The US economy is firing on all pistons. Companies are desperate to find qualified candidates to meet human resources demands. According to the latest report by the US Bureau of Labor Statistics, job openings increased to 6.6 million at the end of March (a 4.2% jobs openings rate), while at the same time job separations declined to 5.3 million (3.6%). Overall, 5.4 million people were hired in March (a 3.7% hires rate).
These trends will keep HR departments busy through 2018 – and beyond. So, streamlining the entire employee lifecycle from recruitment to replacement could prove advantageous for HR teams.
It should be no real surprise then, that Gartner’s most recent HRMS Magic Quadrant, from August 2017, showed similar upward trends with adoption of human capital management software solutions. Consider the following:
1. HCM adoption on the rise at enterprises
Gartner’s 3Q 2017 Magic Quadrant reported that within three years more than 30% of global midmarket and large enterprises will adopt cloud-based human capital management (HCM) software suites to conduct administrative human resources and talent management and administration.
With that kind of market penetration, Gartner advises HCM software developers to keep building on current functional trends that best include:
- Augmented reporting and analytics for both internal and regulatory purposes
- Employee/manager self-service
- Mobile access
- Employee engagement via social channels
- Digital collaborative with HCM traditional processes
2. HRMS, HCM, HRIS: A rose by any other name?
Sure, this is a blog on HR software trends and sure, it begins by mentioning HCM, and nowhere in here will you find the anagram HRIS (but it IS apparently a generally accepted monogram for the HR software space).
So, what’s the difference? A rose by any other name? Matt Peterson explains in a blog post that also debunks 5 myths associated with each sector. Give it a gander.
3. No surprise: HRMS market size topping $30B by 2025
According to a recent report released by Grand View Research Inc., the HRMS market size should reach $30 billion by 2025, with a 10.4% compounded annual growth rate (CAGR). Led by talent management software’s surging 13.0% market growth, cloud deployment of HRMS and mobile access will spur innovation from vendors. Demand for replacing legacy systems with more agile HRMS will drive rest of this growth.
4. The gig economy and surging human capital investment
As the gig economy pushes into multi-billion-dollar earnings, MarketNewsUpdate announced in mid-April that investment in human capital has benefited employers fast on the uptake. More and more workers are hiring themselves out as freelancers.
Companies such as Uber, Amazon and Postmates streamline their own operational efficiency through deployment of workforce management solutions. Workers gain income. Employers find (and track) qualified labor. Customers gain satisfaction. The economy continues its momentum?
5. iSolved integrates LMS into HRMS
iSolved HCM has already responded to Gartner’s calls to ramp up employee engagement, not so much through social media, but instead through the addition of a learning management system to its HRMS.
This combination was “bound to happen sooner or later,” given the corporate shift toward systems assigned to address many needs of the employee lifecycle.
6. Time tracking employees: Big Brother, Big Smarts, or Big Pain?
So, as time tracking software becomes more prevalent, what’s the verdict? Good? Bad? Indifferent? Despite grumbling from the trenches, bosses should heed this article about time tracking, as it not only defends the practice but explains why it’s essential for business owners to perform.
7. Analytics in HR? It’s not just for baseball anymore…
In 2017, John Boudreau discussed analytics in human resources and how its adoption is imperative to recruitment in the Harvard Business Review. His argument holds even more merit now. Worth a read, especially if you’re considering a solution that’s not as strong in the analytics department.
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