Ukg Marketplace Software Statistics 2024

In an age where technology dictates the pace of business evolution, the data surrounding UKG marketplace software in 2024 emerges as a beacon for understanding the future business landscape. These statistics are more than just numbers; they provide a roadmap for navigating the complexities of market trends, technological advancements, and consumer behavior. Understanding this data is crucial for organizations seeking to gain a competitive edge, optimize operations, and harness technological innovations to drive growth.

Key stakeholders—ranging from business leaders and IT professionals to market analysts and investors—will find the insights from this data invaluable. For businesses, the statistics offer a clear picture of market demand and competitive dynamics, enabling them to tailor their strategies proactively. For investors, this data underscores market potential and risk, guiding investment decisions that align with industry trajectories. Moreover, for IT professionals, understanding these statistics can help prioritize technological initiatives that align with broader market trends.

Ultimately, the data on UKG marketplace software in 2024 is not just of academic interest; it is a strategic asset. By integrating data-driven insights into their decision-making processes, businesses can anticipate market needs, innovate more effectively, and sustain growth amid the rapid pace of change in the software industry. The article will delve into the specifics, but it is this foundational understanding that will empower stakeholders to turn data into actionable intelligence, setting the stage for success in a dynamic market environment.

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Top Ukg Marketplace Software Statistics 2024

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Hr Trends And Predictions For 2024

• Human Resources professionals predict 2024 will be the year of the ‘hidden workforce,’ referring to 27 million Americans often underutilized or rejected due to unfair hiring practices like caregivers, retirees, or neurodivergent professionals. ^[?]
• In 2024, there will be a heightened prioritization of employee data privacy. ^[1]
• Significant advancements in integrating artificial intelligence within HR technology are anticipated in 2024. ^[1]
• Adapting HR systems and practices to changing workforce demographics will be a leading trend in 2024 and beyond. ^[1]
• Intensifying competition for top talent is expected to be a significant HR trend in 2024. ^[1]

Ukg Deployment And Usage

• Greenville County Schools used UKG Ready to simplify time tracking for on-site and off-site staff and ensure accurate pay for 11,000 employees. ^[2]
• Kronos SaaShr, Inc., a UKG Company, provides money transmission services on behalf of UKG Inc. customers and in connection with certain UKG products. ^[2]
• Eventide Senior Living Communities uses UKG to drive employee engagement and streamline workforce management and HCM, including cutting PBJ reporting time by 99%. ^[5]
• Within a few months of implementation, Sentry deflected HCM-related support tickets, reduced the time needed to create training material by 40%, and drove Workday business outcomes. ^[6]
• OU data is synced from UKG Pro at 3:00 AM PST, with User data synced at 4:00 AM PST. ^[4]

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Corporate Achievements And Acquisitions

• UKG was founded in April 2020 after the merger of Ultimate Software and Kronos Incorporated. ^[8]
• Former Kronos CEO Aron Ain became the CEO and chairperson of the combined company until July 1, 2022, when he stepped down to become Executive Chairperson. ^[8]
• On February 20, 2020, Ultimate Software and Kronos Incorporated agreed to form a new cloud computing venture specializing in workforce management and human capital management, valued at $22 billion. ^[8]
• In May 2021, UKG appointed Brian Reaves as the Chief Belonging, Diversity, and Equity Officer. ^[8]
• In December 2021, UKG launched the Close the Gap Initiative, a $3 million campaign to address salary inequity for U.S. workers’ wages, particularly for women and people of color. ^[8]
• UKG eliminated approximately 2250 positions (14% of their global employee population) worldwide in July 2024. ^[8]
• In June 2023, UKG acquired Immedis, an Irish global payroll platform, for over $550 million. ^[8]

Market Position And Financials

• Annual revenue grew from $2.9 billion to close to $4 billion, a year ahead of original projections. ^[7]
• Blackstone Group, the largest minority investor, holds a 20-25% stake in UKG. ^[8]
• Other minority investors include GIC, Canada Pension Plan Investment Board, and JMI Equity. ^[8]

Technological Innovations

• UKG has more than 350 technology and services partners, providing one of the largest and most collaborative partner ecosystems in the HCM industry. ^[3]
• The UKG Workforce Activity Report is an index analyzing shift work trends from over four million people across more than 35,000 U.S. businesses. ^[8]
• In 2021, UKG disclosed it was targeted by a ransomware attack detected on December 11, 2021. ^[8]
• UKG Talk has more than one million users as of July 2023. ^[8]

Employee And Customer Engagement

• A survey revealed that 93% of Indian employees believe they are not heard equally at work. ^[8]
• In 2023, UKG sponsored a $1 million prize for the NWSL Challenge Cup, an annual tournament organized by the National Women’s Soccer League. ^[8]
• The Workforce Institute at UKG highlighted that 92% of highly engaged employees feel heard at work, whereas only 30% of highly disengaged employees feel heard. ^[11]
• UKG’s workforce activity report showed a 0.1% increase in employee shifts worked between mid-April and mid-May 2021. ^[11]

Global Outreach And Community Impact

• UKG operates dual headquarters in Lowell, Massachusetts, and Weston, Florida. ^[8]
• The company has more than 12,000 employees globally. ^[8]
• UKG acquired Great Place to Work Inc., the company behind Fortune’s annual list of 100 Best Companies to Work For, in September 2021. ^[8]
• UKG’s Close the Gap Initiative and its partnership with the National Women’s Soccer League aim to achieve pay equity in women’s professional soccer tournaments. ^[18]
• UKG grew its total headcount by 1,500 employees in fiscal 2022, bringing its global employee population beyond 15,000. ^[18]

Future Projections

• UKG plans to grow its revenue to $5 billion and cash operating earnings to $1.5 billion by FY 2025. ^[12]
• UKG will retire some of its older products and technologies over the next few years, especially on-premise products, to transition to a complete SaaS product. ^[12]
• The company aims to launch UKG FleX, a new technology platform comprising three components, in the second half of 2023 as part of the UKG Pro suite. ^[12]
• UKG plans to launch a customer community of over 140,000 users to share information and best practices. ^[12]

Products And Services

• The UKG marketplace features more than 200 Technology, Carrier, and Services Partners from both the legacy Ultimate and Kronos partner networks. ^[10]
• UKG Pro and UKG Ready are the company’s main HCM solutions, with 25% of the features on the 2023 roadmap for UKG Pro and 21% for UKG Ready coming from its Customer Ideas portal. ^[12]
• The company’s products include the UKG Great Place to Work Hub and the new Team Pulse product to enhance employee engagement. ^[13]

Industry Recognition And Awards

• UKG was recognized by Google Cloud for driving diversity and inclusion in DevOps and for solutions mitigating employee burnout during the COVID-19 pandemic. ^[18]
• The company earned a perfect 100% for the second year on the Disability:IN Disability Equality Index. ^[18]
• UKG received the Brandon Hall Group 2021 Gold Excellence Award for Best Advance in Leading Under a Crisis. ^[7]
• UKG was named one of the best large employers in the US by Forbes in 2021. ^[11]

Research And Development

• UKG spent approximately $625 million on research and development (R&D) in fiscal 2022, up 13% year over year. ^[18]
• Over the past five years, UKG has spent $2.5 billion in R&D, the industry’s largest investment focused solely on HCM and workforce management cloud solutions. ^[18]

Key Insights And Customer Feedback

• According to Great Place To Work, when everyone in an organization is heard and empowered, 87% of employees feel higher levels of belonging, leading to higher retention rates, productivity, and overall satisfaction. ^[16]
• TravelBrands saved $150,000 in its first year with UKG and achieved a 50% reduction in manual processes and a 10% decrease in employee turnover. ^[16]
• UKG’s onboarding dashboard eliminated on-site paperwork and gave an HR team and clinic supervisors one full day of their work weeks back each week, saving an estimated $26,000 annually. ^[22]

Market Analysis And Future Trends

• The global human resource management market size was valued at USD 24.25 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 12.7% from 2023 to 2030. ^[19]
• The software segment dominated the HRM market in 2022, with the core HR segment anticipated to account for the largest market share. ^[19]
• Asia Pacific is expected to witness the fastest CAGR from 2023 to 2030 due to government investments and digitization initiatives. ^[19]
• The global HRM market is expected to reach USD 43.29 billion by 2028. ^[11]

Strategic Partnerships And Collaborations

• In October 2023, Oracle introduced generative AI-powered features to enhance Oracle Fusion Cloud Human Capital Management (HCM). ^[19]
• In October 2023, EY collaborated with IBM to launch EY.ai Workforce, an advanced HR solution facilitating AI integration into key HR business processes. ^[19]
• UKG surpassed 250 technology and services partners, launching an expanded UKG Marketplace to deliver more engaging and connected workplace experiences. ^[21]

Employee Benefits And Compensation

• Employees can receive a 45% match on every dollar they contribute to the UKG 401(k) plan. ^[11]
• Unifi adopted a Goal Based Savings program, resulting in the company moving to the top 1% with a total amount saved of $10,000+ YTD, as reported by Payactiv. ^[15]
• The November Conference Board Salary Increase Budget Survey predicts a 3.9% increase in wage costs in 2024, the highest rate since 2008. ^[11]

Customer Base And Market Reach

• UKG has more than 70,000 customers worldwide. ^[18]
• The company’s SMB bookings, primarily led by UKG Ready solutions, grew by 72% in the quarter and 56% year over year. ^[18]
• UKG serves a diverse customer base, including a global specialist in energy management with over 150,000 employees and a well-known supermarket chain with over 500 locations. ^[18]

Industry Challenges And Solutions

• The UKG Workforce Activity Report for March 2024 shows a 0.6% decrease in shifts worked from February to March, holding steady for the first time in 2024. ^[11]
• The Hartfords Future of Benefits Study conducted in August 2020 shows increasing employee interest in perks like paid time off, hospital indemnity insurance, employee assistance programs, and mental health support services. ^[9]
• According to research, nearly 68% of recruiting professionals believe investing in new recruiting technology can improve their recruiting performance. ^[20]

Technological Advancements And Innovation

• Since 2015, UKG has been a leader in AI, recently doubling down on its commitment to make the workplace simpler through built-in generative AI, UKG Bryte. ^[17]
• The UKG Great Place to Work Hub will allow users to bring their Trust Index survey data, including employee sentiment data, into UKG Pro and combine it with HCM data for better DEIB performance analysis. ^[12]
• UKG’s FleX technology platform will be generally available as part of the UKG Pro suite in the second half of 2023. ^[12]

Training And Development

• With ongoing 360 feedback, leaders can maximize opportunities to boost engagement, drive alignment, and support organizational connectedness. ^[14]
• PwC announced a $1 billion investment in training its workers on AI, with courses on topics such as the ethics of AI, responsible use of AI, and how to create AI prompts to generate the best results. ^[15]
• Unifi’s holistic financial well-being offering includes anonymous financial coaching and customizable saving plans, with almost 20% of its frontline workforce enrolled. ^[15]

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