Top 10 HCM Software Companies for 2023

Human capital management (HCM) software has become a critical component of HR operations in many businesses.

These software solutions streamline processes like hiring, payroll management, employee training, and performance evaluation. The market for HCM software is constantly expanding, and there are a plethora of options available on the market.

In this article, we will discuss the top 10 HCM software companies for 2023. Before we delve into the list, let's look at some shocking statistics about the growth of the HCM software market.

According to a report by MarketsandMarkets, the HCM software market is expected to grow from $17.6 billion in 2021 to $25.9 billion by 2026, at a CAGR of 8.1%.

Furthermore, a survey conducted by The Predictive Index revealed that 72% of HR leaders plan to invest in HCM software in the next 12-18 months.

The market is clearly expanding, and businesses need to choose the right HCM software to stay ahead of the curve. So without further ado, let's look at the top 10 HCM software companies.

Top 10 HCM Software Companies by Revenue (in millions), YoY, Market Share

1. ADP

2022 Revenue: $15,400 million
Market Share: 13.2%

ADP is a global provider of cloud-based HCM solutions. They offer solutions for payroll, HR management, time and attendance, and benefits administration. ADP serves more than 860,000 clients in 140 countries.

Recent Developments

• In 2022, ADP launched a mobile app for their HR solution, allowing employees to access important HR information and services on-the-go.
• In 2021, ADP acquired WorkMarket, a cloud-based workforce management solution, to enhance their offerings for the gig economy.

Top Features

• ADP's payroll solution is highly customizable, allowing businesses to configure payroll rules and calculations according to their specific needs.
• The HR management solution includes features like employee data management, performance tracking, and compliance management.
• ADP's time and attendance solution integrates with their payroll and HR solutions, streamlining the process of tracking employee hours and managing employee schedules.

Pros

• ADP has a strong reputation and is a well-established player in the HCM software market.
• Their solutions are highly customizable and can be tailored to meet the needs of businesses of all sizes.
• ADP's mobile app allows employees to access important HR information and services on-the-go.

Cons

• Some users have reported that ADP's customer support can be slow to respond and may not always resolve issues in a timely manner.
• ADP's pricing can be relatively high compared to some other HCM software providers

Website: ADP

2. Oracle

2022 Revenue: $8,200 million
Market Share: 7.9%

Oracle is a global technology company that offers a range of solutions, including cloud-based HCM software. Their HCM solutions include modules for recruiting, onboarding, performance management, payroll, and benefits administration.

Recent Developments

• In 2022, Oracle announced the availability of their new AI-powered recruiting solution, Oracle Recruiting Cloud.
• In 2021, Oracle acquired Vocado, a cloud-based student loan company, to expand their offerings in the education sector.

Top Features

• Oracle's recruiting module includes AI-powered capabilities for candidate screening and matching, as well as automated interview scheduling.
• The performance management module includes features like goal setting, performance evaluations, and 360-degree feedback.
• Oracle's payroll module includes tax compliance and payroll processing, as well as employee self-service options.

Pros

• Oracle's HCM software is highly configurable and can be customized to meet the needs of businesses in various industries.
• Their AI-powered recruiting solution can help businesses identify top candidates more efficiently.
• Oracle has a wide range of other software solutions that can integrate with their HCM software, allowing for a more comprehensive technology stack.

Cons

• Oracle's pricing can be relatively high, especially for small to mid-sized businesses.
• Some users have reported that the user interface for Oracle's HCM software can be complex and difficult to navigate.

Website: Oracle

3. Workday

2022 Revenue: $5,900 million
Market Share: 5.7%

Workday is a cloud-based HCM software provider that specializes in solutions for HR management, payroll, and financial management. Their solutions are designed for businesses of all sizes and industries.

Recent Developments

• In 2022, Workday announced the acquisition of Stride Health, a provider of health insurance recommendation services for gig workers.
• In 2021, Workday announced the availability of their new learning platform, Workday Learning.

Top Features

• Workday's HR management solution includes features like employee data management, performance tracking, and compliance management.
• The payroll module includes tax compliance and payroll processing, as well as employee self-service options.
• Workday's financial management solution includes features like budgeting, planning, and forecasting.

Pros

• Workday's HCM software is highly intuitive and user-friendly, making it easy for businesses to onboard and use.
• Their solutions are highly scalable and can grow with businesses as they expand.
• Workday's financial management solution is integrated with their HCM software, allowing businesses to manage their finances and HR data in one platform.

Cons

• Workday's pricing can be relatively high compared to some other HCM software providers.
• Some users have reported that the reporting capabilities of Workday's HCM software can be limited.

Website: Workday

4. SAP SuccessFactors

2022 Revenue: $2,500 million
Market Share: 2.5%

SAP SuccessFactors is a leading provider of cloud-based HCM software solutions. Their solutions are designed for businesses of all sizes and industries, with a particular focus on enterprise-level companies.

Recent Developments

• In 2022, SAP SuccessFactors announced the release of their new AI-powered HR solution, SuccessFactors People Analytics.
• In 2021, SAP SuccessFactors was recognized as a Leader in the Gartner Magic Quadrant for Cloud HCM Suites for Midmarket and Large Enterprises.

Top Features

• SAP SuccessFactors' HR management solution includes features like employee data management, performance tracking, and compliance management.
• The payroll module includes tax compliance and payroll processing, as well as employee self-service options.
• SAP SuccessFactors' talent management solution includes features like recruiting, onboarding, and learning management.

Pros

• SAP SuccessFactors is a highly configurable and customizable HCM software provider, making it ideal for enterprise-level businesses with complex HR needs.
• Their solutions are highly scalable and can grow with businesses as they expand.
• SAP SuccessFactors' payroll module can help businesses streamline their payroll processes and ensure compliance with tax laws.

Cons

• SAP SuccessFactors' pricing can be relatively high compared to some other HCM software providers.
• Some users have reported that the user interface for SAP SuccessFactors' HCM software can be complex and difficult to navigate.

Website: SAP SuccessFactors

5. Ultimate Software

2022 Revenue: $3,100 million
Market Share: 3%

Ultimate Software is a cloud-based HCM software provider that specializes in solutions for HR management, payroll, and employee engagement. Their solutions are designed for businesses of all sizes and industries.

Recent Developments

• In 2022, Ultimate Software announced the availability of their new AI-powered recruiting solution, UltiPro Recruitment AI.
• In 2021, Ultimate Software was acquired by Hellman & Friedman, a private equity firm.

Top Features

• Ultimate Software's HR management solution includes features like employee data management, performance tracking, and compliance management.
• The payroll module includes tax compliance and payroll processing, as well as employee self-service options.
• Ultimate Software's employee engagement solution includes features like surveys, recognition, and onboarding.

Pros

• Ultimate Software's HCM software is highly customizable and can be tailored to meet the needs of businesses in various industries.
• Their solutions are highly intuitive and user-friendly, making it easy for businesses to onboard and use.
• Ultimate Software's employee engagement solution can help businesses improve employee retention and satisfaction.

Cons

• Ultimate Software's pricing can be relatively high compared to some other HCM software providers.
• Some users have reported that the reporting capabilities of Ultimate Software's HCM software can be limited.

Website: Ultimate Software

6. Kronos

2022 Revenue: $2,300 million
Market Share: 2.2%

Kronos is a global provider of HCM software solutions for HR management, payroll, and workforce management. Their solutions are designed for businesses of all sizes and industries.

Recent Developments

• In 2022, Kronos announced the availability of their new AI-powered analytics solution, Workforce Analytics.
• In 2021, Kronos merged with Ultimate Software to form UKG (Ultimate Kronos Group).

Top Features

• Kronos' HR management solution includes features like employee data management, performance tracking, and compliance management.
• The payroll module includes tax compliance and payroll processing, as well as employee self-service options.
• Kronos' workforce management solution includes features like scheduling, time and attendance tracking, and labor forecasting.

Pros

• Kronos' HCM software is highly configurable and can be customized to meet the needs of businesses in various industries.
• Their solutions are highly scalable and can grow with businesses as they expand.
• Kronos' workforce management solution can help businesses optimize their labor costs and improve efficiency.

Cons

• Kronos' pricing can be relatively high compared to some other HCM software providers.
• Some users have reported that the user interface for Kronos' HCM software can be complex and difficult to navigate.

Website: Kronos

7. Ceridian

2022 Revenue: $1,200 million
Market Share: 1.2%

Ceridian is a global provider of HCM software solutions for HR management, payroll, and talent management. Their solutions are designed for businesses of all sizes and industries.

Recent Developments

• In 2022, Ceridian announced the release of their new AI-powered analytics solution, Dayforce Intelligence.
• In 2021, Ceridian was recognized as a Leader in the Gartner Magic Quadrant for Cloud HCM Suites for Midmarket and Large Enterprises.

Top Features

• Ceridian's HR management solution includes features like employee data management, performance tracking, and compliance management.
• The payroll module includes tax compliance and payroll processing, as well as employee self-service options.
• Ceridian's talent management solution includes features like recruiting, onboarding, and learning management.

Pros

• Ceridian's HCM software is highly configurable and can be customized to meet the needs of businesses in various industries.
• Their solutions are highly scalable and can grow with businesses as they expand.
• Ceridian's talent management solution can help businesses attract, develop, and retain top talent.

Cons

• Ceridian's pricing can be relatively high compared to some other HCM software providers.
• Some users have reported that the customer support for Ceridian's HCM software can be slow or unresponsive.

Website: Ceridian

8. Cornerstone OnDemand

2022 Revenue: $700 million
Market Share: 0.7%

Cornerstone OnDemand is a global provider of cloud-based HCM software solutions for HR management, payroll, and talent management. Their solutions are designed for businesses of all sizes and industries.

Recent Developments

• In 2022, Cornerstone OnDemand announced the release of their new AI-powered analytics solution, Cornerstone Insights.
• In 2021, Cornerstone OnDemand was recognized as a Leader in the Gartner Magic Quadrant for Cloud HCM Suites for Midmarket and Large Enterprises.

Top Features

• Cornerstone OnDemand's HR management solution includes features like employee data management, performance tracking, and compliance management.
• The payroll module includes tax compliance and payroll processing, as well as employee self-service options.
• Cornerstone OnDemand's talent management solution includes features like recruiting, onboarding, and learning management.

Pros

• Cornerstone OnDemand's HCM software is highly configurable and can be customized to meet the needs of businesses in various industries.
• Their solutions are highly scalable and can grow with businesses as they expand.
• Cornerstone OnDemand's payroll module can help businesses streamline their payroll processes and ensure compliance with tax laws.

Cons

• Cornerstone OnDemand's pricing can be relatively high compared to some other HCM software providers.
• Some users have reported that the customer support for Cornerstone OnDemand's HCM software can be slow or unresponsive.

Website: Cornerstone OnDemand

9. Infor

2022 Revenue: $3,500 million
Market Share: 3.4%

Infor is a global provider of enterprise software solutions, including HCM software for HR management and workforce management.

Recent Developments

• In 2022, Infor announced the release of their new mobile app, which allows users to access HR data and tools on the go.
• In 2021, Infor was acquired by Koch Industries, a multinational corporation.

Top Features

• Infor's HR management solution includes features like employee data management, performance tracking, and compliance management.
• The workforce management module includes features like scheduling, time and attendance tracking, and labor forecasting.
• Infor's talent management solution includes features like succession planning, learning management, and performance management.

Pros

• Infor's HCM software is highly configurable and can be customized to meet the needs of businesses in various industries.
• Their solutions are highly scalable and can grow with businesses as they expand.
• Infor's talent management solution can help businesses attract, develop, and retain top talent.

Cons

• Infor's pricing can be relatively high compared to some other HCM software providers.
• Some users have reported that the user interface for Infor's HCM software can be complex and difficult to navigate.

Website: Infor

10. Paycom

2022 Revenue: $900 million
Market Share: 0.9%

Paycom is a cloud-based HCM software provider that offers solutions for HR management, payroll, and talent management. Their solutions are designed for businesses of all sizes and industries.

Recent Developments

• In 2022, Paycom announced the availability of their new AI-powered analytics solution, Paycom Analytics.
• In 2021, Paycom was ranked #1 on Fortune's 100 Fastest-Growing Companies list.

Top Features

• Paycom's HR management solution includes features like employee data management, performance tracking, and compliance management.
• The payroll module includes tax compliance and payroll processing, as well as employee self-service options.
• Paycom's talent management solution includes features like recruiting, onboarding, and learning management.

Pros

• Paycom's HCM software is highly configurable and can be customized to meet the needs of businesses in various industries.
• Their solutions are highly scalable and can grow with businesses as they expand.
• Paycom's talent management solution can help businesses attract, develop, and retain top talent.

Cons

• Paycom's pricing can be relatively high compared to some other HCM software providers.
• Some users have reported that the customer support for Paycom's HCM software can be slow or unresponsive.

Website: Paycom

HCM Software Companies: Who Are Their Top Customers?

Human capital management (HCM) software is used by companies of all sizes to streamline HR processes, improve employee engagement, and optimize workforce management.

In this table, we highlight some of the top companies from various industries that are using HCM software to manage their human capital.

The table includes information on the company's industry, employee count, revenue, and country, as well as the specific HCM software they are using. This information can be useful for HR professionals and decision-makers looking to evaluate and compare different HCM software options.

Conclusion

Choosing the right HCM software provider is essential for businesses of all sizes and industries.

The top 10 HCM software vendors on this list offer a range of solutions for HR management, payroll, and talent management, with varying features, pricing, and customer support options.

By considering the factors discussed in this article, businesses can make informed decisions about which HCM software provider best meets their needs and helps them achieve their goals.

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FAQs

What is HCM?

HCM stands for Human Capital Management. It refers to the practices, processes, and tools used to manage and develop an organization's workforce, from recruitment and onboarding to performance management and career development.

What are examples of HCM software?

There are many different HCM software solutions available, each with their own set of features and functionalities. Some popular examples of HCM software include Workday, Oracle HCM Cloud, SAP SuccessFactors, ADP Workforce Now, UltiPro, and Kronos Workforce Ready.

Who is the leader in HCM?

The HCM market is highly competitive, with many established players and new entrants vying for market share. The leader in HCM may depend on various factors, such as the specific features and capabilities needed, the size and industry of the organization, and budget constraints. However, according to market research firm Gartner, some of the top HCM vendors as of 2021 include Workday, SAP SuccessFactors, Oracle HCM Cloud, ADP, and Ceridian.

What is HRM or HCM software?

HRM stands for Human Resource Management, while HCM stands for Human Capital Management. Both terms refer to the practices and processes involved in managing an organization's workforce. HRM software typically includes features such as payroll processing, benefits administration, and compliance tracking, while HCM software may encompass a broader range of functionalities, such as talent management, workforce planning, and analytics. In practice, the terms HRM and HCM are often used interchangeably.