We've all heard the buzz about the cloud and how it is revolutionizing the way our society stores, accesses and uses information. In the HR realm, the cloud is heralded as the solution that will streamline the constantly growing administrative tasks of this field. Despite these promises, one question remains: Is human capital management (HCM) cloud technology here to stay?

Before we get too far into our discussion of this technology, let's first define this term. Cloud technology is defined as a system that offers users the ability to pay a subscription fee to access software over the internet rather than licensing and running it in-house. Specifically, HCM cloud technology is referred to as Software as a Service, or SaaS.

More than just being a cool acronym, SaaS is having a notable impact on the HR industry. According to Gartner, it is estimated that the HCM market will reach $10 billion in 2015, with 75 percent of that market coming from SaaS technologies. In response to HR professionals' desire for more in-depth and easier-to-access information, technology companies are developing new, more comprehensive HCM products.  Read more.