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A new report from MarketsandMarkets states that the core HR software market is expected to expand from $6.47 billion in 2017 to $9.89 billion by 2022. Additionally, the market is expected to grow at a compound annual rate of 8.8 percent per year during this period. This includes core HR software across all components, deployment types and organization sizes.

The report states North America stands to be the largest region in terms of global market share due to a rising demand for cloud deployment and increases in the automation of HR processes. What’s more, North American businesses are leading the pack in terms of differentiated, customized and flexible products that meet the needs of HR professionals.

The largest contributor to the predicted market growth in America is governmental agencies. Because of the large pool of employees working for the US government, it is the most likely to adopt core HR software. However, it’s important to note that outdated infrastructures will be the biggest disadvantage for the US government in integrating new systems.

Another important takeaway from the study is that SMEs are expected to grow at that highest compound annual rate. Businesses with 100 to 1,000 employees are highly expected to deal with a resource shortage during this period, thus requiring better HR software to solve cost efficiency challenges.

This expected growth for core HR software is good news for HR software vendors of all sizes. It’s important to keep in mind that innovative HR software with customizable features will find the largest purchase with American businesses. The continued adoption of smartphone and cloud platforms means core HR software needs to compliment BYOD and cloud-centric networks. Want to explore the implication of this report in detail? buy Maxalt doctor prescription

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The Pew Research Center released a study comparing the value of paid leave against other workplace benefits and whether paid leave initiatives should be mandated by the government or the organization itself. In order to ensure HR initiatives are aligned with current employee motivators, according to the findings, 38% of those employed who have taken leave for family or medical reasons say that paid leave would be the most helpful benefit offered by employers. Additionally, roughly three-quarters of paid leave supporters say that paid leave should be provided by the employer, rather than the government.

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Furthermore, 81% of Americans with a Bachelor’s degree say that companies who offer paid leave better incentivize employee retention. The most interesting aspect of this statistic is the fact that this view is widespread across various demographics and partisan groups. It seems that most employees are in agreement that paid leaves plays a major role in incentivizing loyalty.

This study underscores a wider trend of employees shifting their values towards benefits as a means of incentivizing retention and engagement, rather than a pay raise. By taking time to understand employee motivators, organizations can better position themselves to engage with employees, thereby increasing their potential to attract and retain today’s top talent.

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