Workforce Management Market: Information by Component (Solutions, Services), Organization Size
Workforce management refers to equipping employees with the required skill at the right time and place to achieve service levels at a reduced cost. Effective workforce management is essential in a workplace to achieve operational efficiency, manage labor costs, minimize administration, and manage effective staffing, forecasting and scheduling, and real-time adjustments to meet service levels consistency. Reduced expenses, increased operational agility and productivity, reduced financial and non-compliance risks, and improved customer satisfaction, are a few of the key benefits of workforce management driving organizations into a completely new model ensuring optimal performance. The below figure depicts the important aspects of a workforce management cycle.
Workforce Management: Operational Optimisation at a Reduced Cost
Workforce management systems offer remote access, low cost of deployment, and unlimited storage capacity, which drives their adoption. The increasing need to streamline HR operations, especially after the current pandemic, is anticipated to boost the market growth. Growing trends of workforce optimization, cloud deployment, and regulatory mandates formulate are expected to further fuel market growth during the forecast period.
Growth Opportunities with Digitalisation and Infrastructural Integration
Data hacks and privacy concerns are expected to restrict market growth in the years to come. However, as the need for connected and unified enterprise arises, many companies will shift to an integrated workforce management system spread across diverse locations in the upcoming years, which is substantially expected to support the market infrastructure. In addition to this, the adoption of digital technology to effectively manage employees will be one of the key growth opportunities for the market during the forecast period.
Segmentation Overview
Growing Demand for a High-End Software Solution to Manage Real-Time Data
By type, the solutions segment is anticipated to dominate the market during the forecast period owing to the transformation of traditional management techniques into digital and other technological solutions. The simplification of schedules and redirection of employee work allocations to focus on more significant business aspects are expected to boost the segment’s growth. The efficient management of time and attenLarge businesses, such as consumer goods and retail, are expected to register exponential market growth owing to the increased visibility and control over a diversified workforce of in-store employees, drivers, and field service providers. Evolving small-scale enterprises are also expected to grow rapidly in terms of technological changes, customer needs, and employment. Digitalization and analytics are expected to address complexities related to employee training, time and attendance, labor analytics, forecasting, and scheduling optimization in automation and manufacturing. The proper utilization of resources through big data and workforce management mobile solutions for budgeting, forecasting, and managing employee tasks is anticipated to aid adoption across organizations.dance, leave and absence, workforce analytics, and other tasks help the organization in maintaining human resources activities and analyzing data for the core business.
Technological Giants, such as Apple, Google, and Facebook, in North America, are Deploying Strategic Policies to Effectively Handle Workforce Remotely Without Hampering Productivity
The presence of a large number of key companies and tech giants and their early adoption of technology propel the market growth in North America. In light of the current pandemic, organizations are forced to reshape their workforce management infrastructures. Emerging players of the U.S., Canada, and Mexico, such as Kronos Incorporated and Ultimate Software, are adopting cloud computing in workforce management software to offer benefits, such as mobility, flexibility, and security. Many are making necessary changes in employee schedules, promoting work from home to ensure employee safety. The new approach is also expected to save an enormous amount of money and increase productivity in the upcoming years.