Workforce Management Software Statistics 2024


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In today’s fast-paced business environment, workforce management software stands as a critical tool for optimizing operations and driving efficiencies. As we look toward 2024, the significance of up-to-date statistics in this domain becomes evident. Understanding these figures is essential for comprehending the broader business landscape, recognizing trends, and fostering innovation in workforce management solutions. The data not only highlights the changing dynamics of workforce management but also provides a glimpse into the future, offering valuable insights for businesses striving to stay ahead in a competitive market.

Key stakeholders, including business executives, HR professionals, and IT managers, will find this data indispensable. For executives, the statistics shed light on investment opportunities and return on investment (ROI) metrics. HR professionals can leverage the insights to streamline recruitment, employee engagement, and retention strategies. Meanwhile, IT managers will be better equipped to evaluate software compatibility and scalability. Collectively, these stakeholders can use the upcoming data to devise more informed strategies, ultimately impacting the industry by fostering more efficient and adaptable workforce management practices.

By examining these statistics, businesses can uncover actionable insights to refine their decision-making processes and strategic planning. As the workforce management landscape continues to evolve rapidly, staying abreast of current trends is not just advantageous but imperative. This data-driven approach paves the way for businesses to adapt, innovate, and thrive in an ever-changing industry, ensuring they remain at the forefront of progress and transformation.

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Top Workforce Management Software Statistics 2024

☰ Use “CTRL+F” to quickly find Workforce Management Software facts. There are total 96 Workforce Management Software Statistics on this page 🙂


Workforce Trends And Predictions

  • Human Resources professionals are contemplating the near future trends for 2024. [?]
  • 2024 is expected to be the year of the ‘hidden workforce,’ referring to 27 million Americans often rejected or underutilized due to unfair hiring practices. [1]
  • In 2024, more employees are expected to adopt technology and recruitment strategies to tap into unexplored workforce segments. [1]
  • A significant HR trend for 2024 will be the heightened prioritization of employee data privacy. [1]
  • Integration of artificial intelligence within HR technology is anticipated to advance significantly in 2024. [1]
  • Adapting HR systems and practices to changing workforce demographics will be a leading trend in 2024 and beyond. [1]
  • A significant trend in HR for 2024 will be the intensifying competition for top talent. [1]

Software Adoption And Utilization

  • 78% of mobile apps are abandoned after only a single use, with web applications and software having similar fates. [2]
  • Organizations capture only 31% of the value expected from digital transformation and initiatives. [3]
  • The median user growth in SaaS is 4%, while the median activation rate is 17%. [4]
  • Retaining customers in SaaS is as important as acquiring them, being up to 25 times less expensive. [4]
  • The software adoption process follows six phases: awareness, interest, evaluation, trial, activation, and adoption. [4]
  • Usage statistics indicate that innovators (2.5% of the market) are excited about trying new products and technologies. [4]
  • Early adopters (13.5%) have a greater need for products and are willing to spend resources on solutions. [4]
  • The early majority (34%) prefer established products with minimal risk of failure. [4]
  • The late majority (34%) is risk-averse, similar to the early majority. [4]
  • Laggards (16%) resist change and prefer current processes. [4]

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Market Trends And Growth

  • The global HR technology market is projected to grow at a CAGR of 7.5%, from $23.98 billion in 2022 to $39.90 billion by 2029. [5]
  • The global market for employee monitoring solutions is expected to reach $20.46 billion by 2032. [5]
  • The global mobile device management market is forecasted to grow from $9.38 billion in 2023 to $58.38 billion by 2030. [5]
  • Digital transformation spending worldwide is projected to reach $2.3 trillion by 2023. [6]
  • By 2025, 70% of organizations will use digital adoption platforms across their technology stacks. [6]
  • Successful digital transformation remains challenging, with only 16% of organizations reporting success. [6]
  • High-growth companies actively integrate next-generation technologies like AI and cloud at scale. [6]
  • Small and medium-sized enterprises investing in digital tools saw a 26% increase in productivity. [6]
  • Businesses delaying digital transformation risk losing up to 39% of their revenue to competitors. [6]
  • The workforce management market is expected to be valued at $8,877.4 million in 2024, with a CAGR of 9.2% from 2024 to 2034. [7]
  • Cloud-based systems are expected to account for 68.3% of the workforce management market share by deployment type in 2024. [7]
  • Large enterprises will account for 61.7% of the market share in 2024. [7]
  • The market is anticipated to register a CAGR of 12.7% in Australia during the forecast period. [7]
  • Japan’s workforce management market is set to expand at a CAGR of 3.9% over the forecast period. [7]
  • The market is expected to register a CAGR of 9.7% in China over the forecast period. [7]
  • Germany’s market is set to progress at a CAGR of 4.6% in the forecast period. [7]

Digital Transformation And Technology Integration

  • Digital transformation is reshaping the business world, with 91% of businesses embarking on digital initiatives. [6]
  • By 2027, 80% of G1000 organizations will mitigate technical skills shortages and conduct employee upskilling with digital adoption platforms (DAPs). [17]
  • AI-driven HR tech for recruitment is reported to improve hiring quality by 88%. [15]
  • The use of HR analytics has resulted in 23% faster recruitment times and a 17% decrease in turnover rates. [15]
  • AI-driven HR tech market is projected to grow at a CAGR of 14.5% from 2021 to 2027. [15]
  • Mobile optimization is a key feature in modern HR technology, with over 90% of millennials considering mobile access to HR tools important. [15]
  • Cloud-based HR technology adoption has increased by more than 44% over the past five years. [15]
  • 70% of HR executives agree that integrating HR technology is crucial for achieving workforce diversity goals. [15]
  • The global HR technology market is expected to reach $35.68 billion by 2028. [15]

Workforce Management And Employee Engagement

  • Organizations with advanced workforce management strategies are 2.7 times more likely to significantly outperform their peers. [13]
  • 88% of large organizations and 56% of small-to-medium businesses are projected to adopt workforce management solutions by 2023. [13]
  • The APAC region is expected to exhibit the highest growth rate in the workforce management market at a CAGR of 14.2%. [13]
  • Organizations save an average of 7% on labor costs through workforce management software. [13]
  • Over 50% of retail businesses have adopted workforce management solutions to handle employee schedules. [13]
  • 65% of companies believe that workforce management software improves employee engagement. [13]
  • 39% of companies use workforce management analytics to identify top performers. [13]
  • 22% of HR leaders indicate that workforce planning is a high priority initiative in the next three to five years. [13]
  • By 2025, 60% of all human tasks will be managed by machines or software. [13]
  • 81% of large enterprises plan to increase investment in workforce management technologies. [13]
  • 68% of companies report increased productivity after implementing workforce management solutions. [13]
  • 75% of organizations believe AI and machine learning will revolutionize workforce management. [13]

Employee Experience And Wellbeing

  • The right digital workplace solution can save up to 12% of HR administrators’ time. [9]
  • Investing in digital tools to manage employee engagement and sentiments throughout transformation is a growing trend. [22]
  • 87% of business leaders believe that developing the right workplace model is crucial for their organization’s success. [9]
  • 81% of HR leaders are prioritizing employee experience more than ever due to the capabilities provided by HR technology. [15]
  • Employee engagement platforms have seen a 21% increase in user adoption over the past year. [15]
  • 53% of organizations reported that their leaders’ interest in workforce information has grown. [14]
  • Employers that value their workforce for more than just their professional output report a 23% increase in mental health and a 17% increase in physical health. [20]
  • 75% of people voluntarily leaving their jobs don’t quit their jobs; they quit their bosses. [20]
  • 69% of employees are more likely to stay with a company for three years if they experienced great onboarding. [20]
  • Only 34% of the US workforce says that they feel engaged in their workplace. [20]
  • Engaged employees put 57% more effort into their tasks than disengaged employees. [20]
  • 86% of employees prefer to work on their own to reach peak productivity. [20]

Remote And Hybrid Work

  • 60% of companies now rely on tools to track remote employees. [21]
  • 73% of executives believe remote workers pose a greater security risk. [21]
  • 32% of hybrid workers report they would take a pay cut to work remotely full time. [21]
  • The computer and IT sector leads as the top industry for remote work in 2023. [21]
  • 57% of workers would look for a new job if their current company didn’t allow remote work. [21]
  • 40% of HR leaders see managing a hybrid workplace as their top workforce priority. [14]
  • 81.1% of recruiters see remote work, flexibility, and work-life balance as critical in attracting talent. [14]
  • 83% of leaders said the shift to remote work was successful for their company. [14]
  • 53% of executives and 34% of employees believe that work from home improved productivity. [14]

Hr Technology And Future Predictions

  • Digital transformation has not only had a profound impact on all aspects of our lives but has also significantly impacted HRM processes and roles. [19]
  • The global HR tech market is projected to soar to a staggering $30 billion by 2025. [23]
  • Research indicates that when employees find their work meaningful, they perform 33% better. [24]
  • HR’s mandate in 2024 will be to embrace technological advancements while upholding ethical standards and regulations. [24]
  • AI-empowered workforce evolution will be a significant trend in HR management for 2024. [24]
  • The lines between human resources and public relations will blur even further in 2024. [18]
  • 2024 presents a world of opportunity; HR needs to rise and shine in this new era of work. [24]

Key Metrics And Performance Indicators

  • Approximately 75% of HR managers and practitioners have integrated recruiting and workforce software into their operations. [8]
  • Digital HR Survey 2020: Challenges and opportunities for Middle East companies. [10]
  • HR Technology Trends for Digital Transformation Success in 2024 and Beyond. [11]
  • The workforce management cloud deployment model is expected to grow at a CAGR of 13.5%. [13]
  • The workforce management industry is expected to reach USD 9.93 billion by 2025. [13]
  • The compound annual growth rate (CAGR) of the workforce management market is predicted at 10.7% from 2021 to 2026. [13]
  • 26% of organizations using predictive analytics in their workforce management solutions by 2022. [13]
  • 41% of HR executives intend to focus on the adoption of digital tools to drive growth. [14]

Financial And Roi Impact

  • Implementing efficient time and labor solutions can save significant annual costs for organizations. [12]
  • Workforce management solutions enable substantial cost savings in labor management for enterprises. [12]
  • Companies that allow remote work have a 25% lower employee turnover rate. [20]
  • Organizations save an average of 7% on labor costs through workforce management software. [13]
  • Research firm Nucleus Research determined that workforce management delivers $12.24 for every dollar spent. [16]
  • The average payback period for workforce management solutions is just under five months. [16]

Also Read

Sources

  1. hrexchangenetwork – https://www.hrexchangenetwork.com/hr-talent-management/articles/hr-trends-2024
  2. cloudbolt – https://www.cloudbolt.io/blog/software-adoption-is-more-important-than-deployment/
  3. visualogyx – https://visualogyx.com/7-benefits-of-digital-hr-transformation/
  4. userpilot – https://userpilot.com/blog/software-adoption/
  5. mobidev – https://mobidev.biz/blog/human-resources-hr-technology-trends
  6. apty – https://www.apty.io/blog/driving-digital-transformation-through-software-adoption/
  7. futuremarketinsights – https://www.futuremarketinsights.com/reports/workforce-management-market
  8. market – https://scoop.market.us/workforce-management-market-news/
  9. beekeeper – https://www.beekeeper.io/blog/hr-digital-transformation/
  10. pwc – https://www.pwc.com/m1/en/publications/digital-hr-survey-2020-challenges-opportunities-middle-east-companies.html
  11. olive – https://olive.app/blog/hr-technology-trends-for-2024/
  12. fortunebusinessinsights – https://www.fortunebusinessinsights.com/workforce-management-market-102633
  13. worldmetrics – https://worldmetrics.org/workforce-management-industry/
  14. origamiconnect – https://www.origamiconnect.com/blog/hr-transformation-statistics
  15. wifitalents – https://wifitalents.com/statistic/hr-tech/
  16. ukg – https://www.ukg.com/hr-basics/workforce-management-software-what-it-and-how-it-can-help-your-business
  17. whatfix – https://whatfix.com/digital-adoption-platform/
  18. jdsupra – https://www.jdsupra.com/legalnews/20-trends-in-human-resources-management-8907812/
  19. nih – https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9990565/
  20. happeo – https://www.happeo.com/blog/employee-statistics-you-need-to-know
  21. forbes – https://www.forbes.com/advisor/business/remote-work-statistics/
  22. pwc – https://www.pwc.com/sg/en/publications/digital-hr-transformation-survey-2022.html
  23. whatfix – https://whatfix.com/blog/hr-digital-transformation/
  24. aihr – https://www.aihr.com/blog/hr-trends/

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