Concept: Labor Demand Forecasting
Labor Demand Forecasting in Workday enables you to estimate labor demand by creating an educated prediction of the future performance of your key business drivers that correlate to your staffing needs. Forecasting uses a machine learning-based engine to forecast business drivers based on historical data such as sales, foot traffic, and transaction volume. This allows you to generate dynamic labor demand that changes weekly, enabling you to create optimized schedules that match your needs. You can also manually update on an ad hoc basis.
Schedule Forecast Generation
Using Forecasting, you can schedule your labor metric forecast generation by:
- Specifying the regularity of the forecast generation.
- Selecting the relevant supervisory organization.
- Configuring metrics.
- Using Workday-delivered forecasting models or your organization’s own forecasted data.
Business Driver Forecasts
You can adjust business driver forecasts using multipliers to account for factors such as seasonal changes or specific events. After you finalize the forecast data, you can click the Generate Labor Demand button to create or overwrite existing labor demand. This action translates your labor predictions into staffing plans.
Forecast Management
The Forecasting tab consolidates the features for managing and analyzing your forecasts. From this tab, you can view metrics and detailed forecasts.
Configuration
Labor Demand forecasting provides configuration options to align the process with your organization's needs. You can:
- Set sales forecasts and labor budgets daily or weekly.
- Override default operating hours for a scheduling organization to reflect planned changes, such as seasonal adjustments or closures.