The Global Workforce Management market was valued US$ 7.14 Billion in 2020 is expected to reach US$ 11.65 Billion by 2027, with a growing CAGR of 7.2% during the forecast period (2020-2027).
Workforce Management is a set of processes which a company or organization uses in order to improve the performances of their employees. It is all about giving the right roles to the right people in an organization. There are many activities involved in workforce management like data collection which means to collecting workforce stats about performance management, field service management is managing the company’s resources currently located at. Human resources management which is managing the employees of the organization. Workforce management is very important in improving the skillset of employees. It also helps in tracking the performance of the employee. For effective workforce management predicting your timely staffing requirements is very essential.
By Component Type
By End Users
Workforce Management Market Based on component types, Field service management, human resource management, performance and training management, data collection etc are some of the important components.
Field service management refers to the handling of company’s resources which are not physically present at the organizations place but rather far away from them at the client’s property. The field service management software has improved drastically since the last few years. Nowadays mobile phones are an important part of field service management since it allows to manage things from anywhere. Field service requires workers to go to the client’s location mostly to repair or install devices. For example, a WiFi company sending their men to set up router and wiring is an example of field service. Although this is just one example but field service is now expanding into other categories. Human resource management is the process of organizing and managing the employees in an organization in such a way that their performance is maximized and they benefit the organization. They are also involved in selecting and recruiting the right candidate for the company as well as training them. Giving fair compensation to the employees is another important task of the HR department. Performance management is when the employees performance is evaluated and assessed in order to improve the efficiency of the employee so that it benefits the organization. One of the important tasks of performance management is to increase the sales, decrease the costs of the organization and boost the morale of the employees. Training is one of the most important tasks to be carried out in a company especially for new employees to get them to know how things work and how they are supposed to do their jobs. Data collection is the act of researching and collecting various about supposed business leads and information. There are many ways to collect data like phone surveys, in person interviews etc.
Based on end users banking, insurance, government, retail, logistics, healthcare, manufacturing are some of the end users of workforce management.
Banking sector is an important sector as far as workforce management is concerned since improving your staff has always been important. Since banking involves a lot of finance so it becomes even more important to manage the workforce of the banks. Governments are complex to handle and a lot of layers are their in the governments across the globe like bureaucracy, ministry etc and hence what workforce allows is to handle these departments very effectively and increase the performance of the employees. Also, it makes it easier for them to manage things. Workforce management in healthcare sector is especially important since it is a very risky profession and lot of lives are at stake and hence managing the workforce with proper training and guidance is very important.
Asia Pacific is expected to grow at the largest CAGR during this forecast period. Managing the workforce across Asia is a major challenge. One of the challenges is language barriers. In Europe and Latin America it becomes slightly easier because of the knowledge of English and other languages whereas in Asia it is even more difficult since there is now standard medium of communication and the linguistic diversity makes it even more difficult. There are some local concepts which are unique to Asia which foreigners might find it difficult to understand. The recruitment process in also different in different countries in Asia.
The report also provides in-depth analysis of Workforce Management Market dynamics such as drivers, restraints opportunities and challenges
Covid 19 has had a dual impact on the workforce management in the sense that it has forced companies to have employees work from home (in some sectors) but also this crisis has taught them how to manage the employees in such an adverse condition. Some sectors has seen a growth in performance whereas some sector has seen not only a decline in performance but also financial loss.
|1||Employees want to manage the time on their own terms||Positive|
|2||Standard working times are no longer the norm||Positive|
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