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IDC Predicts Growth Spurt for Workforce Performance Management Market

  • March 16 2006, 1:00am EST

According to a newly released IDC study, this will be a pivotal year for the workforce performance management (WPM) market as the war for talent, which involves the retention of top performers, becomes a major priority for companies in 2006. The study finds that WPM is the fastest growing segment of the rising talent management market, as sophisticated WPM software and services are now readily available to provide greater alignment of corporate objectives and visibility into both individual and organizational performance. IDC forecasts that worldwide spending for WPM services will experience a compound annual growth rate (CAGR) of 16.3 percent during the 2006-2010 forecast period.

IDC offers the following key points for potential buyers of WPM software and services:

  • Take advantage of others' best practices, rather than automating a broken or ineffective process
  • Build a collective WPM plan with a specific end goal in mind
  • Resist the temptation to build a WPM system in-house

IDC also offers essential guidance for vendors of WPM solutions:

  • Proactively identify opportunities for WPM within client organizations, as prospective buyers are often not aware that they are in need of WPM systems
  • Communicate the value of WPM through targeted messages that set realistic goals and expectations
  • Create tangible case studies in order to leverage successful client experiences

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