Studies predict massive adoption of HR software in the next decade.
HR software is a favorite digitization adoption within the world of global payroll.
Cloud-based technology reduces human error.
Businesses of all sizes can benefit from HR software.
What are you doing to keep up with the competition when it comes to HR? If it seems like your competition has been adopting HR software at breakneck speed, you’re onto something. It’s the future of HR and, according to a recent study published by Transparency Market Research (TMR), the HR software solutions market is being widely embraced by all fields and sizes of companies.
Although this particular study focused largely on enterprises, don’t overlook HR tech if you’re a small business or startup. There are a variety of software solutions available just for you, and the earlier you adopt digitization of HR the easier it will be to expand and grow your company. High-quality HR software is designed to scale up or down and to integrate with the best complementary technology.
In 2016, the global payroll, services, and HR solutions market were valued at approximately $17.2 billion. However, this overarching market—including digitization in HR—will expand to a CAGR of 9.6 percent by 2026. That means approximately $41.6 billion by 2026. However, look at other studies, and you’ll see that it’s specifically HR software that’s the favorite.
HR Software: Head in the Clouds
Everyone has fallen in love with cloud-based technologies to help minimize human error and free up workers to focus on more critical tasks. The TMR report also shows that North America is slated to be the most significant revenue contributor. Of course, adopting cloud-based services isn’t new. It’s just something not all fields have adopted en masse yet.
Some fields, such as healthcare, are notoriously slow about adoption because of a variety of regulations.
Upgrade Processes Now
When you utilize technology for payroll systems, it’s much more streamlined. An efficient system to manage all aspects of HR can help boost all parts of a business. The report shows that 80 percent of enterprises have plans to upgrade or purchase talent platform solutions soon. Some enterprises are currently using a standalone software option in key areas with one of a kind requirements, but over 50 percent of respondents say they want to upgrade their “best of breed” to a customized solution. Integrated tech suites are a top demand for enterprises, and that’s what the latest HR tech is delivering. If new technology doesn’t “fit in” with current and future tech, it’s not the solution you need.
Who’s on the HR Software Bandwagon?
Many segments were included in the study including time and attendance management, payroll and compensation management claims administration, and employee benefits management. Enterprises wanted to see software that targets explicitly hiring management and others (such as tax management and report generation), compliance management, and workforce management.
From banking and financial services to manufacturing and healthcare, respondents in every category are showing an increased interest in HR software solutions. Although North America will likely continue to lead the way when it comes to adoption, China, India, and South Korea aren’t far behind. The Asia Pacific market, in particular, is warming up to the latest tech thanks to more government initiatives encouraging company digitization.
As your business takes its next steps, you need the right software to move with you. Aqeed People is a cloud-based AI platform, that improves productivity, reduces costs, and delivers better health insurance and HR experience for your People.
HR is an integral part of any business, but in startups and smaller companies, it’s not uncommon to see HR tasks spread out amongst a variety of employees. Digitization can help you keep a central hub, avoid mistakes, and ensure that your employees are focusing their efforts in the best possible direction. Don’t miss out on the HR digital transformation era.