November 27, 2018: TeamLease Services launched its latest report, ‘HR Tech: empowering people and enterprises’ which relates to the adoption of Human Resource technology tools in organizations. The report is a thorough analysis of spending on HR technology in organizations and the benefits of its adoption. It further highlights the industry trends showing a transformation in the core functions and the sub-functions of HR owing to the adoption of HR Tech.
According to the report, the core HR Tech adoption is over 75% in 10 out of the 14 sectors surveyed, and sub function HR Tech adoption is 75% or more in BFSI, BPO/ITeS, E-commerce and Telecommunication sectors. The core functions of HR include administration, payroll and compliance and HR analytics while the sub-functions consist of talent acquisition, retention and engagement, Onboarding, Performance Management and Training and Employee Productivity [Time and Attendance]. The benefits of this evolution range from baseline aspects of process automation for time and cost savings to enabling HR in delivering business value to organisations.
The report discovers that while most large businesses prefer to deploy their own software that is built in-house, an overwhelming majority is also moving to SaaS (Software as a Service) platforms and procuring software from multiple vendors. Medium businesses are open to procuring these softwares from vendors, either in part or in full. Small businesses, on the other hand, have a marked preference for procuring various modules from multiple vendors across all deployment models. The automation of routine processes and efficient data management through this technology has resulted in up to 65% gains in time and cost for the HR administration function. It has also resulted in better control and systematic record keeping with Payroll and Compliance tech yielding up to 80% in cost savings for the function.
Moreover the sub functions of HR have been aided by HR technology. It has significantly improved the process of talent acquisitions, retention and engagement by leveraging big data and predictive analytics for matching and identification of the right-fit talent for open positions, thereby saving enormous time and cost, especially, in large-scale hiring. The technology used for time and attendance tracking and reporting systems have increased the accuracy of payroll by up to 85% and have resulted in a boost of productivity by 25% to 45%.
Elaborating on the findings of the report Ms. Rituparna Chakraborty, Co-founder & EVP, TeamLease services said, “Technology today has not only made life easy, it has also reduced the burden of paper trails for organizations. Big data and technological advancements have enabled organizations being Paperless, Presenceless & Cashless. Artificial Intelligence and machine learning based tools have enabled faster hiring and improved talent retention to deliver up to 85% time, cost and productivity gains for organizations. The study finds that the implementation of social technologies can potentially raise the productivity of high and skill knowledge workers by 20%-25%. It has improved the accuracy of evaluations as it has set related benchmarks against which performances can be measured and evaluated. Even at TeamLease we have embraced digital and today offer significant business value to our clients through technology driven solutions that improve their productivity and performance.”