Workforce management is a crucial aspect of any business, regardless of its size. It refers to the process of managing and optimizing the productivity of a company’s employees to maximize efficiency, reduce costs, and increase profitability.

In this blog post, we will explore workforce management statistics that every business owner, manager, or HR professional should know to improve their workforce management strategies.

Key Workforce Management Statistics 2023 – MY Choice

  • Employee Engagement: According to Gallup’s “State of the Global Workplace” report, only 15% of employees worldwide are engaged in their jobs, while 85% are not engaged or actively disengaged.
  • Absenteeism: The average absenteeism rate in the United States is around 2.9%, according to the Bureau of Labor Statistics.
  • Employee Turnover: The average turnover rate in the United States is 12.5%, according to the Work Institute’s “2021 Retention Report.”
  • Productivity: According to a study by the American Psychological Association, employees who feel valued by their employer are 60% more likely to report they are motivated to do their very best at work.
  • Diversity and Inclusion: In a survey of over 1,000 employees in the United States, the Harvard Business Review found that when employees perceive their workplace as more diverse and inclusive, they are more engaged, satisfied, and productive.
  • Burnout: According to a survey conducted by Monster, 95% of workers have experienced burnout, and 70% say they have suffered from it in the past year.
  • Work-Life Balance: In a survey of over 2,500 workers, the Society for Human Resource Management found that 89% of employees say work-life balance is a problem for them.
  • Remote Work: According to a report by FlexJobs, 82% of workers surveyed say they would be more loyal to their employer if they had flexible work options.
  • Employee Training and Development: According to LinkedIn’s “2021 Workplace Learning Report,” 76% of employees want opportunities for career growth and development, and 62% of L&D professionals report that upskilling and reskilling are their top priorities.
  • Employee Benefits: In a survey of over 2,000 employees in the United States, Glassdoor found that health insurance is the most important employee benefit for workers, followed by paid time off, retirement plans, and bonuses.

Workforce Management Trends

  1. By 2025, it is estimated that the global workforce will consist of 1.87 billion people.
  2. 80% of companies plan to allow remote work even after the pandemic subsides.
  3. The use of artificial intelligence in workforce management is expected to grow by 400% by 2022.
  4. 92% of HR professionals believe that technology has positively impacted their ability to recruit, manage, and engage employees.
  5. 63% of employees believe that remote work is here to stay.

Employee Engagement Statistics

  1. Only 15% of employees worldwide are engaged in their work.
  2. Companies with engaged employees outperform those without by 202%.
  3. 75% of employees are more likely to stay with an organization that listens to and addresses their concerns.
  4. 68% of employees say that training and development is the most important workplace policy.
  5. 58% of employees say that trust in their employer has a significant impact on their job satisfaction.

Time and Attendance Statistics

  1. 43% of employees admit to exaggerating their work hours.
  2. The average employee loses 52 minutes of workday time per day due to distractions.
  3. 50% of employees are dissatisfied with their current method of recording work hours.
  4. 30% of employees say they have taken time off work because they were too tired to work.
  5. 19% of employees say they have taken time off work due to workplace stress.

Workforce Planning Statistics

  1. 63% of HR professionals say that workforce planning is a top priority for their organization.
  2. 77% of organizations have no formal workforce planning process in place.
  3. 60% of companies do not have a succession plan in place for key roles.
  4. Companies with a workforce planning process in place experience a 33% reduction in turnover.
  5. Only 39% of HR professionals believe that their organization has the right talent in place to achieve current business objectives.

Performance Management Statistics

  1. 45% of HR professionals believe that their current performance management process is outdated.
  2. 90% of HR professionals believe that the traditional annual performance review is ineffective.
  3. Companies with effective performance management processes achieve 70% higher employee engagement rates.
  4. Only 19% of employees say that they receive frequent feedback on their performance.
  5. 60% of companies rate their performance management process as “fair” or “poor”.

Payroll and Benefits Statistics

  1. 25% of employees say that they are not paid fairly for their work.
  2. 40% of employees say that they would leave their current job for a 10% pay increase.
  3. Only 36% of employers offer retirement benefits to their employees.
  4. 57% of employees say that benefits are a key factor in their decision to stay with an employer.
  5. 47% of employees say that they are not offered enough vacation time.

Conclusion

Workforce management is critical to the success of any organization. By understanding these workforce management statistics, business owners, managers, and HR professionals can gain valuable insights into the current state of the workforce and develop effective strategies to improve their workforce management practices.

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