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Next Generation HCM Technology
Market Analysis
published on Sep 20, 2023
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Report Overview:
NelsonHall's market analysis of Next Generation HCM Technology services and industry trends consists of 63 pages
Who is this Report for:
NelsonHall’s HCM technology report is a comprehensive market assessment report designed for:
- Sourcing managers investigating developments and offerings within the HCM technology market
- Vendor marketing, sales and business managers developing strategies to target opportunities in the HCM technology marketplace
- Financial analysts and investors specializing in the HR technology and services sector, including cloud HCM platform technology offerings and providers.
Scope of this Report:
The report analyzes the worldwide market for cloud HCM technology platforms and addresses the following questions:
- What is the market size and projected growth for the cloud HCM technology market globally?
- What are the top drivers for adoption of cloud HCM technology?
- What are the benefits currently achieved by users of modern cloud HCM technology?
- What pricing mechanisms are typically used within cloud HCM technology contracts and how is this changing?
- Who are the leading cloud HCM technology vendors globally?
- What is the current trend in supporting and delivering cloud HCM technology and how is this changing?
- What are the challenges and success factors vendors face in cloud HCM technology adoption?
Key Findings & Highlights:
NelsonHall’s Next Generation HCM Technology Market Analysis focuses on how modern HCM platforms and providers are supporting the ever-evolving workplace of the future and incorporating next-generation technology solutions to rethink HR processes and reimagine the employee experience.
The impacts of the pandemic and the “great resignation” rapidly accelerated an already intensifying need to digitize HR operations and thrust the future of work forward sooner than expected. Organizations across sectors must continue to modernize employee experiences beyond traditional benefits and enable digital HR capability for greater efficiency, insight, agility, and resiliency in meeting the challenges of the next decade.
Workplace digitalization to drive HR transformation forward and elevate the employee experience, paired with the need to create more agile and data-driven HR operating models to support strategic business outcomes, continues to fuel global adoption of HCM platforms that incorporate next-generation technology solutions. While North America continues to lead all geographies in adopting modern HCM technology platforms, global adoption will continue to grow as major vendors increasingly target international and multinational organizations.
Next Generation HCM technology is user-first and mobile-enabled to meet employees and administrators in the flow of work while increasingly utilizing AI and ML-enabled offerings to personalize, guide, and engage employees for deeper work-life integration. Providers are increasingly allocating significant portions of annual revenues toward R&D to advance platform capabilities, with the employee experience at the heart of roadmap initiatives.
The analysis identifies:
- Why HCM platform technology remains a critical vehicle for enabling digital HR transformation
- What platforms and capabilities are available, and how they are enabling firms with greater agility in meeting the strategic demands of organizations across sectors
- How vendors are leveraging next-generation technology advancements to enable global cloud HCM platforms to support the evolving workplace of the future
- Key challenges and success factors in cloud HCM technology adoption and deployment.
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Next Generation HCM Technology 2023
published 2023-06-30 | Project by DeeAnna Warrington
This NelsonHall Vendor Evaluation & Assessment Tool (NEAT) analyzes the performance of vendors offering Human Capital Management (HCM) technology. The NEAT tool allows strategic sourcing managers to assess the capability of vendors across a range of criteria and business situations and identify the best performing vendors in the SMB and mid- to large-company markets. Vendors evaluated for this NEAT are: ADP, Ascent HR, Cornerstone, Darwinbox, Hibob, Infor, isolved, Oracle, Paychex, Paycor, Paylocity, SuccessFactors, UKG, and Workday. To find out more, contact Guy Saunders at [email protected].
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