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HUMAN CAPITAL MANAGEMENT MARKET TO REACH $17.49BN BY 2019
INDUSTRY INSIGHT
www.sancusassociates.com | [email protected] Industry Insight | Enabling Exceptional Careers
The Human Capital Management (HCM) market is due to benefit from increased interest and investment from businesses in the coming years, and will reach a total value of around $17.49 billion by the year 2019. According to a new report from MarketsandMarkets, the HCM sector will grow at a compound annual growth rate (CAGR) of 9.8% during the forecast period, increasing significantly from the $10.96 billion it was worth last year.
The HCM sector will grow at a CAGR of 9.8% by 2019 and is expected to expand
exponentially due to advances in technology
This market is currently in an early stage of growth, but as the report indicates, it is expected to expand exponentially within the next four years thanks to advancements in technology.
Developments in the tech available and the kind of flexibility afforded by modern and emerging HCM solutions allow employees to accomplish their tasks without delay or interruption. With companies increasingly demanding real time based solutions for workers, ensuring their current value can be maximised and their future value enhanced, the appeal of all encompassing HCM solutions is significant. HCM solutions can be used both on the premises or via the cloud, according to budget, and can be integrated with mobile devices including smartphones, laptops and other smart devices.
The advancements to this technology does not only include solutions for workers, however; it can also enable businesses to solve specific demands that current customer relationship management (CRM) and enterprise resource planning (ERP) solutions cannot. HCM software is therefore gaining in popularity amongst HR professionals due to its broad scope and increasing ability to answer numerous business issues.
HCM software is gaining in popularity amongst HR
professionals due to its broad scope and increasing ability
to answer numerous business issues
Some of the specific solutions offered by HCM software solutions include: workforce, performance and learning management solutions; employee collaboration and engagement solutions; and a more streamlined and accurate recruitment process.
As a result of such advancements, businesses and recruiters are looking to hire tech-savvy candidates that are able to thrive in the dynamic working environment HCM solutions create. Staff that can demonstrate technological experience (such as
HCM SECTOR EXPECTED TO EXPAND EXPONENTIALLY DUE TO ADVANCES IN TECHNOLOGY
www.sancusassociates.com | [email protected] Industry Insight | Enabling Exceptional Careers
SAP and Workday systems), flexibility (whether that be with an international background, dealing with team members or managers based abroad) and a willingness to relocate if required, are all highly sought-after skills and attributes.
Despite this growth there is still a level of uncertainty surrounding HCM software and the benefits it can offer, this is hindering the market to some extent. Some organisations are failing to adopt HCM solutions at a pace that would drive the market forward at an accelerated rate and allow it to reach its full potential.
A number of different industries are beginning to appreciate the value of HCM solutions, including the tech industry first and foremost, but also manufacturing, healthcare, retail, education, energy and the utilities sectors. With the number of businesses looking to invest in new HR systems in order to stay competitive, candidates wishing to benefit from the rise in HCM software adoption within these fields must prove their abilities.
They must demonstrate flexibility, strategic know-how and a forward-thinking attitude this could be achieved by enrolling in training courses, in order to stay competitive with their peers and up to date with the latest in HCM solutions and other technological offerings.
This guide has been brought to you by Sancus Associates, part of the Phaidon International group.
Sancus Associates is a specialist provider of Human Capital Management recruitment solutions across Europe, the US, Asia and the Middle East.
We believe every professional should benefit from the advice of a trusted partner throughout their career.
Contact Sancus Associates, for more information about career opportunities in this sector, or if you are looking to expand your team.
Contact us today:[email protected]
Enabling Exceptional CareersSancus Associates exists to enable exceptional careers around the world; we connect exceptional talent, with exceptional opportunities.
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