The global workforce management market is predicted to more than double in the next 5 years. Companies around the world are looking for better ways to increase employee productivity, efficiency, and well-being. They see the benefits of better employee engagement and they’re looking outside their own organizations to get them there.
As a result, workforce management firms are popping up all over the world and are growing quickly. But what exactly do these organizations do? What do they bring to the table for the corporations that hire them?
1. Payroll and Benefits Management
Dedicated workforce management (WFM) firms like Paypro have spent time and money developing smarter automatedsu systems for both payroll and benefits administration. Often these automated systems have built-in audit-ready custom reporting features and large customizable payment options to meet the needs of any company.
Outsourcing these, time-consuming but relatively straightforward, tasks can free up company resources (both time and money) for other projects.
2. Leave Planning
Like payroll, leave-time tracking can be needlessly burdensome for in-house HR divisions. WFMs have advanced technological solutions that can put much of the management of leave and vacation time directly into employee’s hands, digitally.
3. Time and Attendance
Accurately tracking and reporting employee attendance and timeliness can make a huge impact on company productivity and morale. When companies have easy access to this data in customizable reports, HR departments can be equipped to address this type of productivity issue quickly and efficiently.
Again, WFMs have solutions to simplify the tracking and reporting of employee time and attendance. These systems paired with payroll and leave planning can further synergize employee management for any company.
With ever-changing employment laws, legal compliance is both vital and expensive for companies, especially those with larger workforces.
WFMs have the benefit of singular focus on this type of compliance that even in-house HR departments just don’t have. Companies of any size would be wise to look to these WFM firms to maintain compliance before it becomes an issue for the legal department. Many reputable firms guarantee against compliance issues, making them an even safer bet.
5. Performance Management
The advanced digital management WFM offers in so many areas of this work can often be extended to employee performance. Many firms have systems that can track individual or team performance and productivity to help employers get a better view of where they can focus to increase overall efficiency.
Again, the customizable reporting options most of these systems mean that, with the help of a WFM, any company can design an employee management system that works for them.
As businesses grow and look to grow, it is vital that they manage their employees appropriately. Where this used to be done by in-house human resource departments, more and more companies are looking outside their own organizations for this kind of work.
With so many workforce management firms focused solely on developing better systems, better technology, and more customizable offerings in this realm, it makes sense for organizations to outsource this work. Doing so can make all the difference in employee satisfaction, productivity, and HR spending for many companies.