Oracle (ORCL) Fusion Cloud HCM Extends Payroll Support to France
Oracle ORCL recently announced that it plans to deliver a new cloud payroll solution to help organizations manage compliance, automate workflows, and quickly process payroll for employees working in France.
Oracle France Payroll, a part of Oracle Fusion Cloud Human Capital Management (“HCM”), will help organizations save time and reduce payroll errors by eliminating manual processes and automating complex rules and calculations so customers can easily comply with tax and reporting obligations.
This latest addition to Fusion Cloud HCM offerings will address regulatory and legislative requirements for processing payroll in France.
Oracle Cloud HCM will also provide built-in payroll support for 13 countries including Bahrain, Canada, China, Kuwait, Mexico, Qatar, Saudi Arabia, United Arab Emirates, United Kingdom, and the United States, with upcoming support for India and Oman.
Oracle Corporation Price and Consensus
Oracle Corporation price-consensus-chart | Oracle Corporation Quote
Growth Prospects in HCM Market Attracts Competition
Enterprises have been rapidly adopting HCM solutions to boost HR functions and drive deeper and actionable insights to manage distributed workforce owing to the remote work trend induced by the coronavirus crisis. This is providing further momentum to the HCM market.
Per Fortune Business Insights report, the HCM market is projected to grow from $25.53 billion in 2022 to $46.85 billion in 2029 at a CAGR of 9.1% during the said period.
These projections bode well for Oracle. This Zacks Rank #3 (Hold) company’s HCM cloud is widely being adopted by organizations, as part of an Enterprise Resource Planning ("ERP") cloud application suite. Further, the migration of several large-scale SAP customers to Fusion ERP cloud and Fusion HCM remains a tailwind. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
An expanding clientele is enabling the company to maintain its leading position in the cloud ERP market. Management is optimistic regarding the latest Oracle Fusion Cloud ERP, HCM and Enterprise Performance Management ("EPM") applications. The company’s HCM and ERP clientele base also include Morgan Chase, Santander, Bank New York Mellon, HSBC, Lloyds, Macquarie, Credit Suisse, UBS, Credit Agricole and many others.
Apart from Oracle, the HCM space is dominated by the likes of Workday WDAY, SAP SE SAP and Automatic Data Processing ADP.
SAP’s SuccessFactors Solutions’ suite is the mainstay of the company’s HCM solutions. Last year, the company added a new cloud-based solution— the SAP SuccessFactors Time Tracking — to its SAP SuccessFactors Human Experience Management solutions’ portfolio.
Workday’s top line is being driven by high demand for its HCM and financial management solutions. Some of the notable HCM deal wins for Workday include Novartis, DraftKings, and CTBC Bank.
Automatic Data Processing is one of the leading names in the cloud-based HCM solutions’ space. The company has expanded footprint in the HCM market through multiple acquisitions that include Celergo, WorkMarket, and The Marcus Buckingham Company.
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