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by Diane Himes, MA Editorial Staff   | Abstract: | An industry update on the human resources management (HRM) software space with links to Managing Automation's online product directory. |
As human resource departments begin to move from predominantly paper-based, often forgotten divisions toward strategic contributors to the larger organization, many companies are starting to seek comprehensive human capital management (HCM) software to help facilitate that transition. Today's HCM includes broad new sets of functionality, including employee performance management; enterprise incentive management; workforce optimization; and talent acquisition/recruitment. These new capabilities are helping to augment the core HR functions (time and attendance, benefits management, payroll, personnel records) that companies need as they face the widely recognized shift in workforce demographics from baby boomers to Gen-X and Gen-Y. Couple this with the prevalence of outsourcing, offshoring, and increasing pressure to "do more with less," and it's easy to see the need for expanded human resource management tools. AMR Research has found that the human capital management software market is growing more than twice as fast as the overall enterprise applications market, and is on track to surpass the $10 billion mark within the next five years. [Click to continue] |