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As the economy continues its rebound from recent lows, with increased staffing comes increased responsibilities. CFOs mindful of the economic slowdown and the toll it took, are carefully watching the bottom line to make sure they get the highest ROI out of every employee.

To that end, one area of technology that’s seeing expansion is the field of Workforce Management (WFM) Software, such as that provided by Coordinated Systems, Inc. WFM encompasses scheduling, forecasting, real time adherence and more. Ever expansive in its definition, WFM can also include time, attendance, and leave management; HR administration; performance management; the budgeting of the workforce; talent and activity management; and training & development.

Now, a new report has confirmed what those in the field already know: The WFM software market is primed for explosive growth. According to industry research firm Technavio’s latest findings in its “Global Workforce Management Software Market in Retail Industry 2015-2019” report, this market will expand at a compound annual growth rate of 5.61 percent in just the next four years.

“Traditionally, workforce management was handled with the help of spreadsheets and time-recording, which are time-consuming, can lead to non-productive idle times and poor customer services, and incur high operational costs,” Technavio noted in a statement. “WFM software helps businesses to manage workforce scheduling, increase operational performance, and identify and solve workforce-related issues. WFM solutions can be deployed across organizations and are beneficial to all types of businesses as they ensure that the right people with the desired skills are recruited for a job.”

To be sure, proper application of WFM involves more than just throwing a switch. Technavio calculated the market size by looking at a projection of software licenses and subscriptions, the cost of software implementation, tech support and the cost of maintenance and professional services.

Still, for companies like Coordinated Systems, this report will prove to be a bonanza as enterprises seek more effective ways to manage their people and systems. As CSI (News - Alert) notes on its website, “Coordinated Systems, Inc. has consistently evolved our solutions over time and our business has thrived on building high-quality, long-term relationships with customers and partners.”

For any industry looking to achieve the highest returns on its workforce investment, those words are music to its ears, and profits to its coffers.