Service Performance Insight started its first-ever Human Capital Management end-user study in the summer of 2019. Over the course of two months, 52 surveys were collected. The PSOs solicited for the survey came from SPI Research’s database of over 900 firms who stated they used HCM.
As the table in this report shows, revenue for these organizations is growing in excess of 10%, and organizational profitability is fairly high at nearly 15%. When looking at why HCM was purchased, the highest-rated reason was the creation of a single source of employee data.
The lowest score was that of managing employee costs, which was interesting to SPI Research as employee cost is significant in professional services markets.
However, with bill rates what they are, and margins what they are, perhaps this was an area not viewed as important. Since this is the first such end-user survey of HCM for the Professional Services (PS) market, it should provide insight into why so many firms now use HCM, what benefits should they expect, what areas offer the greatest capabilities, and what is the cost to deploy and operate the solution.
This could be the first end-user survey for professional services HCM, but it will not be the last. SPI Research expects to build more on this as the market becomes increasingly important for PSO.
This report is provided by Service Performance Insight. Service Performance Insight is an organization dedicated to improving operational efficiencies in the project- and services-driven organizations. The firm’s purpose is to optimize the three main components of services-driven organizations: people, process, and capital.
Information technology is a great enabler but only when organizations are dedicated to and equipped for its success. SPI Research studies information-based solutions for project and services-driven industries to determine how they impact organizational productivity and profitability.