Correct Workforce Management can Cut Costs by 5-15%: Study

Tuesday, 09 July 2019, 03:22 Hrs
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Correct workforce management can cut costs by 5-15%: Study

Over 90 per cent companies in India believe that accurate workforce management which includes, among other things, introducing flexible working hours can enhance productivity and compliance and reduce costs by at least five to 15 per cent, says a study.

The top trends impacting workforce management include flexible working hours, freelancing/contract/gig employment, remote working, evolving job roles, enabling technologies and automation, in that order, said the "Future of Work" study by Kronos Inc., a leading Cloud solutions provider for human capital management.

"The 'Future of Work' study sends a clear message that companies need to align a better employee experience with their strategic business planning for better outcomes," James Thomas, Country Manager, India, Kronos, said in a statement. 

"The focus should be to streamline workforce management and align with the demands of the modern workforce," Thomas said. 

The report also reveals that the gig economy has caught up with new age and traditional organisations alike. When it comes to contract or gig employment, 66 per cent believed that it can increase productivity, and 61 per cent said it can improve compliance, said the study conducted in association with the Society for Human Resource Management (SHRM).

While employers in the auto-ancillary industry voted this trend as the strongest disruptor (78 per cent), the general services and banking, financial services and insurance (BFSI) sectors followed suit at 57 per cent and 50 per cent, respectively.

With respect to the role of enabling technologies in the future of work, 66 per cent of respondents felt that technology will play a crucial role in increasing productivity in the workplace, followed by 70 per cent who feel it could lead to better compliance. 

Sentiments were similar when it came to robotics and automation, with 66 per cent and 68 per cent of the respondents admitting that technology intervention can improve productivity and compliance, respectively. 

The findings are based on in-depth conversations and inputs from chief human resource officers and other HR Leaders across manufacturing and services sectors.

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