2007 - the year that Kronos was acquired by the Private Equity firm Hellman & Frieman. A move that pumped investment capital into the company and allowed for more global expansion. Since then, we have seen the global reach of workforce management grow and grow to a point where it is now skyrocketing.
And Kronos isn’t the only management software to be a part of this trend. Cornerstone OnDemand, the talent management suite provider, credits international business with 30% of revenues, chiefly in Europe, the Middle East and Africa (EMEA) - the suite is now used in over 190 countries. Another company, Sumtotal, which provides HR, talent management and workforce management software, is also expanding its global network. They also generate 30% of their revenues overseas, and are used in 160 countries and 29 different languages!
Why has all of this growth occurred so suddenly? We have listed 3 reasons why we believe the global reach of workforce management has expanded, and why it’s not going to slow down anytime soon.
Kronos is setting the precedent
Kronos made a statement its global expansion in April of 2012 when it acquired SMART, a computer holdings and human logistics company that had a large presence in EMEA. This was just one of the many acquisitions that Kronos has made in recent years that has led it to grow twice as fast as the rest of the workforce management industry. This expansion is forcing competitors to try to keep up with the workforce management giant who has been growing rapidly since gaining access to more capital in 2007.
The remote workforce
This globalization isn’t just about the influx of capital, though. We live in an ever-changing world where technology has allowed us to do things we could have never thought possible. One of which is the ability for our workforce to work remotely. This allows companies to expand their workforce into markets much cheaper and easier than ever before, but it also creates new challenges on the best ways to manage them. Because of this, not only has the workforce expanded, but also the need to manage them.
Every industry is going global
If you take a look at the major industries, all of them are also expanding their global reach. Manufacturing, retail, health care, etc. are all growing into the new global workplace. This is factoring into the natural expansion of workforce management. Beyond the mere fact that industry workforces are now in more locations, there is also a greater demand for workforce management tools in order to stay on top of everything.
This is an exciting time in workforce management, and we look forward to seeing the continued global growth of the companies and industries in the workforce management space!