Workforce management (WFM) is a strategy for the employee efficiency. WFM started as a way to improve the accuracy, reliability, and efficiency of call centers, but it has since spread to other sectors and work tasks. Performance and training management, human resource management, recruitment, scheduling, data collection, analytics, budgeting, and planning are all WFM processes and resources that organizations are using to improve operational performance in a strategic manner.
Impact of COVID-19 on the Industry
The coronavirus pandemic has created a chaos in several end-use industries and negatively impacted various markets. However, the global workforce management market has witnessed a remarkable rise in the market growth rate during the COVID-19 pandemic. The pandemic has compelled companies all over the world to begin remote operations and implement an efficient management framework for their workers in order to increase efficiency and maintain the development of their company during the pandemic. Furthermore, several talent management firms have launched new technologies for successful human resource management solutions in enterprises. The introduction of new goods and services has aided companies in mitigating the effects of the COVID-19 pandemic.
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Key Developments in the Industry
The key companies operating in the global workforce management market are adopting business tactics & several growth strategies such as partnerships, mergers & acquisitions, launches, and collaborations, to maintain a strong position in the overall market, which is subsequently assisting the market to grow across the world.
For instance, in April 2021, Infor, the business cloud provider, reported that Infor Workforce Management has been named the leader in Nucleus Research’s most recent Technology Value Matrix for WFM. Nucleus Research ranked vendors as ‘Leaders’ because of their power in niche areas, and capabilities, especially around employee experience and schedule optimization.
In May 2021, Penn Highlands Healthcare (PHH), a six-hospital integrated health system located in northwestern Pennsylvania, announced that they have selected Infor Cloverleaf Cloud and Infor CloudSuite Healthcare to advance their future vision. The transition to a more modern cloud architecture approach, which will be implemented in collaboration with key Infor integrated solution Bails, will provide PHH with a clinically linked healthcare operations framework to develop its patient-centric network.
In May 2021, Workday, a pioneer in enterprise cloud applications for finance and human resources, announced that it has been ranked by Gartner, Inc. in the leaders quadrant of the 2021 Gartner Magic Quadrant for cloud core financial management suites for global , large, and midsize enterprises for the fifth year in a row, based on vision completeness and capacity to execute.
Forecast Analysis of Workforce Management Market
The global workforce management market is expected to witness a healthy growth owing to increased adaptation of innovative practices for human resource management that are incorporated with software. The benefits of enterprise workforce management applications include acting as a centralized solution for various HRM processes, such as performance management, documentation, recruiting, and others. These advantages are laying the foundation for the market growth. Furthermore, companies offering workforce management solutions are introducing new products in order to capture the largest share of the global workforce management market. The development of products to provide better workforce management services to companies is expected to drive the growth of this market.
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The low awareness regarding the adoption of workforce management software in the developing nations especially in the small and medium organizations is anticipated to hamper the growth of the global workforce management market during the forecast period. The adoption of new innovative technologies for workforce management are estimated to drive the growth of this market.
These aforementioned factors are estimated to surge the growth of the workforce management market, throughout the analysis period. As per a newly published report by Research Dive, the global workforce management market is predicted to garner $9,580.3 million by 2027. Geographically, the Asia Pacific market for workforce management is estimated to dominate the global industry, owing to the existence of a large number of enterprises ranging in size from small to large that need advanced human resource management solutions, as well as the increasing scale of digitization in the companies of the region’s emerging countries such as South Korea, Japan, India, China, and others.
Key Players
- IBM
- Oracle
- SAP SE
- ADP, Inc.
- Workday, Inc.
- NICE Ltd.
- Ceridian HCM, Inc.
- UKG Inc.
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