The global human resource management (HRM) market size was valued at USD 12. 6 billion in 2016 and is estimated to witness remarkable growth over the forecast period. Advancements in the field of Information Technology (IT), coupled with introduction of predictive analytics in the field of HR processes, are expected to boost market growth.
The evolution of various human resource management (HRM) solutions has enabled professionals to perform traditional HR activities in a reduced time span. This has subsequently allowed them to focus on attracting the right pool of candidates, retaining human capital, aligning organizational strategies with individual goals, and managing human resources in a manner that results in organizational growth.
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Numerous HR software providers offer solutions on cloud, allowing easy access to data from virtually any system across the organization. Buyers widely prefer cloud-based systems owing to flexibility in terms of usage, reduced maintenance charges, and elimination of installation time and costs.
HRM solutions are increasingly implemented in retail, IT and telecom, healthcare, BFSI, and academia, among others. Companies find it challenging to recruit suitable employees owing to the large number of applicants in an industry. Organizations are also adopting HRM solutions to strategize recruitment employee engagement and as well as ensure proper internal communication.
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