The growth is primarily driven by the need for improved productivity to maintain competitive advantage and the growing complexity of workforce-related standards, making it imperative for firms to rely on IT solutions to ensure compliance.
New York, July 21, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Workforce Management Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021-2026)" - https://www.reportlinker.com/p06106017/?utm_source=GNW
- Given the evolving nature of the workplace, the traditional method of managing the workforce by maintaining spreadsheets and registers for all activities has become a highly time-consuming and cumbersome process and is also prone to errors. Workforce management software plays an important role in optimizing organizational performance, by enabling effective administration of work schedule, business processes, labor costs, and talent management. Embedded with analytics and drill-down features for the data, it provides even deeper insights for the better management of human capital.
- According to Aon, 2020 Trends in Global Employee Engagement, Europe had an engagement score of employees around 60% in 2020, which was the least among all the regions in the world. Owing to such least employee engagement, the adoption of workforce management software across the region is expected to increase even further, and enterprises are ready to spend on employee engagement to keep the workforce satisfied and engaged and, in turn, gain productivity and retention.
- The trend toward remote work has been steadily growing for the past decade. However, the effect of COVID-19 has dramatically accelerated this trend in an extremely short period, forcing companies irrespective of their size to adapt quickly to the self-isolation measures that were being recommended by governments across the region. With the pandemic requiring more people to be working remotely, the remote workforce management software has become essential software for companies, as this software can help in managing the remote workforce efficiently.
- Various companies are offering workforce management solutions through the private cloud to provide multi-level physical and logical security features. One of the major reasons for the inclination of many business leaders toward cloud-based workforce management is the desire to get all in one solution that may include services, like salesforce, inbound marketing software, marketing automation software, workforce management software, and business analytical tools, to achieve insights with commercial, operational, and financial aspects.
- The focus of most software-as-a-service evaluations revolves around measuring feature set against any current problem areas and finding a vendor for working well with. However, implementing new workforce management software can be an expensive and time-consuming process, one that needs to be performed right to reap the benefits that any organization seeks.
Key Market Trends
Consumer Goods and Retail Sector is Expected to Grow Significantly
- The Retail and Wholesale services sector is one of the most important sectors in the EU economy and should play an important part in stimulating growth and job creation under the Europe 2020 strategy. In Europe, one-third of all enterprises operating within the non-financial economy is active in the sector, representing mainly small to medium-size retailers and wholesalers that serve local markets.
- According to Kimble, the employee attrition rate of professional services organizations is 11.4% in Europe, along with MEA. Moreover, for exploring the link between levels of employee engagement across factors, the survey conducted by ECR Retail Loss Group had been organized based upon questionnaires from more than 200,000 members of staff in three large European retailers. The research found that a significant number of employee engagement factors were found to be linked with the four-loss indicators, shrinkage, waste, cash loss, and lost sales driven by out of stocks. Such loss could get avoided to a major extent with the workforce management software.
- Employers across Europe are now obliged to track their employees’ time and attendance following a ruling by the European Court of Justice (ECJ). As a result, the ECJ ruled that member states must oblige employers to set up a system for the daily recording of working time. Such regulation has increased the demand for workforce management software.
- Various collaborations and partnerships are gaining momentum for the market growth in the retail sector. For instance, in June 2020, Logile Inc. announced that Booths, a premier Northern England high-end supermarket chain, had selected Logile store planning and workforce management solution suites and engineered labor standards. Through this, Booths will implement the software solutions throughout the company’s retail store locations, petrol stations, warehouses, and corporate offices. This selection represents a critical strategic technological milestone for Booths and also becomes Logile’s first UK-based customer.?
- Further, in October 2020, Reflexis Systems announced that IKI, one of Lithuania’s largest retailers, selected Reflexis for increasing labor efficiency. IKI aimed to deploy Reflexis intelligent workforce management solutions, including Workforce Scheduler, Time & Attendance, Employee Self-Service (ESS), Advanced Analytics & Reporting, and Mobility solutions. IKI worked with Reflexis and its partner, StrongPoint, to deploy solutions in 228 stores for more than 5,000 employees in Lithuania.
United Kingdom is Expected to Hold Significant Market Share
- The increasing demand from the businesses/organization across the country for adaptability, flexibility, and the rising focus of the organization to increase the workforce productivity along with improved employee experience are some of the factors that are expected to drive the studied market growth in the United Kingdom region.
- The employment in the private sector is also increasing, which is forcing many organizations, especially human resource management departments, to adopt for workforce management solutions to manage various functions. According to the Department of Business, Innovation, and Skills, the number of people employed in private sector businesses in the United Kingdom in the wholesale and retail sector, in Administrative and support service activities, Manufacturing, Information, and communication accounted for 5060, 3064, 2688 and 1445 respectively as of October 2020.
- The Manufacturing, Travel & Transport, and Retail sectors are expanding rapidly, leading the market in terms of the adoption rate of these management software systems, thus driving the studied market growth. Further, good productivity is crucial for the success of any organization. Enterprises are striving hard to enhance the productivity of their employees, reduce costs, and improve business process efficiency.
- The country is witnessing significant investment in the deployment of workforce scheduling software, especially in the healthcare sector. For instance, in January 2021, the Minister of Care announced GBP 7.5 million to support digital shift scheduling across 38 NHS trusts, allowing staff to spend more time with patients. The investment is part of a GBP 26 million national fund to have all NHS doctors, nurses, and other clinical staff on e-rostering systems by 2021.
- Country is also witnessing the launch of many new workforce management solutions. For instance, in June 2020, SD Worx, HR and payroll services provider, empowered UK businesses with the launch of its European market-leading workforce management solution. SD Worx has become the first UK Payroll and HR provider to offer a fully integrated workforce management (WFM) SaaS solution that has all the capabilities of a stand-alone WFM product.
The competitive landscape for the European workforce management software market is very dynamic. The Market is highly fragmented in the absence of any dominated player.The evolving needs of the end-user industries are driving innovations in the market.
- April 2021 - SD Worx Group NV entered into a definitive agreement to acquire Aditro, a Cloud HR & Payroll software provider in Sweden, Finland, and Norway. The agreement was made by the company in a plan to expand and strengthen its geographical footprint and position in the Nordics in the European HR and payroll market.
- April 2021 - Spark NZ selected Calabrio Inc., for the supply of cloud-based workforce management (WFM) solution as part of its Unified Front Line initiative. The initiative was a way of working at Spark where employees are cross-skilled across multiple customer touchpoints and are part of an end-to-end home base. The Calabrio ONE platform covers more than 1500 Spark employees in over 80 different locations, including the company’s contact centers, retail stores, and those working from home.
- January 2021 - SAP SE entered into an agreement to acquire Signavio GmbH, a leader in the enterprise business process intelligence and process management space. Combining Signavio with the Business Process Intelligence unit of SAP will strengthen SAP’s capacity to help companies quickly understand, improve, transform and manage their business processes at scale.
- October 2020 - MYOB acquired 73% shareholding in Roubler. The investment is directed to enable MYOB to acquire and integrate Roubler’s unique WFM functionality within its ERP and PS suite, MYOB Advanced, resulting in a powerful end-to-end business management platform and helping to deliver against MYOB’s mission to support more businesses in Australia and New Zealand, and across the world.
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