Cloud and Big Data have emerged as the most influential technology trends globally this year. In India, a nation with immense Human Capital Potential, the landscape of Human Resource Management (HRM) has been reshaped by technology.
According to Nasscom’s recent report titled ‘2013: HR Trends,’ there is a notable increase in the adoption of HR technology in India. The report, based on a survey of the top 30 firms in the IT industry, reveals key insights into the growth and acceptance of HR technology in the country.
Here are Five Key Highlights from the Report:
- Approximately 25% of new Indian Tech start-ups are anticipated to focus on Education and HR, with 23% exclusively dedicated to HR Technology.
- Selective hiring is becoming the norm, driving demand for specialized skills. Over 40% of the top 100 IT-BPM firms are expected to offer SMAC (Social, Mobility, Analytics, and Cloud) solutions.
- The report predicts that 77% of business executives will play a crucial role in technology purchases, bypassing the involvement of Chief Technology Officers (CTOs).
- Attrition rates in the IT/ER&D/Software sector are projected to decrease from 19% in FY2011 to 14% in FY2013.
- With 85% of survey respondents favoring tech-enabled HR processes, HR technology is poised to enhance HR policies’ clarity, Query Turnaround time, HR Communication & Perceptions, and facilitate Training alignment with Employee skills.
These findings signal a promising future for the growth of HRMS solutions in India. Furthermore, with Millennials or GenY constituting over 60% of the Indian workforce, HRMS is evolving from a luxury to a necessity, aided by the affordability of Software-as-a-Service (SaaS) subscriptions.
As the team behind PeopleWorks, a cloud-based HRMS, we are committed to empowering our clients’ uninterrupted growth by leveraging cutting-edge technology to automate and optimize their HR strategies and practices. We will closely monitor the industry’s adoption of these predictions as standard practices for the nation.
To learn more about PeopleWorks or to request a demo, reach out to us at peopleworks@localhost or visitPeopleWorks website.You can also connect with us on Facebook, Twitter, or LinkedIn for updates.
