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Workforce Performance Management Technology: Current Trends
Beth Kniss, Insala Consultant
A recent research study from IDC confirms that Workforce Performance Management
(WPM) is the fastest growing segment of the talent management market. The study,
"Worldwide Workforce Performance Management 2006-2010,"
forecasts that global spending on WMP services will grow at an annual rate of 16.3%
through 2010. This is not surprising as the well-publicized "war for talent" continues
to rage and companies worldwide focus their energy (and pocketbooks) on this
critical issue.
What are some current trends in Workforce Performance Management?
» Increasing Attention on WPM
A recent survey of over 3,000 HR professionals by The International Association
for Human Resources Information Management (IHRIM)
asked respondents the following question:
"How do Workforce Performance Management Initiatives Rank in Terms of Your
Overall Human Capital Management Priorities?" Below are the results:
- 54% of respondents felt WPM initiatives were extremely important
- 40% of respondents felt WPM initiatives were somewhat important
- Only 2% of respondents felt WPM initiatives were not very important
» Increasing Integration
As organizations realize the significant power and cost savings harnessed
from a holistic approach to workforce management, the move toward
integration increases. Research is showing that progressive companies
are integrating their once siloed HR functions, however many organizations
are struggling with this challenge. A recent survey of over 3,000 HR
professionals by The International Association for Human Resources Information
Management (IHRIM)
found the following:
- 88% of respondents admitted that WPM process integration is somewhat
or very limited in their organization
- 95% of respondents admitted that WPM system integration is somewhat
or very limited in their organization.
Almost all of the survey respondents agreed that things will change. 95%
believe their HR and training systems will become integrated over the next year.
» Alignment of Corporate Objectives with Individual Performance
The IDC study of WPM, found that organizations are poised to use WPM
technology to provide greater alignment of corporate objectives into individual
and organizational performance. Additionally, the IHRIM survey reported that
96% of their respondents felt that top line business performance will improve
if WPM initiatives improve . . . but the sentiment among these HR professionals
is that there is much work to be done.
» Self-Assessments the Most Common Measurement Mode for Talent
Evaluation
A recent Human Capital Management survey
found that 91% of 96 global HR professionals use self and manager assessments
as the most common measurement tool for evaluating talent in their
organizations. Additionally only 9% of respondents considered these
assessments inaccurate. WPM technologies are increasingly being
utilized to implement such assessments.
» Real Time Data - Increasingly Being Used to Monitor Employee
Sentiment
A recent study of over 600 HR managers by Monster found that many
organizations are increasingly using technology to capture real time
streaming data on how employees are feeling in their jobs. The study,
"Retention Strategies for 2006 and Beyond - Winter 2006"
reported that in some companies, senior management is using this data
to gauge the health of their company.
» Trends in Buying WPM Systems and Services
IDC recommends organizations consider the following when buying a WPM system:
- Look at best practices rather than automate a broken or ineffective process
- Build a WPM plan with a specific goal
- Don't build a WMP system in-house
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