According to experts, optimal use of human resources and use of modern HR technologies can help India Inc improve productivity, thereby saving millions of dollars.
Currently, a $600-700 million slice from the global pie of $54 billion human resource technology market is commanded by India. Even at a nascent stage in India, the HR technology has already achieved a base of $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.
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.
Moreover, Chief People Office of PNB Housing Finance Anshul Bhargava said that the adoption of appropriate technology has enabled designed focused programmes in this company. He also went on to say that the hiring process and employee efficiency, backed by concrete information and more efficient processes have improved the application of analytics.
Dinesh R of OYO said the HR function is increasingly relying on technology to drive results and more predictable outcomes.
The Chief People Officer of PwC India, Jagjit Singh said, “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”.
Keep reading iTMunch for more such news about the HR industry.