Talent Software Market Expands Despite Economy
Despite the sluggish economy, the talent management software market has enjoyed an active summer and fall. Leading vendors Taleo and SuccessFactors sought to broaden their horizons, while other software providers introduced new features as companies continued to purchase the products. While growth rates are less than what was projected a year ago, the talent management market as a whole is growing by about 15 percent and should reach $2.5 billion this year, says Josh Bersin, head of research firm Bersin & Associates. Far from shriveling amid the recession, the talent management software field is expanding as business-services giants IBM, Accenture, Mercer and Hewitt build strategies to deliver a combination of talent management software, consulting and outsourcing, Bersin says. Talent management software refers to applications that help organizations with key HR tasks such as recruiting, employee performance management and compensation.