With the growing concern of identity theft now reaching the corporate sector, companies are taking more measures to ensure software security in the workspace. Regardless if an individual takes all the necessary precautions on their end to prevent it, their valuable information can still be compromised should their employer suffer a security breach. Enterprises who use outdated software for their Human Resource Management System (HRMS) and do not enforce certain procedures in the workplace can face serious repercussions for costing an employee countless hours, if not years, of effort attempting to correct their records.
Traditional human resources software is becoming an archaic way for organizations to assist with HR functions. The neo-software solution is Human Capital Management (HCM) programs geared to help companies recruit, train, and manage their most important assets. HCM software is a critical tool for companies to invest in to maximize HR department capabilities while reducing overall cost and time spent on HR related tasks. MarketAnalyis.com predicts that the future HCM software market will reach $9.2 billion worldwide by 2020. Correctly implementing and developing core features for an HCM software suite will create viable opportunities for any software entrepreneur looking to penetrate the growing HCM software market.