To start a business and grow it successfully through the years is a task in itself. Since there are many factors that need to be considered when starting a business in today’s competitive and ever-changing business environment, it is simply not enough to have a great quality product or service at the best price in an ideal market. Besides having a business idea with the knowledge or experience, financial back-up, location, efficient manpower and technology, there is a strategic process required to manage the employees and work in an organization. This process is known as Workforce Management.
In the current office set-up, workforce management seems to be gaining popularity. Understanding the data and future demographic shifts will enable businesses to prepare, strategize and adapt their products and services to the most important consumer profiles, to understand where new opportunities lie and how demand is changing.
To achieve success, it is also imperative to effectively manage the most important part of the organisation – the employees. Not only will workforce management help to streamline the work process, but also improve the efficiency of the business and stay ahead of competitors. An effective method of staff management meant to maximise performance and proficiency level of an organization has developed into a well-structured module to help businesses improve.
However, what exactly is workforce management? Why do we need it the workplace?
Workforce management is used to plan the day-to-day tasks for employees, helps companies to track time and attendance as well as administer absence and leave of their employees. Workforce management provides collective set of performance-based software and tools for an organization to support front line supervisors, corporate management, store managers, and workers across manufacturing, retail, distribution and transportation operations. For instance: In manufacturing industry, the adoption of workforce management solutions measure an employee’s productivity and help them to manage and retain a high-performing work force.
For any organisation or company, it is important to get the right people to do the assigned tasks. Here workforce management plays a significant role, as it helps to scrutinize the situation in an organisation and helps to build and sustain a productive workforce. It also gives emphasis on employee performance and development, as well as how an organization should invest in their employees. As a result one is bound to see an increase in the overall production and profit of the firm.
Workforce management process involves several activities such as HR and recruitment, salary structures, leave management, staff arrangement and workload distribution. Nonetheless it is a complex task, as the specialists assigned for this process also help organisations to reduce costs and manage their budgets. By keeping a check on the daily situation of the company, workforce management process helps to make maximum use of the resources without compromising on the quality of work. It also assists the business to operate under legal settings by staying compliant with the laws of the governing country.
Workforce is gaining popularity
Today many companies or organisations are recognizing the significance of a Workforce Management process. Right from hiring and sustaining employees to employee engagement and retention needs to be given importance for the wellbeing of the company businesses. Organisations are either hiring workforce management analysts or creating a specialized team using internal resources. With the availability and affordability of various new technologies, workforce management software is designed to automate and manage multiple functions across the organisation.
Global Workforce Management Market is valued approximately at US$ 4.3 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 10.2% over the forecast period 2020-2027. For instance: on 19th May 2020, Infor launched Infor Workforce Management Express Program in China. It is a business cloud software tool for workforce management with intelligent scheduling that help companies be operationally agile and ease the “back-to-work” phase as companies gradually re-open. However, privacy and security concerns related to workforce data deployed on the cloud are the major factor restraining the growth of global Workforce Management market during the forecast period.
The growing demand for workforce optimization and mobile application and increasing adoption of cloud-based workforce management solutions are the few factors responsible for growth of the market over the forecast period. Furthermore, the introduction of products and services along with other strategic alliance by market key players will create a lucrative demand for this market.
Major market players are: Automatic Data Processing, Inc. Infor International Business Machines Corporation, Kronos Incorporated, Oracle Corporation SAP SE, SumTotal Systems LLC, Verint Systems Inc., Workday, Inc., WorkForce Software, LLC.
With every step we take towards transformation, it is equally necessary to sustain the business with thorough planning. Areas that require strategic planning are tailored by the work management experts in accordance to the organization’s culture and value system. In order to ensure the well-being of the business and the employees, the planners need to keep an eye towards collection of workforce data for performance management, managing company resources, providing recommendation, planning, controlling work and financial related decisions in a company or organization.