The Payroll and HR
(Human Resources) departments in organizations coordinate various
functions like salary hikes, bonus payments, recruitment, benefit
deductions, firing employees and vacation leaves. They also need to
maintain data that is confidential in nature like employee
information, home addresses, financial data and social security
numbers. They need to take care that such confidential information is
not accessed by unauthorized companies or individuals. The payroll
and HR software is a fully integrated functionality that enables the
payroll and HR department to operate, access, manage and process
organization’s various payroll and HR functions. It also helps
decision makers to gain a clearer insight of organization’s
resources even in turbulent situations. The various modules in the
software are customized depending upon the needs of organization and
minimizes the amount of time spent on the administration work by the
staff members. It helps manage everyday tasks more effectively,
reduce duplication in work and make reorganization changes quickly
and effectively.
Each organization
has its own specific needs. The payroll
and HR software market can be segmented depending on the size
of businesses as small size, medium size and large size
organizations. In small businesses, where the employee size is up to
50, every employee plays an important role in contributing to the
company’s revenue. Even one unproductive employee can have a huge
impact on the bottom line of the business organization. For this
purpose, payroll and HR department need to be properly managed to
avoid any unpredictable circumstances. The payroll and HR management
software is customized to cater to various small business functions
like performance measurement, time and attendance tracking, and
compensations and retirement plans among others. In medium size
businesses, the employee size ranges from 50 to 500 employees. The
requirements in these organizations are similar to small size
businesses but the software is customized to perform additional
functions like recruitment which includes hiring and retaining
potential talent, and securely streamlining administrative load by
simplifying payroll administration. For business organizations with
employee size greater than 500, the software is customized to manage
risks and contain related costs, production and distribution of pay
statements and banking services.
As the global
economy is improving, companies are looking for latest software
solutions that can cut down costs of upgrading systems every year.
New user interfaces like mobile applications which enable carrying
out operations outside office premises and other features like
integration with the existing systems in the organization is driving
the market for payroll and HR software market. Also, the payroll and
HR is a data driven function and the need to create talent analytics
for taking talent related decisions and workforce planning is driving
the market for payroll and HR software market. Another driver is the
ability to provide customized solutions considering the current
workforce dynamics. Companies prefer to invest in these customized
solutions as these are affordable and improve various functions like
hiring and retaining talent. However, challenges like understanding
the technical requirements of organizations and integrating various
modules of software to perform various functions are some constraints
affecting the growth of this market.
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Some of the
prominent vendors in this market include Taleo Corporation,
SuccessFactors, Halogen Software Inc, Kenexa Corporation, PeopleAdmin
and SumTotal Systems Inc.
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