Workforce management becomes critical for businesses during trying times like the ongoing recession. The need for an effective workforce management has forced many enterprises to adopt effective workforce optimization (WFO) strategies that improve employee efficiency and overall productivity of the business.
It seems financial crisis never stops so easily at many organizations. Recently, Bionovo, a pharmaceutical company focused on the discovery and development of safe and effective treatments for women's health and cancer, announced it is restructuring workforce and management compensation.
Bionovo resorted to workforce reduction and other cost cutting strategies because it ran shorts of funds to achieve its objective of internally developing drugs. The company has already reduced workforce by over 90 percent. The remaining management team will receive reduced cash compensation until it receives surplus funds to manage its operations or it is sold.
According to an official statement, Bionovo does not have adequate internal liquidity to meet the cash needs. The management and the board of directors are exploring the best options to save the company from the crisis. Simultaneously Bionovo’s management is currently reviewing the status of the ongoing clinical trial for Menerba. If the company does not receive additional funds in the near term, it may not be able to execute its business operations, and may need to further curtail or cease operations.
In related news, ASC (News - Alert) recently implemented a successful workforce optimization solution for Sparda TelefonService GmbH & Co. (STSG), a call center handling inbound and outbound telemarketing, e-mail and fax communications and agent training.
ASC’s workforce optimization (WFO) portfolio comprises a comprehensive set of features including communications recording, quality management, speech analytics, eCoaching and workforce management.
The WFO solutions are mainly used in contact centers and call centers to continuously measure and improve the quality of customer contacts. Data from all communication levels in contact centers are collected, brought together and evaluated to help train agents and optimize customer service.