What Is Workforce Management?
Workforce Management (WFM) is an integrated set of frameworks intended to optimize employee productivity and maximize the performance levels and proficiency of an organization.
A workforce Management System is a process of ensuring one follows the implementation of listed workforce management processes. This set of processes comprises activities aimed to build and maintain a productive workforce.
These activities include real-time data collection, Field Service Management (FSM), Human Resource Management (HRM), Training Management (TM), Performance Management (PM), recruitment, budgeting, forecasting labor requirements, scheduling, time and attendance, compliance, payroll, and benefits, analyzing and leave planning to accomplish tasks timely.
What Is Workforce Management Software?
Workforce Management Solutions track, monitor and evaluate the business metrics which helps the HR departments and personnel supervise and optimize employee workloads and management schedules.
WFM Software manages workforce scheduling and tracking. Its goal is to distribute work and allocate the workers to any of the processes more efficiently. This is especially important for organizations like contact centers and service businesses with shift workers.
The Salient Features Of WFM Software Include:
- Payroll
- Time and attendance management
- Compliance monitoring (e.g., Labor Laws)
- Absence and leave management
- Labor forecasting
- Shift scheduling
- Staffing optimization
- Task management
- Team communication
- Workforce analytics
- Succession management
- Employee self-service (incl. time-off requests and peer-to-peer shift trades)
- Customization
- Cloud-based solutions
- Integrated Application Programming Interface (APIs)
Key Benefits Of WFM Software:
- Increased operational productivity
- Automation of trivial labor activities
- Minimizes the risk for non-compliance of laws and financial risks
- Reduces expenditures by optimizing employee schedules
- Improves employee morale and efficiency
Uses Of WFM Software
The uses and implementation of Workforce management solutions differ for each organization. It is very subjective and also varies in terms of scope. Some organizations prefer only solutions that focus on employee scheduling and time-off requests. Whereas, the more commonly used tools are more vigorous and provide payroll, reporting, and time tracking of employees that includes log-in time, log out time, break time, etc.
1. Forecast Labor Demands:
Most WFM software facilitates labor demand forecasting that helps in the reduction of over-or understaffed workdays and prevents businesses from paying unnecessary overtime pay. Scheduling mistakes can be avoided since the software allows employees to submit time-off requests in advance.
2. Employee Schedules:
Scheduling mistakes can result in missed shifts, disappointed employees, and poor customer service. The software allows employers to record all employee schedules in one place. It provides employees with greater insight into their upcoming schedules and communication tools for time-off requests.
3. Payroll:
Many WFM tools have payroll functions or businesses integrate with payroll software to account for hours worked by employees automatically.
4. Employee Portal:
Workforce Management tools provide an employee portal so the employees can log in to the system and check their work schedule, request time-off, and clock in and clock out.
5. Time Tracking:
Through the built-in time tracking feature WFM software helps users certify that their employers only accrue time worked when they’re working.
6. Reports:
WFM software can create reports based on time clocked. This gives employers insights into which employees are punctual. It also allows them to identify any missed shifts.
Companies can use WFM Software either as a stand-alone program or as a part of integrated HR management. It is often integrated with a third-party HR application and with core HR systems that work as central depositories for workforce data.
WFM software offers self-service options. The employees can request days off and check paid time-off balances without intervention. This results in reduced paperwork and HR employees can concentrate more on other strategic tasks like planning and skill development.
Top-Rated Workforce Management Software Of 2020:
- Paypro Workforce Management
- UKG Pro
- NICE inContact cXone
- Ceridian Dayforce HCM
- UKG Ready
- UKG Workforce Central
- Oracle Cloud HCM
- SAP SuccessFactors
- ADP Enterprise eTIME
- Humanity
- BambooHR
- Ascentis
- Celayix
- ADP Workforce Now
- NOVAtime
Growth Of Global Workforce Management Software Market
The global workforce management market size is expected to grow at a CAGR of 9.3% during the forecast period. It is anticipated to increase from USD 6B in 2020 to USD 9.3B by 2025.
Over the forecast period of 2021-2026, the global workforce management software market is expected to reach USD 3467.97M by 2026 from USD 2711.23M in 2020. It shows a CAGR growth of 4.21%.
A holistic analysis considering market size and trends, growth drivers and challenges, and vendor analysis was considered for this forecast. High utilization of social media is one of the prime reasons for driving WFM software market growth. The sizable demand in the market is because of the increasing popularity of advanced workforce analytics and the soaring adoption of digital HR technology.
Conclusion
Workforce management software should be indispensable for any company or organization that wants to streamline its work processes, increase productivity, follow compliance regulations, and keep customers and clients satisfied.
WFM has been used by many companies for decades to deliver improved outcomes. Time and attendance tracking was the first automated process. However, we see a significant evolution in software over the years. It is now used in tech-savvy organizations and HR departments to monitor and improve labor efficiency.
