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Full-time equivalent (FTE), or whole time equivalent (WTE), is a unit of measurement that indicates the workload of an employed person (or student) in a way that makes workloads or class loads comparable across various contexts. [1]
Staffing models are related sets of reports, charts and graphs that are used to precisely measure work activity, determine how many labor hours are needed, analyze how employee time is spent and calculate costs. Staffing models are used in the healthcare industry and use predictive analytics methods for forecasting. [1]
Staffing (or workforce planning): the number of workers required cannot accurately be determined unless the time required to process the existing work is known. Line balancing (or production leveling): the correct number of workstations for optimum work flow depends on the processing time, or standard, at each workstation.
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For instance, when the sales department records a sale, the forecast demand may be automatically shifted to meet the new demand. Inputs may also be inputted manually from forecasts that have also been calculated manually. Outputs may include amounts to be produced, staffing levels, quantity available to promise, and projected available balance.
Staffing is the process of finding the right worker with appropriate qualifications or experience and recruiting them to fill a job position or role. [ 1 ] [ 2 ] Through this process, organizations acquire, deploy, and retain a workforce of sufficient quantity and quality to create positive impacts on the organization's effectiveness. [ 3 ]
By having your organization use metrics, organizations will be surprised by how much their HR functions can save on hiring, staffing, and separation costs. Below are some suggestions for organizations interested in tracking talent through metrics should consider the following:
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