The world has changed forever now. The pandemic has led to a lot of things, and some of them aren’t that pleasant. Profound shifts are happening in the way we communicate, work, learn, and do business. We are all now familiar with virtualization, shelter in place, remote working, lockdowns, economic hardships, and other buzz terms. The outlook we had towards several business arenas is not how it used to be pre-pandemic. The requirements for business travel, for instance, will change rapidly, making people decide to get involved in video meetings rather than physical ones.
As matters stand, how is the future of human capital management going to be? At Rise Above 2020, we had Jim Madden, Co-founder and Managing Director – Carrick Capital Partners, deliver an insightful keynote session on exploring the future of HCM.
Jim, in his fast-paced knowledge session, focused on several key HR areas. Here are some of the highlights he shared, edited for clarity.
– “How has the HCM timeline been like? HR/HCM technology services came on strong in the 90s through the advent of HR BPO, PEOs, and emerging HCM software platforms. If we go back in time to 1979, when some of us weren’t even born, a software company called Tesseract developed its own early, online interactive HR system based on database technology. Those markets become further defined and expanded dramatically throughout the first 20 years of the 2000s. From then on, several innovations have disrupted and are disrupting HCM. Now, new types of services and specialization are beginning to define the next generation of HR/HCM services. Post 2020, payroll software will continue to develop capabilities to solve increasingly complex problems. With global payroll and earned wage access happening, market leaders will broaden their service offering leveraging technology developments and acquisitions.”
– “HCM is a multibillion market that keeps growing. According to Gartner’s HCM worldwide market snapshot, by 2024, the market is estimated to grow to nearly $26 billion. 2021 is a blip along a longer trend.”
– “If we talk about a virtual world for employees, many of them may not be coming back into the office, they may be working from home. They are going to be working remotely. Where there’s an increasing and probably continuing increase in cybersecurity threat, people are going to play a critical role in the overall security and risk posture of the organization. You are all familiar with phishing and what can happen from that. I suspect most of us didn’t know that over 40% of data theft from Fortune 500 companies actually comes from employees and internal contractors, their service providers out there.”
Are you interested to know more about Jim’s thoughts?
Watch Jim in this on-demand video as he shares his perspectives on the impact of AI/Machine Learning, borderless support, and other emerging trends and services. Let’s hear it from Jim as he takes his crystal ball and makes his predictions on HCM’s future.