Skip to main content

Compensation Software Helping Businesses Automate Pay-Scale Management

Large enterprises usually have dispersed operations all over the world and this generates a huge requirement for pay-scale management solutions. This is because these solutions help them efficiently maintain and handle data of several employees. Compensation management software is deployed via cloud and on-premises models. Of these, the popularity of cloud-based deployment is predicted to rise rapidly in the coming years.

This is ascribed to the fact that cloud-based deployment provides higher speed and scalability and facilitates improved management capabilities. Furthermore, cloud-based deployment reduces the operational expenditure of organizations, as it doesn’t require any hardware investment. Across the world, the demand for compensation software was observed to be the highest in North America in 2019, primarily because of the existence of several big industries in the region.


On the other hand, the compensation software market will exhibit the fastest growth in the APAC (Asia-Pacific region in the upcoming years, as per the estimates of the market research company, P&S Intelligence. This will be because of the soaring IT investments being made by businesses in developing nations such as India and China for improving their operations.

Manufacturing, banking, financial services, and insurance (BFSI), information technology (IT) & telecom, education, healthcare, government, energy & utilities, and retail industries are the major end users of compensation software. Out of these, the BFSI industry recorded the highest usage of this software in 2019. This was credited to the fact that the companies operating in the BFSI industry required this software for formulating incentivized compensation plans that aligned with their employee retention strategy.

Hence, it can be said without any hesitation that the demand for compensation software will surge sharply in the upcoming years, primarily because of the growing requirement for automated pay-scale management processes and efficient compensation policies among businesses all over the world.




Labels:

Comments

Post a Comment

Popular posts from this blog

Increasing Internet Penetration Fueling Demand for Product Analytics

With the increasing penetration of the internet in both developing countries such as China and India and developed countries such as Singapore and the U.S., the worldwide demand for product analytics is rising rapidly. For example, according to the Office for National Statistics, in 2018, 90% of all households in Great Britain had access to the internet. Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/product-analytics-market/report-sample Additionally, the total percentage of adults who used the internet daily grew from 35% to 86% from 2006 to 2018 in the country. The rapid digital transformation in various countries is pushing up the requirement for product analytics solutions. Moreover, businesses all over the world are increasingly adopting advanced technologies such as product analytics for building a holistic understanding and delivering greater customer engagement. Apart from this, rapid advancements and innovations being made in various cog...
Post a Comment
Read more

Conversational AI Market Worldwide Opportunities, Driving Forces, COVID-19 Impact Analysis, Future Potential 2030

There are two ways in which conversational AI solutions are deployed, namely cloud and on-premises. Of these, the conversational AI solutions deployed through cloud recorded higher demand in 2018, and this deployment method is expected to remain more popular in the coming years. This is primarily attributed to the ballooning demand for scalability and easier maintenance features and 24*7 services offered by these solutions. Furthermore, many major companies are adopting cloud-based solutions for increasing their operational flexibility and reducing their operational costs. Coherent with these facts, the biggest phenomenon currently being observed in the conversational AI market is the mushrooming implementation of chatbots, as well as IVA, in various healthcare applications. Geographically, the highest demand for conversational AI market share has been witnessed in North America in the last few years, and the next few years will witness a similar situation. For instance, a Mahara...
Post a Comment
Read more

Battery Management System Market Size, Status, Top Players, Trends in Upcoming Years

The International Energy Association (IEA) predicts that the sale of battery electric vehicles (BEV) (trucks) and plug-in hybrid electric vehicles (PHEV) (trucks) will reach around 96,555 units and 107,571 units, respectively, by 2025. The organization also forecasts that the global stock of BEV cars and PHEV cars will reach 29,626,576 units and 16,335,941 units, respectively, by 2025. The surging electric vehicle (EV) sales will create an extensive requirement for battery management systems (BMSs) in the coming years, as batteries are the most important component of such vehicles. Besides, the surging use of rechargeable batteries in consumer electronic products is expected to drive the battery management system market at a vigorous CAGR of 15.0% during the forecast period (2021–2030).   The market revenue is expected to surge from $5,661.0 million in 2020 to $22,279.6 million by 2030. BMSs are installed in consumer electronics to control the operation of batteries and manag...
Post a Comment
Read more