hr technology & workforce analytics service providers
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Organizations sought HR Technology to make processes more efficient, reduce time and manual effort and get more time to work on people related metrics. Though the basic need of HR Technology has not changed, companies are now seeking a layer of value additions to the existing line of HR tech products like social enablement of HRIS platforms, value-added payroll technology and advanced business analytics.TRANSCRIPT
www.peoplematters.in
www.peoplematters.in
www.peoplematters.in
www.peoplematters.in
HR tech is a crowded space and newinnovations are happening at the speed of light. From among all other HR services in the country, the tech landscape is the most mature and Indian service providers are spearheading many disruptive changes in the global HR tech market.
One cannot deny that the underlying need from HR technology hasn’t changed— organizations seek HR technology to make processes more efficient, reduce time and manual effort, and gain accessto more in-depth information about people and people-metrics.
In this crowded space, competition continues to be steep and the landscape of products and services change characteristically withina few months.
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How prompt a company is in adapting to technology often depends on the generation that is leading the change process in the organization. Processes that are led by younger generation aremore tuned to adopting systems based approach to management. Older generation tend to rely more on human analysis, people perspective etc.
While we cannot ignore the human perspective, the fact is that the size of data for analysis is constantly growing. Organizations need to adopt sophisticated platforms to enable quicker analysis and accurate decision making.
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Some key drivers in the HR technology space have been HRMS, assessment, survey and training technologies. Though many service providers are likely to give similar solutions for assessments or surveys, in assessment space, every player hastheir own set of USPs.
When it comes to assessment technologies, probably the only deterrent in this sector is the funds or the lack of it. Though the industry is very nascent, we have weathered a couple of economic downturns in the last four to five years. The moment a recession hits, funds are withdrawn from HR as it is mostly seen as a supportfunction.
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Enterprises understand the benefits of HR automation. Here are main benefits that an enterprise can achieve by automating its HRprocesses:1. It allows them to liberate HR professionals for tasks that have direct impact on quantifiable business objectives.2. Increase in productivity and profit as it is a cost-effective way of speeding up work.3. Precision and accuracy is a given, as automation reduces the chances of human error by manual entering of data.4. Accessing previous and bulk information is much easier as it promises data security. This can be achieved by having a backup of the entire data.
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The key qualifying criteria that an enterprise must look before signing up for HRIS are:
1. The product should meet the customers’ basic expectation and the service provider should be willing to make required modifications in their upcoming release2. Stringent security measures, security controls; in-built tools for reporting access violations, audit tracks of changes to data, and strong password policies is something that should be paid attention to. 3. The product should offer integration with most popular data formats. Integration requirements 4. There should be clarity about data download capabilities, data backup, and data migration policy of the vendor from the very beginning.
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Effective use of HRMS and payroll software delivers three pronged results: It improves results, increases efficiency and lowers costs.
Demand for such products have increased over time as such software have helped companies to effectively deal with manpower projection to training management, attendance management, leave management to employee exit management and reduce the manual workload of administrative activities.
Companies who want to follow the growth path will have to implement these sooner or later, so the question isn’t whether HR technology willbe accepted. The question is why should companies do it sooner rather than later.
HR Technology & Workforce AnalyticsNovember 2013
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