20+ WFM Terms

What is WFM? It stands for “Workforce Management,” which is a system that helps businesses manage their workforce on an ongoing basis. In today’s post, we’re going to cover some of the most common terms associated with this type of software and how it can help you run your business more efficiently!

Teramind WFM

Common WFM Terms

  • Attrition: The process by which employees leave a company – this can be voluntary or involuntary depending on whether they’re asked to leave before their scheduled hours are up.
  • Customer satisfaction score (CSAT): A measure used for how satisfied customers report feeling about their interactions with customer service representatives; taking these into account will help you work towards increasing retention rates!
  • Volumes: Volumes is the number of cases a customer service representative can currently handle in an average shift.
  • Volume Forecast: This is the predicted amount of volume that will happen over a specific timeframe, which helps customers determine staffing needs.
  • Interval: Intervals are periods of time (usually days) during which volumes might be expected to change at predictable rates.
  • Arrival Pattern: This is the type of customer service a company provides to their customers, and it can be either continuous or event-driven.
  • Erlang formulas: These are math equations that help businesses predict staffing needs based on how many cases they have coming in an interval over time.
  • Forecast accuracy: The degree to which forecasted demand matches actual measured demand for all products during a given period of time (usually daily) from when forecasts were made until when measurements were made – as with most forecasting processes, this one does not always come out accurate!
  • Backlogs: Backlogs refer specifically to the number of hours available for overtime work without exceeding statutory limits.
  • Schedule efficiency: This is the degree of occupancy for a group or team. It comes from dividing resource utilization by time available and multiplying it by 100%.
  • Occupancy rate: This refers to how full your schedule is relative to its maximum capacity, expressed as percentage.
  • After call work (ACW): A form of overtime that’s done after an employee has called in finished with their shift; this can be voluntary or involuntary depending on whether you’re asked if you want to do it before your scheduled hours are up.
  • Availability rate: The ratio between the number of cases handled during a given period and the total potential volume forecasted per day over that same period, which includes both completed calls and incompleted shifts because they were cancelled due to not enough staffing.
  • Utilization rate: This refers to the percentage of time during which an employee is available for work, as opposed to unavailable. It’s calculated by dividing total hours worked in a given period by scheduled hours and multiplying it by 100%.
  • Schedule adherence (SA): The degree to which employees follow their assigned schedule, expressed as a percentage.
  • Service level (SL): A measure of how well customer service representatives are meeting customers’ expectations on queue wait times or hold times – if you’re not able to meet these standards, this could lead your business down the path towards lower levels of satisfaction among customers!
  • Abandonment rate (ABN): The ratio between calls that were abandoned when waiting in queue vs those who hung up before their call was answered, or between the number of requests that were cancelled when waiting in queue vs those who hung up before they could receive an answer.
  • Average speed of answer (ASA): The average time it takes to respond to a customer’s request for service – this includes all fields and questions within a given interaction with your company!
  • Average handle times (AHT): The amount of time taken on average per case from when the customer first contacts your business until you’ve resolved their issue as well as meeting any other needs they might have. If these are too high, customers will be more likely to leave dissatisfied and not come back again, so make sure you’re getting them down below thirty seconds if possible!
  • First contact resolution: This refers to the percentage of your cases that have been resolved by first contact with a customer service representative – if this number is too low, you’ll end up spending more time on each case.
  • Cost per case (CPC): The amount it costs in order for an employee to take care of one call; this can be calculated when multiplying employees’ salaries and hours worked during their designated shift times divided by total handle times- think about what hourly rate might make sense!
  • Full-time equivalent (FTE): The number of work hours required from just one employee for twenty four hours worth of business operations, done either as full or part-time.
  • Shrinkage: A term used to describe instances where customers are dissatisfied and stop using your products or services, leading to an increase in the amount of money that’s lost.

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