Key Findings of the report
The impact on Employers:
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HR Tech has structured and automated HR processes for up to 21% improvement in administrative efficiency, up to 30% savings in time and cost, and up to 65% reduction in errors and duplication
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Payroll Processing and Compliance tools have reduced compliance risk by up to 50% and increased accuracy of payroll processing by up to 55% and effected up to 80% savings in data access
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High adoption of Core HR Tech: Automobile, BFSI, BPO/ITeS, Ecommerce, FMCD/FMCG, Health and Pharmaceuticals, Hospitality, IT (Services and Products), Knowledge Process Outsourcing, Retail and Telecommunication
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High adoption of sub function HR Tech: BFSI, BPO/ITeS, Ecommerce and Telecommunication
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Talent Acquisition, Retention and Engagement tools leverage big data and continuous feedback loops to deliver 65% better matching and 80% faster hiring, and up to 65% improvement in talent retention
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When the deployment is third-party hosted, 20% of large and medium businesses are open to procuring end-to-end solutions from single vendors
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An overwhelming majority (68%) of medium businesses prefer to procure end-to-end solutions from single vendors when the deployments are SaaS based
Most large businesses with hybrid licensing choices prefer to deploy HRMS (66%) and Payroll applications (47%) on premise -
Most medium businesses that choose hybrid licensing deploy Workforce Management (67%) and Talent Management (65%) solutions on SaaS and Payroll on premise
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47% of Indian organizations increased their spend on HR Tech by 20% in 2017, with Talent Management (56%) and HR Analytics (44%) solutions as priority spend areas
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HR Analytics (up to 26%) and Employee Productivity tools (up to 17%) will see a near doubling of investments, and Talent Acquisition/Retention (22%) and On-boarding/Performance Management tools (10%) will see steady investment trends over 2018 – 2021
The impact on Employees
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Employees believe technology at work, especially across devices, enables them to be accessible 24 x 7
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Mobile and social technologies boost productivity by 20% - 25%
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HR Tech is perceived to affect significant improvements in Job Satisfaction (by 76%), Productivity (by 83%) and Performance (by 75%) while the value equation is perceived to be mixed for Health and Safety and Work-Life balance
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