Cloud-based Human Capital Management (HCM) systems spreading like wildfire
Cloud-based Human Capital Management (HCM) systems spreading like wildfire

With the rising technological innovations, many organizations have scaled their digital capabilities. Almost 87 percent of business leaders holding a senior position in the industry say that digital transformation is now a priority. A huge wave of innovation is also sweeping the HR industry. Many companies have now moved from on-premises systems to cloud-based technologies by adopting human capital management (HCM) software. The rising need for implementing cloud-based HR solutions will boost the HCM market size in the near future.

In a survey conducted by Towers Watson, it was estimated that about nine percent of the organizations have adopted cloud-based HR solutions, five percent is to implement a solution, 28 percent have adopted it to a certain level, and 12 percent are planning to use. Undoubtedly, with 54 percent of companies either using cloud HR or planning to – this trend toward the cloud will continue for HR.

Best solutions for business challenges with HCM technology:

Evolving social and economic trends, competitive pressures, and a tightening global labor market challenge HR leaders to form new strategies to achieve their organization's critical goals. The future is about building a new relationship between technology and talent that changes prevailing ways of working and doing business. HCM technology can significantly improve employee performance, development, engagement, and well-being. This cloud-based HR software offers protected access to several organizational tasks through the HR employee access portal. With this facility, employees are able to access their data virtually over mobile or desktop devices from any location. HCM cloud solution fits well into the business model and offers a comprehensive ability along with adding flexibility in the enrollment process. 

According to an in-depth financial analysis and interviews of prevailing customers conducted by Forrester, it was estimated that within less than 21 months, midsize enterprises using SAP SuccessFactors HCM Suite witnessed an ROI ranging between 42% and 113%. This outcome is accomplished across four major HR solution areas: hiring and onboarding, core HR and payroll, performance and learning, compensation and goals, progression and development.

Cloud-based HR solutions for life sciences companies:

Life sciences industries face a huge competition and need for highly skilled talent. To compete in this battle for skilled talent, life sciences companies have now started adopting very efficient e-recruiting systems, leaving behind the traditional on-premise systems for hiring talent. These e-recruiting systems assist them in attracting and finding the very best talent by tightly integrating into the fabric of social networking (LinkedIn, Twitter, etc.). This trend towards the adoption of cloud-based HR solutions will continue for the HR industry.

 Increasing adoption of cloud-based HR Technology:

HR industry is now a hot marketplace. Since 2014, approximately $5.5 billion business leaders have been investing in HR startups through VC investments. The rising investments in new HR and workplace tools indicate growing trust in the benefits of having a digitally enabled HR process in the organization.

Many HR tech vendors are now providing HRM software solutions. This has further enhanced the implementation of such cloud-based HR tools. According to a report by Allied Market Research, the global Human Capital Management (HCM) market is expected to reach $22.17 billion by 2023. The major causes responsible for the rising growth of HCM market are growing need to restructure HR operations, rise in demand of unified HCM suite, and growing adoption of cloud-based Human Capital Management model in the numerous developed and the developing countries such as Brazil, India, Russia, China, and Mexico.

The benefits of HR solutions based on the cloud are immense. It gives freedom from the irritating upgrades every couple of years that makes the complete system go for a toss. In cloud-based HR solutions, the seller does the upgrade online seamlessly without disturbing the user. Cloud-based HCM solutions do not involve installation cost, expensive upgrades, and maintenance. Other benefits include rapid deployment, ability to manage time & attendance automatically, regulation of appointments and meeting locations, the supply of on-demand video learning to members, low maintenance, and enhanced accessibility.

With all these huge numbers of benefits, cloud-based HCM software will continue to grab more attention of business leaders in the future and boost the growth of the HCM market in the coming years.

Writer, blogger, and tech enthusiast. Holding a master degree in Business Administration and currently working as a SEO Content Writer. I have avid interest in writing news articles across different verticals.
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