Though other markets may be suffering this year, recent surveys show that the HR technology market is steady and will remain steady through 2009.
Companies planning software investments will spend the most on onboarding tools and benefits management products, according to a recent survey from the International Association for Human Resources Information Management.
According to the survey:
- 42% of nearly 210 survey respondents reported that their HR technology budgets will remain the same as this year in 2009.
- 21% of respondents said their budgets will increase by an average of 23%.
- 37% reported that their budgets will decrease by a median of 15%.
From a recent Workforce Management article:
“For companies in a good financial and cash position, they should take this opportunity to extend their market share and make long-term investments,” John Greer, senior vice president for HR and Development at Smart Financial Credit Union and incoming chair of IHRIM, said during a Web conference event Nov. 19. “Those without as much cash are waiting to see what happens. There is still a lot of uncertainty right now.”
The HR software market has been among the fastest-growing corners of the business software world as organizations seek to maximize the value of their people and prepare for any labor shortages. Talent management applications—which refer to tools for key HR tasks such as recruiting and employee performance management—have been particularly hot.
Steady is much better than reporting that the “bottom is falling out,” right? For everyone in the HR technology market, take this as good news and give yourself a break over the weekend.
From all of us at Training Marketer, have a Happy Thanksgiving!