Increasing Demand for Workforce Management Market to Push Global Revenue Growth

The Global Workforce Management Market was valued at US$ 7.14 Billion in 2020 and expected to reach US$ 11.65 Billion by 2027 and is expanding at a CAGR of 7.2% during the forecast period.

Workforce management has become increasingly important across all sectors around the world. Since employees are the core strength of the organization and workforce management involves increasing the efficiency and performance of those very employees it is critically important to have an efficient workforce management system in place in any organization. The bigger the organization the bigger the challenge for the system to handle the hurdles that might come in way of handling the organization. It is important to know the psyche of the employees before increasing their performance. I think most organizations make the mistake of judging the employee beforehand only and not giving them enough time and training so that they can hone their skills and perform to the best of their ability. Not getting to know the employees in a better way can be dangerous for any organization.

There is a thin line between overworking the employees and getting the best out of them and an efficient workforce management helps them to do that. With the help of workforce management software the HR team can manage their goals more efficiently, the role of workforce management has evolved a lot since the past few years. One of the jobs of workforce managers is to be a business consultant their expertise include demand forecasting, the analytics team provide the workforce management department with the information they need to effectively run the organization. Real time adjustments are needed to be made everyday in order to keep things running smoothly in an organization.

Workforce management software has made things easier for organizations to plan and track their employees. It can be used for multiple features like tracking attendance, measuring efficacy etc.  Workforce management can help you deal with those areas in a business that are in a crisis. Management companies are able to provide the organization with eligible candidates for the job. It can also help you to forecast staffing needs, have a flexible schedule and ease of integration.

For any organization managing their field force is a difficult thing to do because it involved so many tasks. Before this there was a huge problem of miscommunication, misinformation and delays for organizations and electronic databases did help up to a level but they were still quite prone to error. FSM (field service management) technology has helped companies to manage their field force through mobile. FSM technology keeps track of things like inventory management, vehicle tracking, customer portals etc.

Human resource management is an inherent part of workforce management.  The key functions of HRM include staffing, development of workplace policies, giving away health benefits and deciding on vacation time and sick leave for the employees. Training and development of employees is another important task of HRM which in turn results in productivity for the organization.

Asia Pacific is home to one of the biggest manufacturing hubs like China, India, Indonesia, South Korea and Japan and hence in order to handle all these thriving businesses a lot of skilled technicians are required and it is also important to manage these skilled workers wherein the workforce management software is useful. In countries like India and China where we have enormous numbers of labourers and workers working it becomes an even more challenging task to manage the employees and hence right use of the workforce management becomes even more important. Scheduling helps organizations to not only manage their time but also to determine who is more suitable for which department.

Workforce Management Market Key findings

  • The Workforce Management Market is expected to grow with a rate of more than 9% in the next five years as more and more software solutions are used in organizations.
  • Companies that implemented the workforce management systems saved $1614 for every employee and payroll costs dropped by an average of 0.4% during the following year after which workforce management software was implemented.
  • Employee engagement is a very important feature of workforce management and a research has found out that companies which engages their employees are 21% more profitable.

Workforce Management Market Recent news

  • In July 2021, McKesson agreed to sell part of Europe arm to phoenix group: McKesson Corporation agreed to sell part of its continental European unit to Merckle family’s Phoenix Group, the largest German pharmaceutical wholesaler.
  • In January 2020, WorkForce Software which is moving to Oracle cloud infrastructure looks at more than 30% increase in performance improvements: Workforce software announced the migration of it’s workforce suite platform to the oracle cloud infrastructure.

The Global Workforce Management Market Segmentation:

By Component Type

  • Field Service Management
  • Human Resource Management
  • Performance and Training Management
  • Data Collection
  • Recruiting
  • Budgeting
  • Forecasting
  • Scheduling
  • Analytics

By End Users

  • Banking
  • Insurance
  • Government
  • Retail
  • Logistics
  • Healthcare
  • Manufacturing

By Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • MEA

Company Profiles and Competitive Intelligence

  • Kronos
  • TimeClock Plus
  • Replicon
  • WorkForce Software
  • IBM
  • Workday
  • Oracle
  • TOSS
  • NICE,
  • Reflexis Systems
  • Verint
  • Ceridian
  • Meta4
  • Ramco systems

Quick Inquiry

Follow Us