Human Capital Management Software Market in Germany 2016-2020
HCM is the process of staffing employees that considers people as assets or human capital whose current value can be measured and future value can be enhanced through investments. HCM software solutions help manage a large and growing workforce in an effective way. It streamlines the traditional HR functions such as benefits administration, personnel tracking, and payroll. Additionally, it automates many administrative processes such as reporting and attendance monitoring to increase productivity. It also helps in strategic level processes such as recruitment, employee development, and employee management.
Technavio’s analysts forecast the human capital management (HCM) software market in Germany to grow at a CAGR of 5.47% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the human capital management (HCM) software market in Germany for 2016-2020. To calculate the market size, the report considers the revenue obtained from software licenses, maintenance costs, and professional services.
The market is divided into the following segments based on process:
Technavio Announces the Publication of its Research Report – Human Capital Management (HCM) Software Market in Germany 2016-2020
Technavio recognizes the following companies as the key players in the human capital management (HCM) software market in Germany: ADP, Oracle, SAP, Workday, BambooHR, PeopleFluent, Ultimate Software, and Zoho.
Other Prominent Vendors in the market are: CakeHR, Ceridian, Cezanne HR, Epicor, FinancialForce, IBM Kenexa, Infor, Kronos, Namely, Sage, Haufe-umantis, and WebHR.
Commenting on the report, an analyst from Technavio’s team said: “Increasing popularity of advanced workforce analytics will be a key trend for market growth. The use of workforce analytics is gaining popularity in Germany. Organizations have understood that they need data to figure out what attracts people to join, perform well, and stay with an organization. Data also provides insights into recognizing favorable conditions required to deliver the highest-quality customer service and innovation. In order to extract insights from the employee and applicant data, organizations need workforce analytics. ”
According to the report, increasing workforce diversity will be a key driver for market growth. Business growth depends on attracting and retaining a workforce with globally diverse values and demographics. With diversity being seen as a strategic business advantage, HR executives are of the view that companies must adopt multicultural and multigenerational needs to meet the ongoing recruitment and retention goals.
Further, the report states that according to the German labor law, the HR plays a strategic role in running the organization’s compliance programs based on prevalent regulations and norms. Insights into labor regulations, working knowledge and expertise of various compliance and regulatory requirements, etc. are keys toward building credibility. So, it has made compulsory that compliance and ethics programs must be embedded into an organization’s culture to prevent liabilities that arise from non-compliance. HCM solutions include features that take care of all compliance and legal issues, but since the labor law is changing frequently in Germany, the compliance features of HCM also needs to be updated according to recent laws. It is a major challenge for all HCM software vendors to overcome.
ADP, Oracle, SAP, Workday, BambooHR, PeopleFluent, Ultimate Software, Zoho, CakeHR, Ceridian, Cezanne HR, Epicor, FinancialForce, IBM Kenexa, Infor, Kronos, Namely, Sage, Haufe-umantis, WebHR.
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