It seems this mad rush among
According to a recent report from market research firm IDC, “There is ample evidence that a war for talent is approaching and in some cases already being felt. There will be a shortfall of three million workers between the projected workforce and the number of jobs required by 2016 in the
No kidding. Since businesses have caught wind of the impending talent gap, there has been an increased focus on technology solutions that drive employee recruiting, compensation, performance and development – also known as “talent management.”
Backing up this claim is a report published last year by software analysts from Yankee Group, who forecasted that the global talent management software market is experiencing exponential growth and will reach more than $4.0 billion in revenue by 2009.
Poised to capitalize on this opportunity are providers of unified, on-demand talent management suites, the foundation of which are advanced solutions for managing employee compensation, performance and development. Businesses have come around to the notion that these systems – which increase the likelihood that a company’s best employees will remain with an organization – provide significant competitive advantages that outweigh even the efficiency and compliance benefits which are expected.
Fueling this fire was a report from Gartner, earlier this summer, that claimed the “market for employee performance management (EPM) software is intense,” and that “EPM is an important linchpin in an emerging broader suite of talent management applications.”
Crystal clear business benefits, the rise of on-demand software, and a limited supply of top talent, are converging to launch talent management into the stratosphere of the hottest and fastest-growing software categories on the planet. For a peak at one of the leaders, check out who Gartner thinks is among the category’s most promising vendors.
~ Gary Damiano, SVP Marketing, Workstream
