Cloud and Big Data have proven to be the two most catalytic technology trends of the year worldwide. As a developing nation with second largest Human Capital Potential in the world, the HRM scenario of India has also been transformed by technology.
As per the country’s foremost authority on IT & BPO industry, Nasscom’s latest report titled ‘2013: HR Trends’ reveals that there is a growing acceptance of HR technology in India. The report was based on a dipstick survey of top 30 firms who account for over 20% of the Indian IT Industry’s workforce and nearly 30% of same industry’s Export revenue. The following 5 key highlights of the report indicate several facts and figures which are an outcome of the growth & acceptance of HR technology in India.
- About 25% of the new Indian Tech-start-ups would deal with Education and HR and even 23% of those would solely concern HR Technology.
- Selective hiring being the trend, demand for specialized skills would be high as more than 40% of the Top 100 IT-BPM firms would start offering SMAC (Social, Mobility, Analytics and Cloud) solutions.
- The report estimates that 77% of business executives would be the key influencers in technology purchase without involving CTOs.
- Attrition for the IT/ER&D/Software firms is expected to reduce from 19% in FY2011 to 14% in FY2013.
- With 85% of the survey respondents opting for tech-enabled HR processes, HR technology is expected to primarily improve the clarity of HR policies, Query Turnaround time, HR Communication & Perceptions and help in mapping Training as per Employee skills.
Such key findings indicate a future extremely conducive to the growth of HCM solutions in India. Moreover with the Millennials or GenY accounting for more than 60% of the Indian workforce, the future surely looks to accept Human Resource Management Systems (HRMS) as a necessity rather than a luxury, which is also made affordable by the SaaS (Software-as-a-Service) revolution of pay-per-user subscription.
Being the people behind PeopleWorks, a cloud based HRMS, we have always strived to help our customers achieve uninterrupted growth by leveraging latest technology to automate & optimize their HR strategy and practices. Likewise, we shall also closely monitor how far and how soon these predictions become industry standards & best practices for the nation. To know more about PeopleWorks or to request a demo, drop us a mail at email@example.com or visit www.peopleworks.in or connect through Facebook, Twitter or LinkedIn.