Human capital management (HCM) SaaS
is a cloud-based human resource management software that offers
integrated functionality for small and mid-sized companies. The human
resource management functions offered by HCM SaaS include the management
of staff profiles, attendance, training, performance and review,
payroll and benefits, workforce directory and analytics, and networking
among employees.
Owing to these various integrated
functions and solutions offered by the HCM SaaS software, it helps in
streamlining of human resource functions, business intelligence
functions, and various reporting activities, thereby improving the
operational efficiency of a company. Compared to traditional
alternatives, cloud-based HCM solutions do not require any hardware and
can be remotely deployed. Additionally, remote access through the web
and mobile from any place and at any time offer added advantages to
users.
Lower deployment costs and maintenance
expenses than traditional human resource management solutions are some
of the major factors driving the growth of the HCM SaaS market.
Additionally, the growing need to streamline human resource functions is
fuelling the HCM SaaS market. With growing size of organizations and
competition among adversaries, there is a budding need to predict an
employee’s contribution and long-term growth in an organization, coupled
with other strategic analyses of performance and achievements. This is
fuelling the demand for the HCM solutions market.
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For small and mid-sized companies, HCM
SaaS solutions are the preferred choice owing to their low cost, data
mobility, and ease of access benefits. Additionally, increased adoption
of cloud solutions and services is further aiding the growth of the
market for HCM SaaS solutions. Furthermore, a rise in demand among
organizations for the improvement of workforce management and creating
talent mobility are aiding in the market growth of HCM SaaS solutions.
However, lack of awareness regarding the existence of HCM SaaS solutions
is a major hindrance toward the growth of the HCM SaaS market.
Nonetheless, with the advent of the Internet of Things (IoT), machine
learning and automation of functions are expected to present future
growth opportunities for the HCM SaaS market.
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