What are the essential HR statistics for 2019? As a way of our response, we have compiled a list of statistics relevant to the HR software market, HR management, applicant tracking, and employee monitoring tools. If you’re running a business and your HR department appears to be struggling from lack of staff to process more applicants, you could pick up ideas here about what the latest HR solutions could offer your business in this regard. If you’re a developer, you should get a good feel where the market is heading as reflected in the numbers. If you’re an HR manager, you should see what new features could help you deal with the demands of your position better.
Based on recent HR software market analysis, the global HR market is seen to become a $30 billion industry by 2030. This growth is expected to be fueled by analytics, mobile apps and vendors’ renewed interest in team-focused management. Originally developed as talent management tools, HR platforms have evolved into what they are today. However, the upgrade train insofar shows no signs of stopping so you can expect more powerful systems to enter the fray. As a result, the expanding HR market research size is likely to continue to balloon. Here are some more HR software statistics for you.
Businesses have been putting greater emphasis on employee career development as a way to increase retention rates and worker satisfaction. Companies are actively exploring different avenues to boost engagement. Despite these efforts, many employees feel disengaged and unable to experience career growth. To give you a clearer picture, we have compiled a number of employee engagement stats below.
Many companies now utilize applicant tracking software, further expanding the applicant tracking system market share. Proof of this is the outstanding growth being exhibited by the applicant tracking system software market. However, utilizing these applicant tracking tools may not be enough. To better leverage the power of these systems, it pays to know what’s happening in the area of employee recruitment as you’ll find out from these applicant tracking system statistics.
Leadership won't commit to investing in an ATS
Don't understand the benefits of ATS
Don't need one
Cannot find an ideal ATS
Lacks internal skills to use an ATS
Even as HR recruitment remains a great challenge to many companies, the US job market continues to thrive with both job seekers and prospective employers coming together. Lots of developments are going on in the market, especially among applicants. Catch a glimpse of these developments by reading the statistics below.
These days, internal corporate breaches have become commonplace, making businesses overly cautious at times when it comes to the activities of their workers. There is also the problem of productivity loss from employee activities that are in no way related to their jobs, which include gaming and web surfing. To prevent these problems from escalating, companies invest in top employee monitoring platforms or HR software that keep tabs on how employees are spending their time while on the clock. But the work does not stop there: companies also face complications from questions like who should act on key findings if they ever pop up.
Source: timedoctor.comDesigned by
Despite organizations’ heavy investment in technology, problems still beset HR departments. Complications that stem from antiquated practices continue to hound businesses, the results of which include internal breaches, productivity loss, poor employee retention rates and difficulty in talent recruitment and retention. To resolve these issues, it is imperative for HR managers to know what’s happening on the ground. Only by knowing HR management developments will they be able to get a clearer picture of the factors responsible for these complexities. And one way to do this is to look at the stats.
One of the biggest problems that companies are facing is employee retention and turnover rates. Employee turnover, in particular, has been wreaking havoc on businesses. Companies are bleeding money as they continue to shoulder the costs of hiring replacements for resigned employees. Partly responsible for this is the fact that applicants demand higher base salaries. Take a look at the following statistics that reflect these and other developments in employee retention and turnover.
Source: bna.comDesigned by
As the HR software market continues to expand, we can expect more technologies making their way into these tools, with HR professionals increasingly demanding for more cutting edge functionalities. These and more variables make up the ever-growing HR software market share. Here, we’ll take a look at some of the technological developments that are seen to impact HR management in the coming years.
Current employee engagement metrics continue to undergo changes as organizations strive to improve the process. New tech will make these changes possible. Initially, traditional employee surveys will be replaced by new technology-driven listening techniques. These will come from engagement solutions that are expected to become popular.
Most HR system vendors have been migrating their products to the cloud, a move that has been welcomed by most users. Experts believe that this development shows organizations’ resolve in using the technology. Similarly, cloud-based technology is inexpensive and gives users easy access.
Technologies that drive specific behavior are seen to become more popular among companies in the next few years. This so-called “nudge-based” tech gives employees a heads up on potential problems like low productivity. Additionally, they offer businesses the ability to set employee reminders in such situations.
To improve HR areas such as employee performance and engagement management, companies turn to “point solutions.” These are technologies that add functionalities to existing HR systems. They easily integrate with most HR solutions, which now take days to complete. Technologies may take the form of payroll, accounting and even top time tracking solutions.
Artificial intelligence will play a major role in the development of new HR software. For instance, applying the technology to employee data will enable organizations to find employees at a moment’s notice. AI can likewise be used in fulfilling tasks like benefits management and employee onboarding.
HR management tools now sport more powerful functionalities, including employee monitoring and applicant tracking, along with the staple employee management tools that come with every system. Companies, realizing the benefits that HR software has to offer, have been quick to adopt such systems. HR tools allow organizations to manage their workforce more efficiently and even help in their professional development.
They have also become more versatile, integrating with many third-party apps that extend their functionalities even more. For instance, accounting software integration helps HR professionals carry out accounting and financial management tasks, including payroll management—without ever leaving the system.
They can also go for the best applicant tracking tools, which now literally litter the market. These extensions confer crucial advantages to HR departments, allowing them access to candidate markets previously not available to them.
These are but some of the more common HR software benefits as there are more to these platforms than you may think. And there are more of these, as the article shows.
FinancesOnline is available for free for all business professionals interested in an efficient way to find top-notch SaaS solutions. We are able to keep our service free of charge thanks to cooperation with some of the vendors, who are willing to pay us for traffic and sales opportunities provided by our website. Please note, that FinancesOnline lists all vendors, we’re not limited only to the ones that pay us, and all software providers have an equal opportunity to get featured in our rankings and comparisons, win awards, gather user reviews, all in our effort to give you reliable advice that will enable you to make well-informed purchase decisions.