Labor forecasting: Definition, labor forecasting equation, and more
Businesses should always strive to have enough employees on hand to get work done well — and on time. Understaffing scenarios can lead to overworked team members, missed deadlines, and frustrated clients. But too many employees cause issues, too. If team members are standing around with nothing to do, labor costs will be higher than they should be. Not only that, but when team members don't feel useful, it can be demoralizing and may cause them to seek more engaging work elsewhere.