Most large cos feel better workforce mgmt can enhance output

A vast majority of large companies feel that accurate workforce management can enhance productivity and compliance, and reduce costs by at least 5-15 percent, says a study. The study reveals that over 90 percent of respondents believe that proper workforce management can increase overall productivity and compliance along with cost reduction.

While 37 percent of the study respondents said accurate workforce management will help improve both productivity and reduce labour cost by 5-15 percent, another 37 percent feel that the result can a high 15-25 percent, a study by Kronos Incorporated and Society for HR Management said Wednesday. The study has found that 34 percent companies feel that a 5-15 percent increase in compliance would be achievable with better employee management.

The study carried out in May-June among the HR heads of 221 companies with over 500 employees, across the eight largest metros. The companies covered are from manufacturing, auto, BFSI, pharma, FMCG, retail,and hospitality among others. According to the study, the top trends impacting workforce management include flexible working hours, freelancing, contract employment, gig employment, remote working, evolving job roles, enabling technologies and automation.

Employees are looking for a better working experience seeking flexible working hours, to which 74 percent state that it can enhance productivity, while 67 percent feel it can improve compliance. From an employer perspective, over 70 percent of HR heads from BFSI, FMCG and auto/auto ancillary sectors are in agreement that flexi-working hours and remote work are top most emerging trends that will disrupt the workplace.

This was closely followed by employers in retail and hospitality (60 percent) and manufacturing (59 percent) opining the same..