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Technavio: WFM to See 8% CAGR

June 01, 2017

A new report from Technavio indicates the workforce management software market is positioned for a compound annual growth rate of 8 percent between this year and 2021. This growth is being spurred by several trends, according to the research firm.

Among those trends are a growing desire for more workforce diversity, the increasing popularity of advanced workforce analytics at organizations, an uptick in human resource department spending on technology, and the understanding that attracting and retaining the right people can lead to better growth.

The leaders in this product category, according to Technavio, include ADP, Ceridian HCM, Kronos (News - Alert), Oracle, SAP, and Ultimate Software. Other major players in this space include Ascentis, ATOSS Software, HR Bakery, iCIMS, BambooHR, Infor, JDA, NICE, Performly, PeopleFluent, Reflexis Systems, The Sage Group, Workday, and Zoho (News - Alert) Corp.

Workforce management software, or Human Capital Management solutions as this kind of thing is sometimes called, covers a wide swath of functionality. That can include everything from recruiting tools, to new hire onboarding software and services that simplify the benefits enrollment process, to attendee and scheduling management, to training.

The human resources arena has changed greatly in recent years as more of the tools HR uses move online, as the people and processes at organizations are (or can be) more closely monitored and managed, and as the employees themselves play a larger role in all of this.

“Only a decade ago HR systems were designed primarily to help HR professionals do their jobs,” Josh Bersin, principal and founder of Bersin by Deloitte (News - Alert), wrote in the Perspective 2015 white paper. “HR management systems, applicant tracking systems, learning management systems, and most payroll and benefits applications were created to streamline the work of HR administration, improve record-keeping, and help redesign HR processes. Although employees were considered the end users of these systems, they typically used them as little as possible, and mainly as replacements for the paper forms developed by HR.”

Today, he continued, we live in a radically different environment in which many HR applications are tools for employees first. For example, learning management systems allow employees to access articles, videos, and tools at their leisure to solve problems, learn new things, and interact with experts. Talent acquisition systems now enable applicants to apply for jobs via their mobile devices and let managers do interviews with them via video. Self-assessment, scheduling, staff collaboration, and much more are now also features of some HR software solutions. And, increasingly, these capabilities are available to employees, managers, and HR staff members not only via their desktop computers, but also on their mobile phones.

Speaking of Deloitte, the company recently came out with its 2017 global contact center survey. That reflects some of the changes contact center workers and end users could experience in the not too distant future.

For example, the survey results indicate 31 percent or organizations will use video chat in two years for an average of 8 percent of their interactions. It says social media will account for 9 percent of total contact center interactions in 2019. And it suggests that 33 percent of contact centers will invest in robotics and process automation in the next two years.

Edited by Maurice Nagle
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