Facilities Management Challenges and Technology Solutions
Despite facilities management challenges, the market size worldwide has an estimated value of $1.29 trillion. That number is expected to reach more than $2 trillion by 2030. Just as the facilities management market size is changing, the economy is impacting the expectations of service delivery. The ability to swipe or tap a device to buy or initiate a service has set a new standard for customer expectations. That nuance is causing a ripple effect on service providers, who are adapting.
With the correct software solution, it’s possible to be able to react swiftly to engage the needs of customers. A successful business should continue to evolve, and a good technology partner will offer new functionalities and features to help service providers accomplish that goal. In particular, cleaning and security contractors can rely on technology to deliver services more efficiently to help facilities management companies make environments cleaner or safer, and provide improved business performance.
Understanding the job market
In the global cleaning and security industries, economic uncertainty continues in the job market. While employment data shows signs that the labor market has begun to normalize, by understanding labor trends in relation to hire and turnover rates, a company is better suited to respond to fears of a worldwide recession versus predictions that the job market may soon return to its pre-pandemic self.
There are potential areas businesses can leverage to improve hiring and retention: reexamine wages and other benefits, promote flexibility and implement technology. Teaming with a software solution that offers strategic reporting tools and annual guides focused on labor forecasts and statistics can improve efficiencies, drive operations and promote business growth.
Relevant industry updates can bring an attractive package of service via information while providing valuable technology. When strategy and data are combined, companies make better decisions to aid in overcoming facilities management challenges. For more information about current industry trends and forecasts, review our guide: Data Report: Labor Trends An analysis of 2023 trends and forecasts for 2024.
Job turnover and retention are two facilities management challenges that plague cleaning and security contractors. Both industries report high turnover rates, especially during this economic climate. It has been reported that the current job market works in favor of job seekers who are likely to shop around for higher-paying positions and more benefits.
With the right software solutions, employers in industries with high turnover rates are able to implement pre-boarding strategies that keep new hires engaged throughout the recruiting process. By using technology to automate key processes to hire and onboard the right candidates, a company can reduce costs and risk associated with a turbulent job market. The correct software solution also provides tools to generate more applicants, expedite the pre-screening process and better manage onboarding.
Shortening time-to-hire is another proven method of retaining talent. With applicant tracking software that integrates with a job board like Indeed, employers are able to reduce the amount of time they spend screening. Appointed human resource professionals are also able to minimize mistakes that can occur when using multiple software applications.
Profitability for a company is more likely when a budget is in place. Reaching business goals requires planning expenses and anticipating and understanding operational costs. Money must then be allocated to measures that support business objectives. That’s why a fully integrated solution with a focus on job costing is a necessity in today’s world.
To gain a full picture, job costing can help a company track the costs of individual projects and jobs. With job costing, it’s possible to know whether or not a company is billing enough for services, whether enough labor resources are available or whether too many resources are being allocated to a particular project or job. The right industry-specific job costing solution can properly allocate your true job costs. It also helps contractors maintain a clear and accurate picture of profitability at all times.
Modern software solutions are available that offer job costing tools so that businesses can better understand business profitability. Each individual job performed should be subject to job costing to tie all applicable costs back to an individual job. By using a solution that aids in recording all associated activity to the job level, the data can be used to review accurate accounting practices. Data can then be compared to budgets and make sure a business is profiting.
Advances in software can help contractors implement solutions to solve specific problems within each functional area of business. In particular, integrated workforce management software can help facilities management professionals in a number of ways. By integrating a number of services, it’s possible to enhance operational efficiencies, increase visibility via insights and reduce costs, all while consolidating all of those efforts under one roof.
An integrated workforce management system improves profitability, streamlines processes and reduces risk associated with siloed data. It also offers more opportunities to streamline data entry, manual workflows and provide better visibility between departments. That seemingly small step makes it easier to perform day-to-day tasks that contribute to larger business goals.
Finding the right tech resources
Industry-specific software is designed to help cleaning and security contractors better manage their business, maximize efficiency and drive profitability. It also helps cleaning and security contractors respond to significant challenges. Facilities management software should provide companies with quick, easy solutions to reduce costs and risks, information accuracy and simplified processes. It should also offer features that equate to less time, money and resources spent on manual workforce management.
Technology that accomplishes these goals is available. Competitors will adopt different software options to help them meet and overcome facilities management challenges.
To learn more about scalable, user-friendly and agile technology that inspires growth, consider speaking with one of our experts. TEAM Software is designed to drive efficiency, help businesses accumulate usable business data and make more informed decision making.