Workforce Management Tools & Software
Gone are the days of endless spreadsheets and time recording. In fact, those days have been done for decades. However, WFM is a concept that’s greatly evolved over the years, with more organizations and HR teams deploying WFM software to monitor and improve labor efficiency.
There are a variety of WFM tools, and the software that does exist is constantly being improved and updated through company collaborations and more mobile-friendly solutions. WFM software is usually integrated with third-party HR applications and with core HR systems, which are the central repositories for workforce data.
There are also self-service capabilities within workforce management software that allows employees to request time off, check PTO, etc. This results in less paperwork for HR staff, giving them more time to work on strategic activities.
Most companies invest in third-party WFM software and tools that can be integrated into their existing systems.
Some of the top-rated options include:
There are 3 ways these solutions can be delivered:
This involves the hardware and software being physically installed, deployed, and managed at the business. You have to buy all the equipment up front. Typically, large enterprises opt for this method as they have the budget and the space to acquire what’s needed – not to mention the personnel to configure and maintain systems.
However, nowadays, this option is less desirable. As a result of the COVID-19 pandemic, workforces have become more dispersed, making on-premise WFM solutions even more challenging to maintain. On-premise solutions have a shelf life of about 8-10 years and are difficult to configure and integrate. This is especially true in today’s climate with so few people working on-site.
2. Hosted system.
A hosted system is dependent on an outside service provider. You buy the software but it’s installed in a data center – on physical or virtual servers – that can be leased. The investment tends to be lower than on-prem because there’s no need to purchase hardware. But, there are initial provisioning and monthly rental fees.
With this solution, there are no physical resources required – it’s all internet resources. Apps are developed in a virtual space, and a company’s computing infrastructure is like a service utility. This means you’re billed for what and how much you use. The cloud is advantageous in that there aren’t as many issues with capacity, physical space, bandwidth, or storage. Gartner reports that there’s been a steady shift from on-premise to cloud-based WFM solutions. In fact, they predict that by 2023, 95% of new WFM application sales will be cloud-based models.
A Growing Market
As prevalent as it is, the workforce management market continues to grow. The adoption of WFM software has seen rapid growth in recent years due to the increased use of cloud computing and workforce analytics. With the demand for workforce optimization growing, the workforce management market is expected to jump from $6 billion to $9 billion by 2025.
Of course, this growth depends on a number of variables. Still, the market is experiencing important technological transitions. The COVID-19 pandemic has driven the need for and functionality of WFM software. With more people working from home than ever before – and flexible work options expected to continue post-pandemic – it’s clear that strong WFM solutions are essential.