Despite continuing layoffs, or perhaps because of them, corporations are increasingly concerned about the quality of their workforce. As a result, the market for hiring management applications will likely grow to $4.5 billion by 2005 and to $10.3 billion by 2008, according to a new report published by Aberdeen Group, a leading IT market analysis and consulting firm.
The report, “The Growth of an Industry: Enterprise Talent Management 2003,” suggests that enterprises recognize the importance of efficient hiring practices. An increasing number of corporations have purchased or outsourced new applications in the last 18 months.
“By investing in these applications, corporations hope to get higher quality employees faster and more economically,” says Dr. Katherine Jones, Aberdeen’s managing director of Enterprise Applications and author of the report. “Because nearly half of corporate spending relates directly to human capital assets, best practices in attracting, developing, and retaining talent can make organizations both more effective and profitable.”
Enterprise talent management (ETM) applications have improved over the last year. “They are broader in scope, functionality and more robust,” Jones continued. “Suppliers are grasping the concept of the enterprise-wide hiring and talent management. Products are moving toward an overall business process that manages the entire employee life cycle from recruitment to retirement whether that employee is hourly, full-time, contingent or part time."
“The Growth of an Industry: Enterprise Talent Management 2003,” demonstrates that although corporations may continue to face employee cutbacks, forward-thinking companies are looking at systems they will need to hire better candidates more efficiently when economy shifts. As ETM continues to mature, these companies will understand that it is more than merely hiring the right people, it means keeping and improving them as well. For more information about The Growth of an Industry: Enterprise Talent Management 2003, please visit www.aberdeen.com.
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