Workforce Management software is fast becoming one of the most vital tools across all of the IT industries, with the market value estimated at $4.7 billion. This is expected to reach $9.0 billion by 2022, which is almost double its worth in 2016.
The rising demand for Workforce Management software coincides with the general momentum of automation software and the rising number of businesses that are looking for cloud-based solutions that offer more agility and operational utility. In conjunction, businesses have been given more impetus to streamline and optimize workforce scheduling.
Workforce Management software generally has solutions for performance management, workforce analytics, absence management, human resources, time management, and workforce scheduling. However, in the last few years, the Workforce Management market has been in a transitionary period as vendors have adapted to technological change and shifting consumer demands, most predominantly for social media, mobile and real-time solutions
Lastly, the Crozdesk Market Radar reveals that vendors in this software category tend to offer services aimed at a specific niche or industry, such as transportation, logistics, retail, manufacturing and much more. However, there are a substantial number of vendors that offer horizontal solutions that are not aimed at particular industries.
Products in this category help organizations maintain a productive workforce by assigning the right task to the right employee at the right time. You can use these products to handle overstaffing and understaffing issues, keep track of attendance and work hours, provide feedback and training to employees, manage employee scheduling and to predict extra workload, additional staff requirements, or any possible work schedule conflicts. Other aspects of workforce management software include benefits administration, talent management, time management, expense management, performance monitoring and the ability to comply with labor laws. Read the full software guide...
Workforce management software helps organizations improve employee productivity by automating staff planning, delegating the right tasks to the right employees at the right time, forecasting future staffing requirements, managing payments and employee benefits and tracking attendance, working hours and time-offs.
You’ll also find products that help in performance monitoring, training management, field service management, vacation planning, payroll administration, employee data collection and analysis.
The more advanced workforce management software provides real-time visibility into your workforce, allowing you to make timely decisions on a day to day basis. While helping you maintain a productive workforce, these products also enable you to reduce labor costs, comply with labor laws, enhance employee engagement, improve customer service, avoid overtime payments and prevent buddy punching.
Chances are that your existing ERP or CRM solutions already have some workforce management capabilities. If that’s all you need to manage your workforce, you don’t need to buy a separate program for workforce management. If, however, you have a global workforce or a complex payroll environment, you will need a standalone, best-of-breed solution. For instance, companies with a diversified workforce with operations in different countries governed by different labor laws need a workforce management solution that supports multiple currencies and helps comply with international labor regulations.
Another important thing to consider is scalability. You should have a long-term vision. While a product with basic employee scheduling features may suffice at the moment, you may need demand prediction and absence management capabilities in future. Also, check whether the product can seamlessly integrate with your existing applications.
Typically, the key functionalities of workforce management software include labor scheduling, forecasting, leave management, time and attendance tracking, time and work data collection, exception planning and performance analysis. However, different products focus on different aspects of workforce management. You need to choose a solution depending on your priorities and goals.
For instance, if your main aim is to improve workforce productivity, look for advanced scheduling, task management, performance and training management features. On the other hand, if you are looking for cost reduction, you need a product with advanced features for absence management, demand prediction, time zone support, etc.
Some other important considerations include ease of use, security standards, whether the software can create schedules on the basis of ‘what if’ scenarios, and whether it can generate performance management reports.
|2-Factor Authentication||Adds an additional layer of security by requiring an extra step in the login process. Usually external devices are required for this or a text message with a verification code is sent to the user when trying to login.|
|360 Degree Feedback||Gather and manage anonymous feedback for employees from co-workers and managers.|
|API||Application Programming Interfaces (APIs) are programmatic intersections with external products or platforms that allow for custom integrations with your own solutions or other solutions you are using.|
|Application Tracking||Assists with managing applications, interviewing, hiring and onboarding new applicants to help streamline recruiting processes.|
|Attendance Tracking||Track employee attendance and absence to keep on top of sick days and hours worked for payroll purposes.|
|Batch Permissions & Access||Control user or group access and permission settings for software or other systems.|
|Budgeting||Planning and tracking capabilities for financial budgets and plans often used to manage funds across different departments or for investor / shareholder oversight.|
|Calendar Management||Manage and update calendars for scheduling or consolidation of events across teams, departments or business functions.|
|Dashboard||Dashboards are digital interfaces commonly used to visualise data or give quick access to important features and functions of online platforms. They often serve as an overview gateway in software applications.|
|Data Export||Exporting functionality can be used to streamline the migration of data sets and information across systems, platforms or applications.|
|Data Import||Importing functionality allows you to use data sets from other systems or platforms to cut down on data entry requirements or to more easily migrate records from similar applications you have used in the past.|
|Data Visualization||Data visualization features render a visual interpretation of data sets through the use of charts, infographics and other visual cues generally in form of a reporting dashboard.|
|Employee Database||Manage and update employee records in a centralised database. Used to keep information about work entry, age, past roles and other employee details.|
|Employee Engagement||Collect feedback from employees to recognize achievements, gather feedback and improve employee participation processes in the workplace.|
|Employee Incentive Management||Manage and track incentive schemes for your employees to improve performance and loyalty / retention rate.|
|Employee Onboarding||Streamlines the onboarding process for new employees in form of checklists, password and access management features, as well as other induction elements.|
|Expense Tracking||Track employee travel and other expenses to stay on top of budgeting requirements and reimbursements.|
|External Integrations||Integrations with other software products or platforms to improve efficiency and compatibility across systems.|
|Feedback Management||Manage feedback through the use of surveys and similar elements issued to employees and/or customers to consolidate new ideas or track employee performance.|
|Forecasting||Forecast upcoming expenses, sales, revenue, user levels, etc. through the use of predictive methods and past data.|
|Multi-User||Supports more than just one user account and generally allows for collaboration with colleagues.|
|Notifications||Includes notification support and sends you alerts with information on important events and other time sensitive instances. For example through push notifications on mobile phones or email notifications.|
|Onboarding||Helps onboard new employees or customers.|
|Payroll||Manage employee payroll to keep track of taxes due to the government, pension schemes and payments to employees.|
|Project Management||Manage projects from conception through the planning stage to delivery and post-project reporting phases. This allows organisation teams to organise resources, plan budgets and improve efficiency in the delivery of project objectives.|
|Scheduling||Schedule tasks, resources, appointments, payments, communications, etc.|
|Time Management||Monitor and optimize how you're spending your time.|
|Timesheets||Track employee attendance, sick days and hours worked for payroll purposes or billable hours for professional services.|
|Travel Management||Manage travel plans and expenses for employees, prospects or potential recruits through a central environment.|
|Vacation Calendar||Track employee holiday requests and absences for payroll, reporting or shift-planning purposes.|
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