Use of modern HR technologies can help India Inc improve productivity and save millions of dollars by optimal use of human resources, say experts. India commands a nearly USD 600-700 million slice from the global pie of USD 54 billion human resource technology market. Even though HR technology is still nascent in India, it has already achieved a base of USD 0.5 billion according to a research by Everest group.
Tremendous forces are radically reshaping the workplace which are leading the companies to change their traditional human resource (HR) processes to new technology driven methods. “The shift to HR applications in the cloud and artificial intelligence to use predictive data analytics has the potential to transform the entire HR landscape by taking away transactional roles and replacing them with strategic partnering roles…,” says Jagjit Singh, Chief People Officer, PwC India.
Chief People Officer of PNB Housing Finance Anshul Bhargava said that in his company, the adoption of appropriate technology has enabled it to design focused programmes. “Backed by concrete information and more efficient processes, the hiring process and employee efficiency have improved with the application of analytics,” he said.
Experts said technologies can improve productivity which will drive greater business growth and leave a positive impact on the companies. A recent study by PeopleStrong, a major HR technology company in India, claims that India Inc can save at least USD 600 million annually by 2021 using HR Technology.
Dinesh R of OYO said the HR function is increasingly relying on technology to drive results and more predictable outcomes. Workforce technologies, especially those which are designed by keeping ‘user’ at the centre, have a tremendous role to play, said Pankaj Bansal, Co-founder and CEO at PeopleStrong.
“The new world of work will see employees taking control of their digital landscape of work and will be the decision makers of what gets used by organisations. It will be a defining phase of HR Tech not only in India but globally,” he added.