HR today is facing fierce challenges of becoming a top destination for talent, building the workforce of the future, managing an agile organization and retaining top employees, all while providing strategic insight to key decision-makers.
To become true strategic partners to the business and enable enterprise-wide digital transformation efforts, leaders must act quickly to modernize the HR organization and align its capabilities to address these new challenges.
Today’s dynamic HR technology and services market is aligned to this requirement. According to a report, the HR technology market place is expected to be a $34 billion market by the year 2021. Almost $3.6 billion worth of that business is expected to come from Asia including India. A sizable chunk of almost $20 billion will be commanded by existing solutions largely in Human Capital Management. The HCM software providers continue to expand and acquire new capability, emerging technologies such as artificial intelligence (AI), machine learning and HR chatbot solutions are flourishing, and new automation is being used to improve operational efficiency and employee experience.
While the advancement in HR technology is accelerating, the ongoing pace of progress of these technologies is transforming how people carry out their work, and how HR supports employees. Hence, HR will need to have a solid grasp of the possibilities and limitations of technology, and be active participants in looking for opportunities to leverage it.
To better understand how Indian organizations are making their way through digital transformation, we are excited to present to you People Matters State of HR Technology India 2019-20. The study engaged with more than 250 respondents from 208 unique companies with a series of questions about their HR technology and service delivery environment.
The study focuses on:
- Automation levels: Function-wise automation in which the organizations have adopted technology
- HR technology investment: The budgets and strategy of adopting technology
- New-age HR technology: The impact of new-age technologies on HR and work
One of the stark findings and indeed a progressive one is that today, adopting HR technology is not only about improving the efficiency and effectiveness of HR processes but empowering the employees (58 percent). This is a sign that the supporting role of technology has today emerged in a more enabling role where new-age technologies like Analytics and Data Science, AI & Chatbots and Cognitive technologies are providing global businesses a solution to build an effective workforce.
To get full insights, download your report here.