The US K-12 talent management software market is expected to grow at a CAGR surpassing 14% during the forecast period 2016-2020, says Technavio.
Technavio has announced its latest market research report on US K-12 talent management software to its education technology portfolio. This market analysis discusses the major drivers and key emerging trends that will influence the US K-12 talent management software market during the forecast period 2016-2020. Some of the top vendors listed in this industry analysis include Cornerstone OnDemand, Halogen Software, and PeopleAdmin.
“To enhance employment opportunities vendors are developing applications to facilitate communication. For instance, Halogen Software developed a Halogen mobile, which is a mobile intranet integrated with social networking capabilities, including chat. This allows users to manage employee directories, provide feedback in real time, and manage goals,” says Jhansi Mary, a lead analyst at Technavio for research on education technology.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Lack of qualified faculty
One of the challenges faced in schools, colleges, and universities is the lack of teachers. In California districts, about 21,000 teachers were required in 2015 for STEM subjects (science, technology, engineering, and mathematics). One of the major reasons for the shortage of teachers is the lack of systematic approach to recruiting, preparing, and retaining teachers by the US educational institutions. Due to the factors such as low salaries, increased stress levels, and a decline in satisfaction levels, teachers have been leaving the jobs in underdeveloped states such as Arizona, Indiana, and Oklahoma. According to the Indiana Department of Education, the percentage of teachers getting a teaching license reduced by 50% from 2009-2010 to 2013-14.
Hiring and retaining employees
With talent acquisition becoming part of the HR operations, schools and educational institutions are able to create growth opportunities for teachers and administrative staff. In addition, accurate hiring and promotion decisions, precise decisions for task assignment, clear communications of expectations, feedback provision, and identification of unique talent are also invigorating advantages obtained from HR operations. Talent acquisition solutions help schools and institutions hire right candidates from a vast pool of potential candidates. Hiring a wrong employee might prove costly for institutions. Similarly, losing talented employees can be a loss for institutions and may weaken their competitive advantage. These factors influence the educational institutions to adopt talent management solutions, which is driving the growth of the market.
Increasing need for effective cost savings
Due to increase in inflation and fluctuating economic growth rates, schools and educational institutions must obtain maximum productivity with high-cost savings. Schools are looking at methods to reduce costs because of declining budget allocations. One of the main components that contributes to this expense is the workforce. An effective deployment of talent management software will enable easy monitoring of workforce, paving the way for increased visibility on planning and scheduling. This, in turn, will avoid overstaffing, decrease administrative costs, and help achieve increased cost savings.
Some of the other prominent vendors identified in this report are Ellucian, IBM, iCIMS, Infor Global Solutions, Oracle, SAP SE, SumTotal Systems, and Workday.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, key financials, etc. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘US K-12 Talent Management Software Market 2016-2020‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Text-to-Speech Education Technology Market 2016-2020
- Global Higher Education Active Learning Platform Market 2016-2020
- Competency-Based Platforms Market for Higher Education in the US 2016-2020
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