The Global market for employee off boarding software is forecast to reach $769 million by 2025, growing at a CAGR of 8.43% from 2020 to 2025. The market growth is attributed to the factors such as technological advancements, growing digitisation, growing demand from organisations for planning, budgeting, improving efficiency and others boosts the market growth
- The rising investments and growth of IT infrastructure leverages a positive impact on the market growth of employee off boarding software.
- Moreover, growing digital transformations across all end users verticals and rising demand from small & medium enterprises also contributes to the market growth.
By Deployment Type – Segment Analysis
Cloud deployment type held the highest market share of employee off boarding software in 2019. Moreover, it is anticipated to witness the significant market growth during the forecast period 2020-2025. Every HR Manager uses different programs to handle day-to-day activities such as payroll processing and benefit administration. Cloud-based off-board workforce applications provide numerous opportunities in today’s workplace that can help to streamline a variety of job management activities. Time and resources are saved with easy access to essential business records and employee details. Cloud-based off-board employee applications include convenience and device usability regulation. Easily set up correct user controls to guarantee that only important individuals have access to confidential employee and business info. Since labour management is cloud-based, that implies access from any system at any time, wherever. By combining payroll and timekeeping functions, employees can leverage many of the functionality and advantages of a streamlined, cloud-based employee off boarding system. Both of these aspects are boosting business growth.
By Organisation size- Segment Analysis
Employee Offboarding Software Market is segmented into Large enterprise, Small and medium enterprise on the basis of organisation size. Large enterprise segment held the highest market share in 2019 and is anticipated to witness significant market growth during the forecast period 2020-2025. Large corporations provide a number of moving pieces that need to be attended to. As any company, workers are the most important commodity, but when a big organization becomes ever bigger, it can be challenging to keep track on all aspects of HR and retain appropriate policies and procedures in place. Offboarding software may assist with these problems, but it is crucial to make sure that the chosen program provides the appropriate features. Many papers need to be treated at departure. There would be too many forms, such as information transfer, business asset submission form, distribution of official email IDs, and so on. When all is handled online, it’s more time-saving and simplified. Easier to handle while many workers are off-board at the same time. It eliminates confusion from the case, making it possible to gather the documents from the departing employee and maintain a recorded archive available for auditing. There are no physical tasks required and staff are able to fulfil all their processes at their preferred time during the notice span.
Geography – Segment Analysis
North America region held the highest market share in 2019. The market growth is owing to technological developments, presence of developed countries and key manufacturers in this region. Moreover, growing automotive, BFSI, healthcare, manufacturing and other verticals in this region is dominating the employee off boarding software market. In June 2020, Humi a Toronto based start-up raised $15 Million Series A to further develop HR, payroll software for small and medium-sized businesses. In March 2019, Global human capital management (HCM) Leader Ceridian acquired assets of Clearview Logix and Paysa. Intellectual property from these two deals optimizes the control of the whole workplace lifecycle, including recruiting, employing, charging, deploying and producing employees. Such investments and acquisitions leads to boosts the market growth. Furthermore APAC region is anticipated to have significant market growth during the forecast period 2020-2025. The market growth is due to rapid urbanisation, industrialisation, and others. Additionally, rising deployment of cloud technologies also boosts the market growth in this region.
Drivers – Employee off boarding software market
- Intuitive workforce management
Recruiting and attracting quality performers are two of the biggest challenges for companies. This calls for coordinated recruiting programs, off boarding programs, efficient corporate coordination and the creation of workers. Lots of paperwork are involved when any employee leaves the organisation. With the application of software, the work becomes easier and digital thereby propelling the market growth.
Challenges – Employee off boarding software market
- High cost
With the technological advancements, software are also advanced. Consequently, high cost of software hampers the market growth for enterprises with low purchasing power. Cost factor, thereby, matters for the market growth among enterprises having low profitability.
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the employee off-boarding software market. As of 2019, the market for employee off-boarding software market is consolidated with the top players including Oracle, SAP, ADP, Accenture Plc, Ceridian HCM Inc., Kenexa Corporation (IBM), Cognizant Technology Solutions, Halogen Software Inc., PeopleAdmin, and SumTotal Systems Inc., and among others.
- In November 2019, Launchways entered into partnership with Rippling for helping customers streamline their HR and IT tasks. This partnership provide a centralized software layer, robust service offerings, improving the overall user experience for customers.
- In September 2018, LumApps entered into a partnership with ProcessMaker. The partnership was made to deliver joint solutions, combining ProcessMaker’s easy to use workflow automation and LumApps’ proven ability to engage employees and leverage all internal communications in a central hub.