The ever-increasing business competitiveness has developed a new demand for analyzing the workforce and bring-out better business outcomes. Workforce analytics are the set of tools which are used to analyze the performance of the employees/workers in an organization. These tools and metrics are ideal in analyzing staffing, training & development, cost per hire, retention rate and all similar workforce related parameters which allow enterprise leaders to optimize their human resources.The recent trends in workforce analytics shows that the rising need for effective return on investment (ROI) andto mitigate company’s overall investmentsis leading to the adoption of workforce analytics tools in the organizations.
Workforce analytics market is segmented on the basis of type, deployment and end-use industry. On the basis type, work force analytics market is further segmented into solutions and services. Workforce analytics solutions are the software tool which help an organization to manage its workforce. While, theservices are the parallel business consulting, implementation of solutions and expert opinions which are provided to an organizations post deployment of the workforce analytics tools.On the basis of deployment type, work force analytics market is further segmented into on-premise and cloud-based.
An on–premise workforce analytics tool allows organization to set-up the infrastructure inside the company’s premises. Whereas, cloud-based workforce analytics require networked services linked with remotely located cloud storage, which are provided by the software service provider. The workforce analytics becomes crucial in analyzing task force in the organizations with high accountability of workers. In terms of end-use industry, workforce analytics market is further classifiedinto telecom and IT, manufacturing, retail, healthcare and research, government and public sector, banking, financial services and insurance (BFSI) and others (education, travel & hospitality and media & entertainment).
Some of the key players in the development and manufacturing of workforce analytics systems include Visier, Inc., Genpact Ltd., SAP Success Factors, Peoplefluent companies, Kronos, Inc., Aquire, Inc., Workday, Inc., PeopleStreme Pty. Ltd., Towers Watson & Co., Oracle Corporation, Cornerstone OnDemand, Inc., WorkForce Software LLC, and Tableau Software, Inc.