Spending on HR technology is predicted to keep growing this year, according to two new studies on the state of the HR software market, as reported in a recent Workforce Management article.
The reports from Towers Perrin and AMR Research show that even during a slowing economy, sales of applications for tracking employee data, recruiting new workers and managing compensation are still growing.
Only 15% of the organizations surveyed expect to reduce spending on HR technology, down three percent from last year.
“In recent years, HR applications have been one of the fastest-growing fields of business software. AMR Research says that in 2007, the market grew a faster-than-expected 13 percent, to $7.2 billion.”
The research firm expects the HR software to grow another 13% again during 2008.