Yankee Group Reveals Workforce Lifecycle Management Market to Exceed $1.4 Billion in 2005; New Market within Human Capital Management to Witness Dramatic Growth.BOSTON -- New findings from Yankee Group's Employee Effectiveness research reveal that expenditure on workforce lifecycle management (WLM WLM Windows Live Messenger WLM Waltham, Massachusetts (Airport Code) WLM We Love Music WLM Workload Manager WLM Wiring List (TMINS) WLM Weyrling Master (Dragonriders of Pern) ) applications will exceed $1.4 billion in 2005. The new report, Workforce Lifecycle Management Is the New Frontier New Frontier President John F. Kennedy’s legislative program, encompassing such areas as civil rights, the economy, and foreign relations. [Am. Hist.: WB, K:212] See : Aid, Governmental in Human Capital Management, highlights the rapid growth of strategic human capital management solutions and current trends, including the convergence of four key strategic components: talent management, performance management, incentive management and learning management applications. Yankee Group (the Yankee Group, Boston, MA, www.yankeegroup.com) A major market research, analysis and consulting firm founded in 1970 by Howard Anderson. It provides general consulting and strategic planning in the computer and communications field. identifies this newly integrated market as WLM. The report also predicts strong and ongoing growth for the WLM market. The anticipated 17% compound annual growth rate (CAGR CAGR See: Compound Annual Growth Rate ) is driven by more effective approaches to the management, monitoring, measuring and development of an organizations workforce, with completely integrated offerings from onboarding to succession planning Management Succession Planning In organizational development, succession planning is the process of identifying and preparing suitable employees through mentoring, training and job rotation, to replace key players — such as the chief executive officer (CEO) — , combined with an on-demand delivery model that makes it easier and more affordable to implement. In addition, increasing growth in human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. and other business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in (BPO BPO Business Process Outsourcing BPO Benevolent & Protective Order (of Elks of the USA) BPO Benzoyl Peroxide BPO Business Process Optimization BPO Broker Price Opinions BPO Buffalo Philharmonic Orchestra ) contracts are driving license sales of WLM solutions, particularly where WLM solutions provide lasting value and key differentiators within HR BPO offerings. "HR departments are witnessing a rapid shift from tactical, transaction-focused HR solutions, toward more strategic value-added components within their organizations," said Jason Corsello, senior analyst at Yankee Group. "An integrated WLM approach is fast becoming a strategic initiative at thought-leading organizations. Workforce lifecycle management solutions are providing a framework for management to retain, manage and develop their top talent much more effectively. Organizations are quickly realizing the value of adopting solutions that contribute to augmenting employee effectiveness within organizations." To prepare this report, Yankee Group surveyed large enterprise software vendors and smaller, venture-funded vendors. Currently, Oracle-PeopleSoft is the clear market leader, although the report details the open market opportunity for vendors of all sizes to aggressively gain market traction and organizational mindshare, particularly those vendors embracing on-demand solutions, which speed adoption and drive faster ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). . NOTE TO EDITORS For interviews contact: --Jason Corsello, Yankee Group, 617-880-0338, jcorsello@yankeegroup.com --Thomas Ford, Racepoint Group, 781-487-4607, tford@racepointgroup.com CORPORATE CONTACTS --Stacy Santo, Vice President of Marketing, 617-880-0333, ssanto@yankeegroup.com --Kelly Lowell, Vice President of Marketing, 617-880-0332, klowell@yankeegroup.com Yankee Group (http://www.yankeegroup.com) Yankee Group is the global leader in communications and networking research and consulting. The company helps businesses understand the opportunities, risks, and competitive pressures of developing, deploying, and consuming products and services that drive communication or information exchange. Now in its fourth decade, Yankee Group is based in Boston with offices throughout North America, Europe, Latin America, and the Pacific Rim. |
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