In the ecosphere of technology, there has always been massive swings from the old school, that bring a wave of revolution to life. It not just elevates the industry to a next level but also reconditions the past practices. Every arena and pace of life, every segment has re-vamped itself enough to fit into the lives of a modern-day office worker, catering to the real needs, as compared to prolonged and time taking old mechanisms, which might have been a novel discovery at that time but have lost their significance in today’s world. As time passes, things that were good enough then, might not be noteworthy today, including some very humongous software technologies, that met the requirements of the corporate world then. The speedy conversion of these sectors, bring awareness to our work worlds, urging us to move forward and implement the very latest, to stay in line and bring onboard the best practices possible.
Similarly, in the HR world, SaaS HCM has been effectually substituting on premise software, introducing a wide range of HR technologies that go beyond the scope of core functionalities. The new wave of SaaS HR brings forth the fast paced Socially knit HR tools, that go beyond engagement and user experience. They incorporate business intelligence tools, that are ready to foresee trends and help the C-suite decision making a notch higher than expected. So, the single point, single function HR solutions do not serve organizations as much as they are expected to, paving way for the modern solutions, to help the companies into evolving at a much earlier cycle and adapt themselves accordingly. An HCM Solution has a much more flexible platform and has the aptitude to develop and become a multi-purpose and all-inclusive software, that can build innovative functionality, according to the size of an organization. These software technologies may become an integral part of a company early on and grow with the organization as it grows. The new and rising trend of SaaS HR has captured a considerable volume of audience in the market, by replacing the huge one-point ERP solutions of the past, compelling them into implementing the newer technology themselves. Oracle, Sap, Workday etc. all organizations trapped in the past have been hard-pressed by the fresher players in the market, to move forward in an innovative direction, just by following up with younger companies and vibes they are creating.
For larger companies to stay competitive and ahead in the fast-paced race of technologies and to obtain the best possible talent, they need to re-think their mantra of streamlining workloads, instead of putting the employees first. The state-of-the-art HCM encompasses a wide variety of tools that are specifically designed to formulate team strategies and highlight the need of bringing forth employee connectivity and recognition in all forms. The modern systems tend to widen a company’s horizon and focus at the same time, enhancing the user understanding and building a reliable mechanism that improves the learning and capabilities of all employees at the same time. There is a considerable evidence that measures like, building engagement tools, that track employee loyalty, based on mobile usage and messaging platforms, along with surveys and targeted goals management, have proven their worth in the field of HR. The corporate structure could immensely benefit from advanced performance evaluation, mentoring and coaching plans and hiring tools, including the modern applicant tracking mechanisms, all leading to same conclusion that the SaaS HR is overwhelmingly replacing the old methodologies and taking over the market by storm.
These trends indicate, that clearly big names like Oracle and others must evolve and compete with newer companies in that area, as they are already cloud based and provide more value compared to their legacy systems. The shift towards SaaS HR is one of the leading trends amongst the corporate world along with CRM and other systems but the question here is, how long are the old legacy systems going to last in this battle of evolution and competing for attention, as the users recognize that deployable on-point solution are at the brink of extinction. According to Forrester projections, the total scope of HR administration and SaaS HR is going to grow as much as $24 billion in 2018. This tells us how the subscriptions models of the businesses like WebHR ( https://web.hr ) have penetrated deeply into the markets and are replacing the way US consumers behave and take ownership of the products available.
The Consumer trends have shifted hugely; from properties to clothing and from edibles to banks, nothing is how it use to be. Everything is moving to subscription-based solutions, the cassettes, CDs, DVDs, nothing is owned by the consumer these days, we very comfortably download music on Spotify and that is that. The mobile phones, specially the iPhone were something only the elite could afford and were symbolic of how well a person is doing financially, all one must do today is to get a subscription through a mobile service provider and get it on a monthly fee. This has allowed the users to keep upgrading without spending too much in one go. The banks own our houses and cars, the concept of owner is long gone. We no longer own the text we read, as Amazon kindle helps us read the text owned by Amazon itself, we can even get our printer inks every month on the subscription. The shaving and grooming need no frequent visits to the nearby stores as that is also subscription based, as a package arrives every month to provide you with your monthly quota of appropriate utilities along with a little extra every now and then. The concepts of ownership are changing fast and so is the technical world and the way corporate world behaves.
This exemplifies how the SaaS HR companies like WebHR (https://web.hr) have forced the consumers to re-think their need of on-premise, one point archaic legacy system and replace it with , fast, innovative and dynamic method of managing their people.
Also published on Medium.