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The Growing Workforce Management Solutions Market
Workforce management or WFM is a group of integrated processes which are adopted by most organizations for optimizing the productivity of its employees on various levels such as departmental, and entity-wide. In an organization, WFM involves the processes of matching employee skills to specific tasks over time.
It also plays an integral role in quantifying the amount and types of labor needed to accomplish particular jobs. This software acts as the key for most desktop and mobile programs that help a business manage their staff scheduling processes. The term was originated in contact centers and other service businesses employing a large number of workers.
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Organizations are struggling to enhance the productivity of their employees while reducing expenses and improving the efficiency of their business process. In this regards, enterprises are widely adopting solutions which help them to achieve their business goals. Some of the leading workforce management software includes features like payroll and benefits, employee self-service, human resource management and administration, performance management, and workforce tracking.
According to reports by grandviewresearch.com, the size of the global workforce management market is estimated at USD 4.80 billion in 2016 and is expected to gain traction. Some of the factors like workforce optimization, increasing deployment of cloud technology, and the rising pressure to comply with regulatory mandates are responsible for driving market growth. The industry includes a variety of applications which includes absence management, labor scheduling, and budgeting, as well as workforce analytics. Though in the industry, there is a rising demand for a complete management suite, mobile-ready applications are expected to gain the highest growth spurt in the foreseeable future.
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