3 Critical Market Characteristics in SaaS HR Management Systems
Susan has been tasked with trying out her software company’s new SaaS HR management system. She has heard many good benefits from fellow professionals about the service but has yet to try it in her own company.
Reinvented for the digital age, SaaS HR management systems go well beyond the traditional purpose of supporting the workloads of HR professionals. The transformation from HR systems of record to systems of talent engagement elevates value to customer-obsessed companies that recognize how an engaged, productive workforce delivers better customer outcomes.
To properly assess the overall market landscape of comprehensive HR management systems, here are three critical market characteristics that Susan needs to know:
1st … Evolving business requirements drive solution innovation to attract and retain talent. SaaS HR management is rapidly becoming more employee-centric and embracing new requirements in performance, learning, talent acquisition, and employee engagement. For digital-age companies, a comprehensive HR system provides an opportunity to create higher levels of employee engagement, boosted retention, productivity, and customer outcomes.
2nd … SaaS is the dominant model for most HR-related software. The total size of the HR management software market was $21 billion in 2017 and it is expected to grow by 14% to $24 billion by the end of 2018.
3rd … Company size, geography, and industry segmentation drive market strategies. Large companies, especially those with a multinational footprint, typically gravitate to comprehensive and sophisticated HR systems with more talent management capabilities and global features.
Susan’s awareness of these market characteristics might help her to improve the way these systems are sold and used within her own organization. And, who knows, she may find an extra benefit or two that she can share with her fellow professionals.
If you want to learn more about SaaS HR management systems and how it can benefit your company, click the link below for more information.