People are central to the success of any organization, which makes hiring and retaining top-notch talent the primary focus of any business. This, in turn, is driving investment in Human Capital Management (HCM) software to replace rigid, inefficient legacy systems and disparate point solutions that performed myriad HR functions in the past.
- According to MarketResearchMedia, the HCM software market is forecast to grow at a compound annual growth rate of 2.4% reaching $9.2 billion by 2020
- More optimistically, IDC forecasts the worldwide HCM market to reach $15.4 billion in 2018, growing at a CAGR of 8.2%.
- Topping all predictions, TechNavio's analysts forecast that the global HCM market will grow at a CAGR of 10.05% over the period 2012-2016.
Talent drives growth
An independent, global study from Oxford Economics with support from SAP, Why Talent Drives Growth, reveals a positive correlation between workforce talent and business success. The study finds that a greater emphasis on workforce development correlates with better financial results.
Key characteristics of high-performing companies regarding their use of talent to drive bottom-line growth include:
- High-performing companies understand and plan for the demographics of the future workforce
- High-performing companies recruit and keep the best talent
- High-performing companies reward based on merit, not tenure
- High-performing companies prioritize workforce issues at the C-level
- High-performing companies take training and mentoring seriously
- High-performing companies recognize the value of data
Business leaders on the importance of employees
“It goes without saying that no company, small or large, can win over the long run without energized employees who believe in the mission and understand how to achieve it.” – Jack Welch
"I am convinced that nothing we do is more important than hiring and developing people. At the end of the day you bet on people, not on strategies." – Lawrence Bossidy
"The key for us, number one, has always been hiring very smart people." –Bill Gates
Train people well enough so they can leave, treat them well enough so they don't want to. If you look after your staff, they'll look after your customers. It's that simple. – Richard Branson
“Human Resources isn’t a thing we do. It’s the thing that runs our business.” – Steve Wynn
“Any high quality CEO realizes the No. 1 function in any company is HR.” – Bill McDermott
NTT DATA - practicing the HCM we preach with SuccessFactors
With several major acquisitions pushing NTT DATA’s global workforce to more than 75,000 employees worldwide, the company needed to unify operations across multiple locations with disparate systems. The goal was to create a unified workforce that was integrated operationally and culturally.
As a professional services company, NTT DATA is focused on its employees and their continued growth. Accordingly, NTT DATA wanted a solution that would serve as a core system of record to manage all employee data, as well as bring together goals, objectives, and performance management.
NTT DATA selected SuccessFactors and choreographed the rollout of the SuccessFactors Performance & Goals, SuccessFactors Compensation, including variable pay, and SuccessFactors Employee Central solutions.
The average deployment time for each platform was 3 - 5 months and, today, the system, re-labeled ‘Navigator’ by NTT DATA, reaches 20,000 users worldwide and continues to see growth in self-assessment participation by employees.
Read more about NTT DATA’s SuccessFactors success story here.
Tap NTT DATA for HCM excellence
NTT DATA improves and accelerates human capital management (HCM) solutions in the cloud through our partnership with SuccessFactors, an SAP company. We provide businesses in all industries with an affordable, low-risk hybrid or pure-cloud solution that is typically implemented 40% faster than other approaches.
NTT DATA has invested heavily in pre-configured templates with built-in best practices, project accelerators, data migration tools, bundled offerings and HCM specialists that allow our clients to significantly decrease HCM implementation timelines and costs.
Understanding that customers need to realize maximum value from existing investments, we specialize in guiding our clients through their complete HCM journey – from on-premise to hybrid to pure cloud delivery.
Contact NTT DATA to learn how we can migrate your HCM to the cloud in a way that makes the most business sense for your organization.
Post Date: 9/10/2015