Cloud and Big Data have proven to be the two most catalytic technology trends of the year worldwide. As a developing nation with the 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.