HRM refers to the process of acquiring, hiring, training, managing, and retaining the workforce to contribute effectively in the business processes of an organization. HRM systems increase the efficiency of the Human Resource division, minimize operational costs, and help companies create a more employee-centric culture. HRM is mainly used to quantify and measure the talent present in an organization, and help streamline its workforce. It also helps organizations maintain competitive advantage by recruiting, managing, and retaining talented personnel. SaaS-based human resource management (HRM) includes deployment of HRM applications such as payroll, personnel, benefits, recruitment, and compliance management as web-based subscription service. It is operated by a third-party organization as opposed to the installation and maintenance of on-premise business systems.
Analysts forecast the Global SaaS-based HRM market will grow at a CAGR of 16.30 percent over the period 2013-2018.
The Report recognizes the following companies as the key players in Global SaaS-based HRM Market: Oracle Corp., SAP AG, Ultimate Software Group Inc., Workday Inc., Ascentis , Automatic Data Processing Inc., Ceridian Corp., Cornerstone OnDemand Inc., Halogen Software Inc., iCIMS Inc., Infor (Lawson) GlobalSolutions , Kenexa Corp., Kronos Inc., Nuview , Saba Software Inc., SilkRoad Technology Inc., SumTotal Systems Inc.
Talent acquisition software is a sub-segment of HRM applications. The growth of talent acquisition software is one of the main reasons for the growth of the Global SaaS-based HRM market. Talent acquisition identifies and tracks high performers in the company. It helps in managing an employee's performance within an organization and supports in building the right kind of learning and development program. Between 2009 and 2010, the use of talent acquisition software solutions grew by approximately 40 percent. Many companies are realizing the importance of aligning employee performance with corporate goals and linking this to learning and development programs. Therefore, the high demand for cost-effective talent acquisition is one of the major drivers in the Global SaaS-based HRM market.
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The Global SaaS-based HRM market can be segmented into five divisions: Talent Acquisition, Learning Management, Workforce Management, Recruitment Automation, and Performance and Compensation Benefits.
Global SaaS-based HRM Market 2014-2018, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Americas, and the EMEA and APAC regions; it also covers the Global SaaS-based HRM market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, one of the major drivers in the market is the streamlining of HR functions. HRM software helps to streamline HR activities and improve the operational efficiency of an organization. Moreover, management tools have been gaining prominence in organizations; HR management applications provide the right kind of solutions to handle the growing administrative functions of HR divisions in organizations
Further, the report states that data security is one of the major challenges confronting the market since it is critical for most businesses. This is because client information, payment information, personal files, bank account details, and other confidential information are difficult to replace. Moreover, this information can be dangerous if it is available to third parties. Data breaches or leaks are the most frequent issues that customers are most concerned about during contract negotiation for on-demand solutions.
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