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Is Work Management Software a Suitable Investment For Business

Work management software is a multiple-step project management software, which performs various managerial functions to make project management easier for the authorities. The work management software works as a bridge between project managers and employees. It is used for communication, task and resource allocation, risk prediction, loophole forecasting, financial forecasting, and more.

Around 97% companies in the US are operating as small businesses i.e. less than 500 employees. A majority of these companies started as small start-ups with less than 100 employees. These organizations relied on work management software for making the complex projects flexible for the managers and upper authorities. These software not only eased task management for the small businesses but the software also made file accessibility and top-bottom communication flexible in the organization. However, some organizations may still be skeptical about the suitability of task management systems for the operations of an organization. Here is a quick evaluation on work management software as suitable investment for the businesses.

Reduction in Workplace Stress

A Forbes article reveals that workplace stress causes a national financial damage of around $190Bn in the US. The self-reported physical and psychological disorders followed by increment in the mortality rate due to workplace stress have become one of the growing concerns of national health departments. The work management software reduces this stress by performing various managerial operations. As the workplace stress reduces, the managers and employees drive into the Eustress phase according to Yerkes-Dodson Law. The reduction of stress makes the employees more productive.

Reduction in Employee Turnover

The Center for American Progress conducted a study and revealed that the cost of employee turnover for the organizations is more than what is perceived. The report states that the cost equalizes at least 300% of the replaced employee’s monthly base salary. The annual cost of employee turnover could be as high as 500% of the base salary. These costs include vacancy advertising, employee interview cost, time loss, project loss, hiring cost, and training cost. The work management software helps increase customer retention by providing the automated alternatives of operations. As the work stress reduces, the employees not only become more productive but they also become more loyal with the organization.

Client Retention

The work management software provides a clear analysis of project progress. It also provides the employee performance report on daily basis and increases the project exposure using cost calculation and budget forecasting techniques. It helps the project managers find creative ways of filling the loopholes in project and ensure project completion within the given deadline. The clients retain when the projects are completed and submitted on time.

Work management software is one of the key tools in modern offices to ease accessibility and make the operations flexible. Organizations, who have adapted to the task management software, look beyond the scope of a project and expand their profitability. This will increase project complexity in coming years and may push the companies, which are not using the task management systems, behind in the last competitive rows of the industry.