The world of business is striving for efficiency and speed with the help of software and automation. Most of the business sectors are boosting their efficiency with minimal human intervention and efficient software tools. Human resource is no different, as software is managing record keeping and information processing task regarding HR. An advanced HR software is capable of processing complex datasets on the payroll, attendance, leaves, appraisals, performance, and recruitment to derive accurate insights.
Advancements in software capabilities have enabled companies to shift their focus from managing administrative tasks to explore strategic aspects of HR. To keep up with the pace of development within the HR software market, developers are incorporating new features and capabilities every day.
Here are some of the trends changing the dynamics of HR software market:
Emergence of Gig Economy
Companies are finding out new ways to keep HR costs down and increase productivity. They do so by hiring independent and temporary workers, contractors, and freelancers to complete a particular task. The problem with such a kind of sourcing is that the company must constantly look out for such workforce. The developers are also incorporating a data-driven real-time analysis approach for such on-demand sourcing needs; thus, driving innovation in the HR software market.
Adoption of Gamification
Gamification has been trending in several business functions as a means to improve productivity. It can be implemented in the HR software to achieve business goals by improving talent acquisition and management, retain valued employee, motivating employee, and mapping career path. For instance, gamification of employee training participation can ensure a high rate of engagement; thereby increasing effectiveness.
Increasing Complexity of Performance Management System
The performance management system today is far more complicated than it used to be. It has evolved from numeric targets to assessments using multiple parameters, goal-based assessment, and dynamic team assessment. Both buyers and suppliers are looking for a solution for transparent goal tracking, incorporation of online assessment tools, and pulse surveys as a feedback mechanism; thus, changing the HR software market landscape.
Suppliers are also focusing on incorporating the latest techniques and trends such as AI, machine learning, and gamification, which are resulting in major changes in the HR software market landscape. SpendEdge’s procurement report on HR software market identifies recent trends in the HR software market and offers key insights on major suppliers, supply market highlights, pricing insights, and procurement insights.
View our latest success story to know more about the benefits of HR software and its impact on an organization’s profitability.