Workforce management (WFM) approaches are adapted to the evolving work environment, driven by technological advancements, shifting employee expectations, and economic factors. Companies must stay well-informed about current trends to manage their workforce. The surge in remote work demands a heightened focus on employee well-being, work-life balance, and data-driven insights. Here are eight impactful trending workforce management strategies that can significantly benefit businesses.
8 Amazing Workforce Management Trends You Must Know
Source: The Business Blocks
The statistics clearly show a significant boost in the usage and growth of WFM software solutions.
1. Remote Work Optimization: Remote work optimization focuses on maximizing the efficiency and productivity of employees working from remote locations. Companies invest in reliable hardware such as laptops and monitors, software like VPNs, collaboration tools, and customized services.
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According to recent findings, 74% of CFOs plan to shift some employees to remote work for good. This trend drives companies to optimize their remote work strategies to maintain productivity and employee engagement. (Source)
Around 65% of workers want to work remotely full-time as they feel they work more productively at home, while 31% prefer a hybrid schedule. (Source)
2. Empowering Talent and Fostering Employee Commitment: Organizations prioritizing a positive work environment encourage employees to feel comfortable suggesting new ideas and conducting experiments. They design incentive programs based on employee performance, including bonuses, raises, promotions, and non-monetary rewards such as extra vacation days or special projects. This approach helps achieve employee satisfaction and loyalty.
Companies with high employee engagement have 21% higher profitability, underscoring the financial benefits of investing in employee well-being. (Source)
80% of employees consider well-being programs crucial to their engagement. Moreover, 94% of employees would stay at a company longer if it invested in their career development. (Source)
3. Employee Wellness: Employee wellness is crucial for workforce management, impacting productivity, engagement, and job satisfaction. Effective wellness programs reduce absenteeism, improve morale, and enhance retention.
Nearly 89% of employees at companies that support well-being initiatives are more likely to recommend their organization as a good working place. This statistic highlights the correlation between well-being programs and employee satisfaction. (Source)
4. Informed Decision Making: Effective Workforce Management (WFM) strategy relies on informed decision-making. Organizations must leverage data and analytics to make well-formed decisions that significantly enhance productivity, employee satisfaction, and overall business performance.
By prioritizing data-driven approaches, companies have been found to achieve a 6% higher profitability. (Source)
5. Automation and AI: Automation and Artificial Intelligence (AI) are transforming Workforce Management (WFM) by streamlining processes, enhancing decision-making, and improving efficiency. Businesses use AI-based solutions to screen resumes automatically, match candidates to job descriptions, and rank applicants based on qualifications and experience.
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A rate of 72% of business leaders view AI as a “business advantage,” leveraging its capabilities to generate valuable insights from vast volumes of data. (Source)
AI technologies will contribute up to $15.7 trillion to the global GDP by 2025. (Source)
6. Skill Management and Training: Companies keep a detailed record of their employees’ skills. They use tools like skills matrices to chart out the abilities of their workforce. This is done to align current skills with those needed for business purposes. It helps in understanding the strengths and weaknesses within the team.
Around 94% of employees say they would stay at a company longer if it invested in their career development. This underscores the importance of investing in employee training and development to foster loyalty and retention. (Source)
7. Diversity, Equity, and Inclusion (DEI) Initiative: Hiring teams in companies implement diverse practices to attract candidates from varied backgrounds. It provides equal opportunities for career advancement, pay, and benefits. Conduct regular pay equity audits to address disparities.
Companies in the top quartile for gender diversity on executive teams are 25% more likely to have above-average profitability than companies in the fourth quartile. Similarly, organizations with ethnically diverse executive teams are 36% more likely to outperform their peer’s profitability. (Source)
8. Integration of Gig Workforce: Incorporating gig workers involves integrating freelance or contingent workers into an organization’s workforce strategy and operations.
Here, the Real-Time Analysis Service from BGO tracks your workforce by monitoring key performance indicators and metrics, ensuring your crew adheres to schedules and promptly addresses deviations.
Gig workers are expected to comprise 43% of the U.S. workforce by 2023. This workforce management trend is driven by the growing demand for flexible and on-demand talent, enabling companies to scale their operations quickly, access specialized skills, and reduce labor costs. (Source)
Optimizing Customer Experience through Workforce Management (WFM)
In today’s competitive environment, providing outstanding customer experience (CX) is not just a choice, it’s a necessity. As companies strive to meet these standards, one crucial factor for the success of CX stands out: the necessity of providing immediate solutions to customer issues.
WFM software enables businesses to efficiently manage their workforce based on customer demand and operational needs. This facilitates immediate responses and significantly enhances the CX.
Source: Precedence Research
Effective Staffing: WFM Software helps businesses optimize staffing levels by forecasting demand based on historical data and real-time insights. This ensures that companies have the right number of employees with the necessary skills to meet customer needs, without understaffing or overstaffing.
Enhanced Productivity: By accurately forecasting workloads and scheduling resources, WFM software improves productivity. It efficiently deploys employees, reducing idle time and maximizing utilization, leading to cost savings and improved operational efficiency.
23% of HR professionals said improving the employee experience was the reason for investing in new technology, second only to productivity (33%). (Source)
Improved Employee Satisfaction: Using WFM software empowers flexible scheduling and enhances work-life balance, resulting in heightened employee satisfaction and retention. Through self-service portals, the employees can access schedules request time off, and manage their shifts.
82% of customers expect to resolve their problems by talking to one agent. WFM software helps schedule the right agent skills to match the needs or call types coming into the contact center. (Source)
Understanding Compliance and Regulation: WFM Software is indispensable for businesses to ensure compliance with labor laws, union agreements, and regulatory requirements. It automates time tracking, and overtime calculations, and guarantees that scheduling practices align with legal standards.
Customer Service Optimization: WFM solution ensures optimal customer service by maintaining appropriate staffing levels and implementing skill-based routing. This results in reduced wait times and an enhanced overall customer experience.
Customers are 2.4 times more likely to stay with a brand when their issues are solved quickly. (Source)
Conclusion
In conclusion, workforce management is experiencing a major transformation driven by changing work dynamics, technological advancements, and evolving employee expectations. Embracing these workforce management trends can help companies improve productivity, promote employee engagement, and achieve business success. However, organizations must stay agile, responsive, and forward-thinking in their approach to workforce management solutions to remain competitive in today’s fast-paced business environment.
