This week has been a big one in the world of Talent Management. In one of the biggest corporate deals to hit the business headlines this year, Oracle yesterday announced the acquisition of corporate recruiting software provider Taleo. I was delighted to stumble across an article in which John Bersin, a leading analyst in corporate HR, talent management and leadership, states that the oracle deal has cemented three major trends happening in the HR technology space:
- Corporate software is well and truly moving to the cloud. Bersin said the HR, payroll and talent management software market, worth $15bn, is being revamped, and more and more companies are now starting to replace their core infrastructure software with new cloud products.
- The market for integrated talent management software has matured. No longer is it necessary for companies to purchase a wide variety of tools to help with recruiting, performance management, training management, compensation management, and workforce planning – all these products are now integrated into complete talent management suites, and small to mid-sized companies can gain the benefits of this software as well.
- The sheer availability and variety of providers offering cloud-based software means HR customers are now placed to replace old systems with competitively priced cloud software.“If you’re a buyer of HR software, the time couldn’t be better to replace your old systems. And if you’re an investor, get into this space now. It’s still early,” Bersin said.
Research by Deloitte recently found that 84% of Australian companies have either already begun transforming, or plan to transform their HR functions towards cloud computing, and the reason couldn’t be more straightforward: cost-cutting.
Finally, what we have been saying all along is catching on!
Read the full article here: HR Software Market: The Sleeping Giant has Awoken and let me know what you think.
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