HR Software: Types And Major Market Drivers
Seeking Alpha Analyst Since 2014
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- What are the different types of HR Software?
- What are the major market drivers for HR Software?
Different Types of HR Software:
Human Resource software is distributed into various groups that cover solutions right from benefits administration to workforce management software. The following are the types of HR software:
1. Talent management software:
HR software offers organization-wide employee oversight solutions. The features comprise career management, reimbursement management, employee engagement, and employee appreciation, etc.
2. HR analytics software:
HR professionals leverage Human Resource software solutions to gather and assess business data to help in enhancing productivity. These solutions track employee performance to support businesses in foreseeing productivity and enhancing workforce management.
3. Core HR software:
Core HR software helps in developing a central database through which employee information, such as payroll and benefits data, can be retrieved and preserved.
4. Benefits management software:
This software generally controls the benefits packages. It can be accessed by employees through a dedicated employee portal in which they can pick from the benefit plans provided by their employers.
5. Staffing software:
Staffing software helps in sourcing active and passive applicants on behalf of companies that employ them to manage their recruiting tasks.
6. Career management software:
Businesses use this software to allow their employees to handle their career development. Career management software can be integrated with other HR tools to deliver HR professionals and employee self-service solutions.
7. Payment management software:
Companies make use of the payment management software to handle employee compensation packages that include developing internal compensation plans and bonus structures.
8. Employee engagement software:
Employee engagement software helps businesses in leveraging pulse surveys to gather responses about employees and company satisfaction. Besides, employee engagement software enables organizations to use these responses to execute corporate wellness initiatives and recognize employees.
9. Employee recognition software:
HR personnel uses this software to set benchmarks for employee rewards, as well as track employee growth toward achieving the set goals and HR software help to achieve that. These tools also offer solutions that complement and sometimes integrate with, employee engagement tools.
10. Performance management software:
Businesses make use of this software to recognize and develop employee performance benchmarks that the management can leverage to assess employee job performance. These HR software often include 360-degree response tools that managers and employees can use to rate each other.
What are the major market drivers for HR Software?
The Human Resource market is driven by the progressions in IT, the inclusion of predictive analytics in the HR process, growth in the acceptance of cloud among SMEs to efficiently manage field and office personnel, among others.
Read more: https://www.360quadrants.com/software/human-resource-software
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