The market for workforce performance management, while still maturing, has a bright future, according to the latest forecast from market intelligence provider IDC (News - Alert).
The research firm notes that the workforce performance management (WPM) software and services market is expected to reach $2.55 billion by 2012, increasing at a compound annual growth rate (CAGR) of 10.1 percent.
According to the report, performance management is being sought after for talent management offerings as well as integrated talent management functions.
"Despite a potential business downturn, employee retention will continue to be a key concern for HR executives in 2008, given the very real demographic shifts occurring in the workforce," said Lisa Rowan, program director, HR and Talent Management Services.
The study, " Worldwide Workforce Performance Management Forecast 2008-2012: Still a Hot Market," uncovered that because performance management is still a maturing market with some standardization, there remains room for growth and innovation.
"Employers will be seeking ways to both automate and integrate talent functions, with the goal of identifying and retaining top performers. Performance management is a linchpin in this process," said Rowan.
The study also found that performance management solutions are increasingly being delivered as a software as a service (SaaS (News - Alert)) offering as the model continues to grow in popularity. Vendors reported that on average, 82 percent of their performance management implementations are delivered via SaaS.
When it comes to spending in performance management, the study found that consulting services make up the largest share because of "the complexity organizations face when redesigning performance management for strategic advantage" in this sector.
For more, check out the Performance Management channel on TMCnet.
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Stefania Viscusi is an established writer and avid reader. To see more of her articles, please visit Stefania Viscusi’s columnist page.
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