Systems and technologies have been used by businesses of all sizes and types to manage time and attendance for their employees. Time & attendance management software market have evolved considerably over the years. A major impetus to the changes has pivoted on globalization of the business processes and the workforce. Workflow productivity has been putting new demands from automated time & attendance tracking software. Companies have subsequently and regularly keen on updating HR policies to realign their workforce to the changing realities. These pertain to overtime and comp off, break deductions, and absenteeism.
Top time and attendance software have attracted the HR team with their amazing capabilities. Human resource management teams have leveraged them to manage attendance in multiple work schedules. Evidently, products in the time & attendance tracking software market are being equipped with new features, which is broadening the scope in attendance management. Customization is emerging a value proposition for best time and attendance software of 2022. Per a recent market intelligence study, the valuation of the time & attendance management software market is projected to move past US$ 6.5 Bn by 2031.
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Employers Harnessing Time & Attendance Management Software for Bolstering Workplace Productivity
Organizational behavior (OB) experts and human resource personnel are immensely interested in understanding in what ways the COVID-19 pandemic-driven office closures changed the workplace productivity. They have obtained interesting insights from the use of time and attendance management approaches to boost employee productivity. The overhaul it caused led to remote working to gain nearly worldwide acceptance across almost all businesses. This also opened rooms to new avenues in the time & attendance management software market. The changing face of remote workforce has opened new frontiers for time and attendance software companies. Software companies have been witnessing incredible avenues from the need for integrated solutions. A case in point is the growing trend of integrating attendance and payroll module.
Continuing trend of automation of human resource management system will extend the canvas for players in the time & attendance management software market. Newer products in time & attendance management software will also likely emphasize on leveraging products in the time & attendance management for statutory compliance, such as with the recent labor laws and government policies.
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Reshaping Fabric of Work—Hybrid Work Models Expanding Horizon for Automating Workflows
The use of online attendance management systems has grown on the back of hybrid work models gathering currency in recent months. Mobile-first, employee-centric approaches are constantly expanding the horizon in the time & attendance management software market.
Of note, mobile apps for employee attendance tracking have proliferated in time & attendance management software market recent years. As hybrid work schedules unlikely to go away altogether anytime soon, players in the market will continue to capture new revenues by targeting white-collar employees. Stridently, even blue-collar employees are becoming savvy, and has underpinned a promising avenue.
Translating Employee Time Management into Productivity
The growing role of time and attendance management systems in optimizing the usage of the key asset—human resources—hinge largely on to what extent this can be translated into higher profits. Indeed, engaged employees are key enabler for higher employee productivity.
Cloud-based Solutions Gathering Currency Underpinned by Smart and Integrated Features
Cloud-based time & attendance systems have attracted an enormous interest among employers in several industries. The segment is potentially lucrative and it was pegged to hold a share of 69.3% in the time & attendance management software market in 2021.
Flexible Pricing Options Stoke Popularity
Several advantages of using cloud-based solutions in time & attendance management software market will continue to spur their popularity among customers in various industries. The absence of set-up costs, scalability, real-time update functionality, and accuracy and transparency of data. All these have led better access to data for the employees on one hand and helping employers to gain discerning insights as to what improvements will made their policies more employee-centric. Perhaps the most striking benefit is flexibility of pricing options.
Proponents of Cloud-based Systems Keen on Expanding Features
Advanced features will enable employers to harness the capabilities of cloud-based systems for streamlining business processes. Eventually, these are being adopted by companies small and large to boost employee productivity and efficiency.
