Companies are turning to HCM platforms to
better understand workforces, adjust resources on the fly, ISG
Provider Lens™ report says
Enterprises are investing in human capital management (HCM)
technologies to improve their agility in uncertain times, according
to a new research report published today by Information Services
Group (ISG) (Nasdaq: III), a leading global technology research and
advisory firm.
The 2023 ISG Provider Lens™ global HCM Technology Platforms
report finds that organizations are turning to unified HCM
platforms for reliable data insights and effective tools that allow
them to pivot more quickly as business conditions change. More
enterprises are seeking new HCM capabilities, including AI-driven
automation, personalized employee experiences and innovations that
allow HR organizations to do more with fewer resources.
“For a growing number of enterprises, change is mission
critical,” said Stacey Cadigan, partner, ISG Human Capital
Management and Enterprise Transformation. “HCM platforms provide
data insights that make complex organizational changes more
manageable.”
AI is becoming a core element of many HCM applications as
organizations embrace efficient, accurate automation of HR tasks,
the report says. They are relying on AI to evaluate resumes, give
employees tailored career advice, offer training, make personalized
decisions on benefits and ensure payroll compliance. As generative
AI (GenAI) matures, ISG expects nearly every HCM technology vendor
to integrate it into their solutions in the coming years.
Enterprises investing in HCM platforms are also looking for more
consumer-like user experiences for their employees, ISG says. Over
the past two years, platform vendors have carried out major
upgrades to make their systems as approachable and easy to use as
online platforms such as Facebook, Snapchat or Amazon.
Interoperability among HCM tools is another high priority for
enterprises, the report says. Companies want to be able to add
components, such as a recruiting platform, while maintaining a
consistent base of data across all elements of the solution.
Providers are meeting this need by using web services,
microservices architectures and modern integration toolsets.
Many enterprises are also focused on improving employee
engagement in response to digital communication fatigue, overworked
employees and rising employer-employee tensions that have led to
lower engagement scores, ISG says. HCM vendors are introducing
solutions that provide real-time insights into workforce sentiment
and help companies manage employee needs.
“Enterprises know that productivity and growth require an
engaged workforce,” said Jan Erik Aase, partner and global leader,
ISG Provider Lens Research. “Vendors are meeting demands for tools
that help companies stay connected to employees.”
The report also explores other HCM platform trends, including
the increasing importance of retraining current employees and more
efficiently recruiting the best new hires.
For more insights into the HCM challenges enterprises face,
including the growing need for HR departments to prove their value
to the business, and advice on how to address them, see the ISG
Provider Lens™ Focal Points briefing here.
The 2023 ISG Provider Lens™ global HCM Technology Platforms
report evaluates the capabilities of 29 providers across three
quadrants: Core HCM Technology Plus Talent Management – Large
Market, Core HCM Technology Plus Talent Management – Small Market
and Midmarket, and Best-of-Breed ATS.
The report names ADP, Dayforce, Greenhouse, iCIMS, isolved,
Jobvite, Oracle, Paychex, SAP SF, SmartRecruiters, UKG and Workday
as Leaders in one quadrant each.
In addition, Darwinbox, HiBob and PageUp People are named as
Rising Stars — companies with a “promising portfolio” and “high
future potential” by ISG’s definition — in one quadrant each.
Customized versions of the report are available from HiBob and
isolved.
The 2023 ISG Provider Lens™ global HCM Technology Platforms
report is available to subscribers or for one-time purchase on this
webpage.
About ISG Provider Lens™ Research
The ISG Provider Lens™ Quadrant research series is the only
service provider evaluation of its kind to combine empirical,
data-driven research and market analysis with the real-world
experience and observations of ISG's global advisory team.
Enterprises will find a wealth of detailed data and market analysis
to help guide their selection of appropriate sourcing partners,
while ISG advisors use the reports to validate their own market
knowledge and make recommendations to ISG's enterprise clients. The
research currently covers providers offering their services
globally, across Europe, as well as in the U.S., Canada, Brazil,
the U.K., France, Benelux, Germany, Switzerland, the Nordics,
Australia and Singapore/Malaysia, with additional markets to be
added in the future. For more information about ISG Provider Lens
research, please visit this webpage.
A companion research series, the ISG Provider Lens Archetype
reports, offer a first-of-its-kind evaluation of providers from the
perspective of specific buyer types.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading
global technology research and advisory firm. A trusted business
partner to more than 900 clients, including more than 75 of the
world’s top 100 enterprises, ISG is committed to helping
corporations, public sector organizations, and service and
technology providers achieve operational excellence and faster
growth. The firm specializes in digital transformation services,
including automation, cloud and data analytics; sourcing advisory;
managed governance and risk services; network carrier services;
strategy and operations design; change management; market
intelligence and technology research and analysis. Founded in 2006,
and based in Stamford, Conn., ISG employs more than 1,600
digital-ready professionals operating in more than 20 countries—a
global team known for its innovative thinking, market influence,
deep industry and technology expertise, and world-class research
and analytical capabilities based on the industry’s most
comprehensive marketplace data. For more information, visit
www.isg-one.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240314158648/en/
Press Contacts:
Will Thoretz, ISG +1 203 517 3119 will.thoretz@isg-one.com
Julianna Sheridan, Matter Communications for ISG +1 978-518-4520
isg@matternow.com
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