JOURNEY OF HCM ANALYTICS FROM STRATEGY TO IMPLEMENTATION

• OVERVIEW
• TRENDS
• 4 WAYS TO ENHANCE HCM ANALYTICS
• SURVEY RESULTS
• TAKEAWAYS

With the onset of the pandemic, the HCM went through a humongous change inviting new trends to suite the alterations happening all over the world. With work from home lifestyle coming in to play with more than ninety-percent of the industries, the demand for technology too surpassed the expectations.

HCM Analytics saw the introduction of services such as Workforce Management (for hourly workers), Workforce Planning (for planning, organizing and implementing the company’s development by recruiting and assigning the right talent for the right field), Employee Productivity Monitoring, Team Inclusion and Management, etc. 

HCM, being such a wide field, has been segmented into various categories based on several features to ensure efficient implementation: 

• Software based: core HR, applicant tracking system, HR analytics, HCM analytics and workforce management. 
• Based on deployment model: cloud and on-premises. 
• On the basis of organization size: small and medium-sized enterprises, large enterprises. 
• On the basis of vertical: banking, financial services, insurance, government; manufacturing; telecom and IT; consumer goods and retail; healthcare and life sciences; energy and utilities; transportation and logistics; and others. 
• The software segment of HCM Analytics is said to be the key market holder in the upcoming years. While it is predicted that a large shift to cloud will occur as well, on-premises segment to will remain in action because of its security promises. But the pandemic has increased the likelihood of companies opting for cloud services as its data capacity and ease of access triumphs over on-premises segment.