Human resource (HR) technology can be said to be a set of tools utilized by human capital specialists. It helps to automate everyday operations, stabilize information storage, and analytical management of records for advanced decision-making. It is utilized by numerous businesses since it allows to enhance the recruiting performance and streamline a couple of procedures. In addition, it reduces the executive burden and the compliance and administrative costs. HR technology additionally optimizes the hiring system and associated responsibilities and improves the general performance of the HR department.
The human resource technology market of India is generally propelled by speedy industrialization and urbanization. It has resulted in the growth of many corporate businesses. Also, there has been an increase in the number of demands for advanced HR tools. That is to help in enhancing the learning, productivity, and engagement of employees. Moreover, the several digitization projects undertaken by the Government of India have furnished an impetus to the boom of the market. Furthermore, the amalgamation of HR technology with cloud computing, SaaS, artificial intelligence, business intelligence (BI), and dashboards has supplied extra flexibility and competitiveness over other solutions, impacting the industry’s growth. Contemplating all these factors, the market is anticipated to retain its robust growth throughout the forecast period (2021-2026).
The value of the global human resource management market size was at USD 16.01 billion in 2019 and is anticipated to showcase a CAGR of 11.7% from 2020 to 2027. Improvements in IT together with the advent of predictive analytics in HR procedures are predicted to enhance the growth. The evolution of numerous human resource management solutions has enabled experts to carry out conventional HR activities in a decreased period and with eventually increased focus on alluring the proper candidates. It is assisting to preserve human capital, streamlining organizational techniques with discrete goa
ls, and dealing with human assets in a way that affects organizational growth.
Previously, many talent leaders and industry professionals expected the developments that had been set to restructure the HR industry in 2020. However, the coronavirus has introduced a lot of changes in the traditional way of work in the year. From commuting limitations to staying in isolation, the Covid pandemic is generating a profound impact on the way businesses operate, and it is set to remain for long.
HR will keep adopting best practices to improve the work experience and fulfill the present business requirements. With innovation in virtual infrastructure, businesses are set to adapt to the post-pandemic world. Hence, the upcoming years are probably going to be more about reshaping the present work models whilst staying competitive for business sustainability.
Copyright © 2021 integrumsolutions