of its size, every retail bank performs some type of workforce forecasting to set staffing levels. There are many different ways this function may be performed. The Kiran’s Workforce Optimization Audit evaluates the merits of your current practices and compares them against industry best practices to provide you the workforce optimization solution you need.

Three Key Elements of a Workforce Optimization Audit

Data availability and quality

Most banks track teller transactions by using electronic journal or “EJ” records. However, this general term may mean many things. During the audit, Kiran’s solution experts will look for the answers to such questions as:

  • What data is in your EJ records? Most banks keep EJ data for teller transaction only. Yet for a full branch staffing model, it is important to keep “platform” transaction records. Does your organization have platform EJ data, or proxy data that can be used for platform staffing? We’ll help you find the answers.
  • A clear understanding of non-transactional (service, administrative, training and leadership activities) should be recorded in a way that can be consistently tracked and quantified. Does your organization track this data and use it to arrive at proper staffing levels?
  • What level of granularity is retained in your EJ records? Does your organization keep aggregated historical data at the daily, weekly, or half hourly level? How is this data being used to isolate seasonal variations from long term trend data?
  • We’ll determine whether your organization is properly differentiating between similar transaction types which require longer service times…a critical factor for labor forecasting.
  • Is your forecasting process properly handling “outliers” such as unusual events that significantly impact customer transaction counts on a given day or week?

Kiran’s experts in workforce forecasting and optimization will perform a methodical investigation to evaluate these factors and more. With answers like these in hand, your organization will save millions of dollars while consistently meeting customer service objectives.

Activity Times and Frequencies

  • How does your bank calculate or estimate the transaction times used in your labor forecasts? Are your transaction time estimates accurate, given the practices used in your stores today?
  • Non-transaction activity times and frequencies: Service and administrative tasks can be some of the longest transaction times required. Is your organization properly accounting for the frequency and duration of these tasks?

Determining work content and workforce requirements

The final step in the workforce forecasting is the determination of work content and the optimal number of resources to provide acceptable service levels. Kiran’s solution experts will evaluate such issues as:

  • Based on the answers found to the questions above, is your organization using accurate, reliable, representative data to generate transaction forecasts?
  • Are the forecasting methods you’re using appropriate based on the data available and the variability of customer arrival rates and transaction times?
  • Is your forecasting granularity sufficient for staffing each branch for every week of the year—or are you missing opportunities by using generalized forecasts at all locations.
  • How does the bank turn the forecasts and the activity times into work content?
  • Whether explicitly or not, every bank considers the service levels. For example, even the simplest statement such as “we allow 25,000 transactions per teller per month” implicitly assumes average transaction times and a utilization factor which specifies a service level. How are your company’s customer service standards factored into labor forecasts?

Now is the Time

A workforce optimization process audit will help your retail bank ensure that labor costs are being properly managed to meet customer service objectives without waste. Few professional services engagements can result in a higher ROI than an objective review of your labor forecasting systems, data and processes.

The Kiran Analytics team has unparalleled experience and know-how to help you transform your workforce planning processes to world-class standards. Now is the time to contact Kiran.

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