More and more companies are recognizing the benefits of human capital management (HCM) technology. So much so that it is now a trillion dollar industry. According to Bersin’s HR Technology Market 2019: Disruption Ahead, more than 12 million U.S. employers have spent over $5 trillion on HCM software—payroll, benefits, and other employee programs–to help streamline their workforce management needs.
Companies invest in these tools to help them transform their organizations by improving the quality of their hires, developing employee skills, making their people more productive, engaging, and retaining them. As a result, cloud-based, core HR systems are expanding and growing in an ever-increasing number to accommodate these needs.
According a Sierra-Cedar 2018-19 Systems Survey, the average large company now has 9.1 core talent applications (up from 7 in 2018) and is spending $310 per employee per year—a 29% increase over last year.
Why are they so popular?
How exactly does an organization benefit from HCM software?
Check out our latest infographic to discover how it can help organizations acquire, manage, and optimize talent.