Published Date : Jun 05, 2017
ALBANY, New York, June 05, 2017: MarketResearchReports.biz has itemized the addition of a new market research report to its report repository. The research publication is titled, “Global Workforce Management Software Market 2017-2021.” The market intelligence report delivers an all-inclusive impression of the characteristics that are overriding the disparities present in the global market and correspondingly assesses them squarely. The impression of some abundant and degenerating elements has also been taken into thought with same importance in the intelligence report. It also delivers data on the promotional and advertising strategies, shares, and merchandises of the leading companies.
Workforce management refers to a set of procedures that aids organizations in optimizing the productivity of the employees on the enterprise-wide, departmental, and individual levels. Workforce management tends to march the skills of employees for the assigned task and aids in estimating the type and number of workers required to finish jobs on an hourly or daily basis. Workforce management software also automates the processes such as attendance tracking, time tracking, and employee scheduling. The software further helps organizations to streamline procedures, permitting managers to give time for ensuring efficient running of the operations. As understaffing and overstaffing at any level decreases the profitability of the organization, impacting the productivity, upset its customers and clients, and at last frustrates employees, workforce management software comes in here handy.
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The global workforce management software market is poised to rise at an 8.49% CAGR between 2017 and 2021. The growing need for streamlining HR functions is a core factor that is expected to positively influence the growth of the global workforce management software market in the coming years. The HR division in an organization mainly administers functions such as welfare of employees, staffing, benefits, training, and compensation. There are many HR level jobs that need to be manually handled, thus increasing paperwork and impacting the overall productivity of HR personnel. The deployment of workforce management software increased the efficiency and productivity of the HR executives by helping in coordinating between different roles, automating all the activities, and searching for the appropriate person for a particular job.
Furthermore, the workforce management software also supports in tracking repetitive activities, discontinuation of the coverage, policy updates, beneficiary changes, employee enrollments, and employee attendance. The rise in automation across different industries is also expected to drive the demand for workforce management software in this sector in the upcoming years. On the basis of deployment, the market was led by the segment of cloud-based software in 2016 owing to ease of gathering, processing, and storing of data in it.
Region-wise, the market was ruled by the Americas with organizations and institutions focusing on HR efficiency and functional automation. The leading companies in the global market are Ultimate Software, SAP, Oracle, Kronos, Ceridian HCM, and ADP.
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