Palm Beach, FL – April 2, 2024 – FN Media Group News Commentary – Human Capital management market has been steadily growing over the past years and is expected to continue through this decade. Human Capital Management (HCM) is a collection of HR systems, tools, and practices used to recruit, attract, develop, train, retain, and manage employees to achieve business goals. It features human resource functions, compensation, and the main objective of a company. These solutions are deployed on cloud based and mobile technology to run reports, process data, and create a smooth end-user experience. The market growth is expected to be driven by the demand for people and performance management solutions. A report from Fortune Business Insights projected that the global Human Capital Management (HCM) market size, which was valued at USD 28.86 billion in 2023 is projected to grow from USD 31.34 billion in 2024 to USD 63.14 billion by 2032, exhibiting a CAGR of 9.1% during the forecast period. The report said: “Cloud computing solutions in HR tools encourage organizations to accelerate employee engagement and experience by offering wider features that enhance performance and talent management functionalities. Many businesses are transitioning from traditional human capital management systems to cloud-based solutions to save on infrastructure and maintenance expenses. According to industry professionals, around 60% of companies are utilizing cloud based solutions for tasks, such as recruitment, workforce management, core HR, and payroll and benefits. Multinational corporations that adopt centralized global payroll systems can decrease labor costs by approximately 50% by streamlining processes, optimizing operations, and implementing automation. This allows HR managers to concentrate on more crucial responsibilities, ultimately boosting overall productivity.” Active companies in the markets this week include ShiftPixy, Inc. (NASDAQ: PIXY), Fiverr International Ltd. (NYSE: FVRR), Upwork (NASDAQ: UPWK), Workday, Inc. (NASDAQ: WDAY), Salesforce (NYSE: CRM).
Fortune Business Insights continued: “With robust cloud-based solutions, the HR and management teams can easily access and provide business and personal data about employees. Cloud-based solutions offer new opportunities for companies by automating heavy and complicated tasks, such as performance review, timesheet submission, and payroll management. Additionally, some cloud HR management solutions can be customized by HR professionals and corporate employees without the help of IT specialists. Thus, with cloud computing, HR managers can improve productivity and make data-driven intelligent decisions. Small and medium-sized enterprises segment is expected to be the fastest-growing segment due to the increasing need for market players to provide affordable options with positive high value outcomes.”
ShiftPixy, Inc. (NASDAQ: PIXY) Announces Execution of Its Second Asset Purchase Agreement to Acquire a Provider of Human Capital to Several Key Industrial Clients Across Western U.S. – ShiftPixy (“ShiftPixy” or “the Company”), a Florida-based national human capital provisioning enterprise which designs, manages, and sells access to a disruptive, revolutionary platform that facilitates employment in the rapidly growing Gig Economy, today announces the execution of its second asset purchase agreement to acquire a leading provider of human capital across the Western U.S.
The Seller is a market leader providing recruitment, staffing and Human Resources solutions with a deep presence in the Western region, growing to an impressive annual revenue exceeding $50 million with a significant, diverse portfolio of 100 blue chip customers. The company’s strategic operations span multiple states with offices optimally located to serve its valued customer base and loyal contingent workforce of over 10,000 temporary employees.
“This next in our series of acquisitions, continues our accelerated growth goals for ShiftPixy as we rapidly expand our national market presence.” said Scott Absher, CEO of ShiftPixy. “Our goal is to continue our national roll-up through 2024 and leverage our technology advantage in today’s world of work.” CONTINUED… Read this and more news for ShiftPixy at: https://www.financialnewsmedia.com/news-pixy/
In other developments in the markets:
Fiverr International Ltd. (NYSE: FVRR), the company that is changing how the world works together, has recently released a report, Strategic Insights: Leveraging Freelance Talent in Tech, aimed to help tech executives understand and react to the current challenges across the sector.
The report offers a granular analysis of executives’ pain points, including in which quarter they feel the most stressed (Q3). It also offers a glimpse into how executives are adapting to and overcoming hurdles – particularly around cybersecurity measures, emerging technologies (including AI), and sourcing skilled talent.
“When researching this report, we wanted to create a robust analysis of the problems that tech executives are facing, to provide them with tangible and actionable solutions. The paper’s findings can ultimately serve as a roadmap for executives looking to empower their teams to focus on innovation and growth, while also improving talent retention and satisfaction,” said Maya Rosiman, General Manager of Fiverr Pro. “The report reveals that a strategic hiring approach must be multi-pronged to adequately address the compounding gaps in critical skills, as well as improve workplace culture across today’s tech companies.”
Upwork (NASDAQ: UPWK), the world’s work marketplace that connects businesses with independent talent, recently announced the most in-demand skills that organizations are expected to seek from skilled professionals in 2024.
As new technologies continue to emerge and companies recognize the need for new skills to stay competitive, Upwork’s study reveals the extent to which businesses are increasingly turning to skilled freelance professionals to meet key project needs and address skills gaps. While businesses are looking to freelance talent for scale and specialization, independent professionals are also leading the charge in adopting new technologies and upskilling. In particular, the AI & machine learning subcategory on Upwork saw 70% year-over-year growth in the fourth quarter of 2023, as clients and independent professionals collaborate on today’s most cutting-edge projects.
“Every company is vying for the best talent and there remains huge demand for a broad range of skills across the Upwork marketplace as businesses big and small are finding solutions in the growing reservoir of skilled independent professionals,” said Kelly Monahan, managing director of the Upwork Research Institute. “In 2024, emergent technologies like generative AI are having a major impact on the skills-based economy. Of course business demand for these types of skills is increasing, but we’re also seeing a complementary impact, whereby AI technology is driving greater demand for all types of work across our marketplace.”
Workday, Inc. (NASDAQ: WDAY), a leading provider of solutions to help organizations manage their people and money, recently announced the availability of Workday Adaptive Planning and Consolidation, a new solution that brings together the robust and agile planning of Workday Adaptive Planning with the comprehensive close and consolidation capabilities in Workday Financial Management. With this new solution, customers can streamline and simplify data management, financial close and consolidation, planning, and financial reporting and analytics.
“Each organization’s finance transformation journey is unique – not every customer is ready for a complete overhaul,” said Terrance Wampler, group general manager, office of the CFO, Workday. “Now with Workday Adaptive Planning and Consolidation, Workday is providing another starting point on the finance transformation journey for organizations that are hoping to bring efficiency to their financial processes. Hundreds of customers today use Workday consolidation and planning functionality together, and we’re thrilled to provide this to our customers as a standalone solution.”
Salesforce (NYSE: CRM), the #1 AI CRM, recently announced it has granted equity awards under its 2014 Inducement Equity Incentive Plan (the “Plan”) to new employees who joined Salesforce in connection with the acquisition of Spiff. The Plan was adopted by the Salesforce Board of Directors in July 2014, in accordance with New York Stock Exchange Rule 303A.08.
Through the Plan, Salesforce granted a total of 117,029 restricted stock units (“RSUs”) to 107 Spiff employees. The RSUs vest over four years with 25 percent of the RSUs vesting on the first anniversary of the grant date and with the balance vesting quarterly thereafter in 12 equal installments, subject to continued service through each applicable vesting date. Each of the employees who received an equity award is a non-executive officer.
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