According to North American IT services company Sierra-Cedar’s 2016-2017 HR Systems Survey unveiled at the SHRM Tech ’17 Conference, more companies in India and across Asia-Pacific (APAC) region plan to increase their HR technology budgets this year.
The survey white paper suggests that 56 percent of all APAC organizations are planning to increase their HR technology spending this year, out of which 64 percent are India-based organizations. Close to 40 percent of all APAC organizations and more than 50 percent of India-based companies hope to improve or develop new enterprise HR systems strategies this year.
The strategies include areas like – adopting HR technology beyond payroll and core HR management systems, upgrading or shifting to new cloud-based HR systems and investing in new areas like analytics, mobile and social technologies. These strategies were recognized as vital to the survey’s Asia-Pacific participants.
The infographic below illustrates the functions where HR managers are investing 25 percent or more of their time and resources.
The study looked at the HR technology landscape across Asia and India in particular where rapid technological changes are coinciding with economic and cultural changes, making HR technology central to business outcomes. Many companies are revamping their HR processes through the use of technology.
A recent Forbes article pointed to how one of India’s fastest-growing wealth and investment management player ASK Group deployed Oracle HCM Cloud applications with a view to quintuple the size of the assets under its management over the next five years. The company estimates that technology has played a critical role in boosting HR productivity by as much as 30 percent and also helped its four member HR team to raise its productivity by 50 percent. The team now spends much less time managing Excel spreadsheets, downloading, rechecking data and more time providing HR advice and partnering with other business units.
Another diversified financial services firm Motilal Oswal has adopted digital technology to drive their human resource processes. As per an article in ET Tech, the company has introduced a mobile application to manage attendance, leaves and employee benefits. The biggest benefit identified for the company through the adoption of technology is the experience of going paperless. The mobile app enables employees to mark their attendance through cell phones by switching on their location and also helps them apply for leaves and attendance regularization. They have also introduced a virtual learning classroom for staff and use hiring analytics to improve candidate experience, thus using digital to move to a paperless office.
The above examples prove that technology has the potential to add real value to the HR function when it is implemented in the right way. Technologies such as cloud, social media, big data and gamification are transforming how HR professionals work. By choosing the right technology, HR departments can deliver a faster and smarter HR system that can save time and cost, giving them more strategic value. Everything that the HR department does ultimately has the singular focus of enabling employees to perform better.
The HR function is no longer a business enabler, but has become a critical business driver and organizations that adapt to the changing landscape by adopting technology will emerge victorious.