Labor Forecasting
What is labor forecasting?
Labor forecasting, or workforce forecasting, predicts future labor needs using applicable company and market data. This practice helps companies balance customer demands and employee satisfaction by avoiding overstaffing and understaffing and scheduling labor hours to meet these needs. Overstaffing creates unnecessary costs and a potentially hostile competitive environment amongst employees. Understaffing can leave the company workforce feeling stressed out and customers feeling dissatisfied with the service.