Millennial Momentum: Transforming Workplaces with Engagement, Recognition, and Remote Dynamics
Employers use workforce management (WFM) to check attendance, strategically assign personnel and resources, and adhere to ever-changing workplace laws and regulations. The ultimate goals are to minimize risk and maximize output.
Enhanced output, elevated spirits, proficient correspondence, optimization of resources, decreased costs, superior quality, economical savings, enhanced client satisfaction, and economical staffing.
Features like time and attendance tracking, automatic accrual calculations for time off, monitoring for compliance with federal and state labor laws, and pay code tracking are all possible with WFM software.
The global workforce management market size was valued at USD 8.74 billion in 2023. It is estimated to reach USD 22.90 billion by 2032, growing at a CAGR of 11.3% during the forecast period (2024–2032).
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The latest developments in workforce management involve:
Optimization of Remote Work: The COVID-19 epidemic and developments in communication technology have led to an increase in the use of remote work. Companies may prioritize virtual collaboration tools, streamlining remote work procedures, and guaranteeing the health and output of remote workers in 2024.
Flexible Work Arrangements: Companies are likely to offer more flexible work arrangements, such as job sharing, shorter workweeks, and flexible hours, as work-life balance becomes increasingly important. This can support a range of employee demands while assisting in attracting and keeping top personnel.
Artificial Intelligence (AI) in HR: Predictive analytics for workforce planning, employee performance analysis, and candidate screening are just a few of the tasks for which AI-powered technologies are being utilized more frequently in workforce management. AI can expedite administrative tasks and assist HR workers in making data-driven choices.
Skills-based Hiring and Development: Businesses are putting more focus on employee development and skills-based hiring as the labor market gets more competitive and technology keeps advancing quickly. This entails evaluating applicants and workers not only on the basis of their qualifications or experience, but also on their abilities and potential.
Employee Well-Being Programs: Companies are realizing how critical employee well-being is to retention and productivity. Companies may increase their investments in well-being efforts in 2024 by providing tools for stress management, mental health assistance, and work-life balance.
Initiatives for Diversity, Equity, and Inclusion (DEI): The significance of inclusion, equity, and diversity in the workplace is becoming more widely recognized. Businesses are putting DEI efforts into practice to remove bias in hiring and promotion procedures, create a more inclusive work environment, and promote diversity at all levels of the organization.
Integration of the Gig Economy: As more workers look for contract or freelance work, the gig economy is expanding. Employers are incorporating gig workers into their workforce management plans and using platforms and technologies to efficiently handle independent contractors.
Data security and privacy are top priorities since workforce management is becoming more and more dependent on technology. To secure employee data and guarantee regulatory compliance, businesses are putting strong data protection measures and compliance procedures in place.
Encouraging remote workers can be difficult, but doing so is crucial to preserving morale and productivity. To keep remote workers engaged and inspired in 2024, businesses might spend money on virtual team-building exercises, communication tools, and recognition initiatives.
Agile Workforce Planning: In the fast-paced business world of today, traditional workforce planning techniques might not be adequate. Agile workforce planning is the act of swiftly adjusting to shifting organizational objectives, skill needs, and market conditions. This is frequently achieved through flexible employment options and iterative planning procedures.
Some of the statistical data on Workforce Management Market
Currently making up roughly 50% of the workforce, millennials are predicted to account for 75% of workers by 2030. For 92% of millennials, receiving recognition from senior staff and coworkers is extremely important or significant. Ninety-nine percent of remote workers said they would like to work remotely in the future. Furthermore, 75% of virtual teams worldwide say that working remotely has improved their ability to do their jobs effectively.
High performers rise by 21% in companies that put their workers' general well-being first. Although only 40% of respondents said they were very engaged at work, when businesses address contemporary social issues, this percentage rises to 60%. Merely 13% of workers express complete satisfaction with their work environment, while 79% of those who leave their jobs attribute their departure to a lack of recognition. Retaining employees is considered more challenging than hiring by 63.3% of companies. Furthermore, only 34% of the U.S. workforce feels engaged at work, yet close work friendships can boost employee satisfaction by 50%.
Just 25% of CEOs have a platform or plan in place to effectively engage their workforce, despite the fact that 90% of them think it has an impact on business success. Businesses with employee engagement levels in the top quartile experience 21% better profitability. In the UK, 79% of working adults report feeling stressed out at work; this is a 20% rise over 2018 statistics.
Top Keyplayers of Workforce Management Market
UKG Inc.
SAP SE
Oracle Corporation
WorkForce Software, LLC
NICE
ActiveOps PLC
Infor
Ceridian HCM, Inc
EG Solutions
Blue Yonder Group, Inc
Reflexis Systems, Inc
Replicon
SISQUAL Workforce Management, Lda.
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Workforce Management Market Segmentation
By Component
Solutions
Time and Attendance Management
Leave and Absence Management
Workforce Scheduling
Workforce Analytics
Others
Service
Consulting
Implementation
Training, Support, and Maintenance
By Operating Systems
Windows
Android
iOS
LINUX
Others
By Deployment Type
On-Premises
Cloud-Based
By Organisation Size
Large Enterprises
Small and Medium-sized Enterprises
By Industry Vertical
BFSI
Telecom
Government
Consumer Goods and Retail
Manufacturing
Energy and Utilities
Transportation and Logistics
Healthcare and Life Sciences
Information Technology enabled Services (ITeS)
Others
By Region
North America
Europe
Asia-Pacific
LAMEA
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