target audience: TECH SUPPLIER Publication date: Sep 2024 - Document type: Market Analysis Perspective - Doc Document number: # US52603124
Market Analysis Perspective: Worldwide Modern Human Resources Strategies and Opportunities, 2024
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Abstract
This IDC Market Analysis Perspective (MAP) delivers a current state view of the HR and payroll technologies and strategies markets. The MAP provides insights into current and future trends in core HR, talent and performance management, compensation, and payroll including commentary on new entrants, notable mergers and acquisitions, market drivers and inhibitors, and buyer behavior commentary. The MAP examines the foundational components of each submarket within core human capital management (HCM) that continue to expand as organizations navigate the changing roles of HR leaders in concert with front-office managers; growing partnerships between HR leaders and IT; and HR systems and strategies reorchestration to reflect new capabilities and augmentation with AI and GenAI. The economics of change are fueling pressure to bridge divides between workforce and business performance as companies aim to compete in a world of new market and talent dynamics.
Growth in core HR remains strong as employers dig into revamping their approaches to performance management and employee learning and career growth. At the same time, global payroll and compliance management are revving up owing to complexities in employee classifications and geographic reconciliation that continue to grow and diversify. Automation markets seen as traditionally stable and mature are starting to chart new territory as CEO demand for data extensibility is spurring considerations to reconcile workforce and business performance behind a more tightly aligned set of modeling motivators. Meanwhile, front-office employee experience (EX) transformation is continuing to change the nature of how back-office HR systems gather data and insights and how those insights translate across HR and non-HR analytics to impact management and resource decisions. At the heart of the tightening alignment across operational stakeholders is the infusion of AI advancements that make it more possible to reconcile data-based disputes quickly and agilely across workforce behavior, resource readiness, and financial ability and consequences. While the road to unity modeling is long and winding, HR is emerging as a catalyst to get on the journey.
Executives and investors including C-level decision-makers can use the information in this MAP to help understand the state of the core HR and payroll markets, what is driving adoption of strategic transformation frameworks and technologies, and where the market is directed based on the state of the buyer.