SaaS-based HRM Market: Driven by the Increasing Demand for Cost Saving Solutions

Software as a Service (SaaS) based human resource management (HRM) refers to the human resource software operated in cloud computing environment. SaaS-based HRM applications enables to manage and control aspects of human resource activities to maintain all employees’ data from joining to retirement. In addition, SaaS-based HRM applications include human resource activities such as application tracking, directory management, electronic forms processing, time & attendance management, and others such as leave management, and payroll management.

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SaaS-based HRM applications enables to enhance the productivity of human resource staff by offering self-service web interfaces. Moreover, SaaS-based HRM allows organization to access and manage their employee information effectively on a real time basis. Many software development companies and vendors are emphasizing on enhancement of SaaS-based HRM applications by integrating value added functionalities such as workforce analytics, human resource compliance management tools, and other features such as process design control.    

The global SaaS-based HRM market is predominantly driven by the increasing demand for cost saving solutions in HRM. The market demand is also supported by the growing importance for the deployment of employee-centric systems to enhance the human resource activities. Furthermore, the increasing workforce globalization is anticipated to supplement the large-scale adoption of SaaS-based HRM application by small and large enterprises worldwide.

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The growing demand for enhanced architectures for recruiting and talent functions is leading to the increasing implementations of SaaS-based HRM models such as employee verification, employment application processing, and employee benefit administration. Presently, internet connectivity is an essential requirement for SaaS-based HRM, as without internet accessibility it is challenging to operate the SaaS-based HRM application. In addition, security of employees information is a major concern in SaaS-based HRM application as the data is stored on cloud platform and vulnerable to the cyber intrusion. All these factors related to connectivity and data security are expected to restrain the growth of SaaS-based HRM market during the forecast period. The increasing automation and cost savings in human resource activities across the organizations are anticipated to provide prominent opportunities for SaaS-based HRM market in the long-term.