Organizations have started to understand how crucial HR solutions are in the industry and how they make everyone’s life easy. The role of HR technology not only helps an organization in elevating the presence in the market but also improves the bottom line of the organization in a positive way. Today, companies leverage state-of-the-art human resources technology to attract and hire new job candidates, work toward enhanced retention of top-performing employees, and provide support in workplace management and administration. Moreover, with the hybrid model adopted by most of the organizations, HR Tech solutions are enabling the companies to manage payroll, employee wellbeing, Performance management, etc., Vicky Jain, Founder, uKnowva said in the interaction with Financial Express online. Excerpts:
Tell us something about the uKnowva and its inception?
We basically started our company due to the recession that emerged in 2008. There was nothing to do, as a result, we tried to put our time to good use and we tried software and websites (me and Priyanka). I designed software for my cousin and Priyanka Jain did the website and the story continued. To be frank, the website worked out very well unlike the software and this helped us to lay the foundation of our company. While the work was still going on, we all decided to start our own company, Convergence Services. As ours was a service company, there were a multitude of challenges to go through while developing our flagship product, which we named uKnowva. Our first offering was an Intranet solution. By mid- 2014 we realized that intranet was way too early for India and started working on HRMS. In 2016, we launched our HRMS platform which was a great hit and since then we have boarded more than 3 lac people on our platform across different organizations.
What is the Market Size of the HRM Industry in India?
The global human resource management market size was valued at $17.56 billion in 2020 and is expected to grow at a CAGR of 12.2% from 2021 to 2028. The continued automation and digitization of HR processes to design agile and effective reskilling strategies will likely drive the growth of the HRM market over the speculated period. The market’s growth can also be attributed to the increased emphasis enterprises are placing on attracting the right candidates, managing resources efficiently and retaining human capital. The human resource industry in India has grown at a compounded annual growth rate of 21% over the last 4 years and is pegged to be around INR 22,800 crore, according to Ernst & Young.
How HRM/HR Automation can help new-age companies to retain their employees at the peak of Attrition?
Employee attrition happens to be a huge business problem that all employers have to tackle. But, surprisingly a high percentage of worker turnover can be prevented. It usually results from a combination of multiple factors like unfavorable work environment, lack of career development opportunities, unapproachable management, mismatch of job requirements and skillset, dissatisfactory benefits and compensations and no work-life balance. Fortunately HR tech tools can help address these issues and help to reinforce the relationship employers hope to build with their employees. These HR tools can assist employers to track employee performance, job satisfaction and develop finer ways of communicating with employees. One thing that is very important is to take action with the collected information or employees will stop participating. Assisting employees develop and grow as professionals is crucial for retaining employees. Employees want to learn, especially those belonging from the millennials and Gen Z group. The learning and development tools that can help employers take another step toward becoming an employer of choice. Sophisticated technologies that use advanced NLP and machine learning can uncover employee sentiment in real time through a combination of open-ended and quantitative responses. These datas offer actionable insights that can be used by HR departments to improve the retention, satisfaction and performance of employees.
Role of HR Technology can help to fix great Resignation?
Companies are finding it difficult to address the issue of ‘Great Resignation’ and many will continue to struggle for one simple reason: they don’t really understand why their employees are leaving in the first place. Rather than take the time to investigate the true causes of attrition, many companies are jumping to well-intentioned quick fixes that often don’t work. Companies need to understand what is the driving factor behind employees leaving and how to undo this with different actions.
It is important to understand that HR is a data-dependent department. Therefore, the absence of smart HRM software forces professionals to concentrate more on paperwork and administrative tasks/plans for employee motivation and growth. HRM tools can increase organisational efficiency, accuracy, compliance, without the need to maintain paperwork, freeing up HRs time to focus on employee productivity and motivation. Technology empowers them with tools to analyse employee performance, interpret the collected data and bring additional employee insights to help the key decision-makers to make better decisions for the company’s sustainable growth. Technology provides a deeper understanding of the talent to help move them into new opportunities, to think about internal mobility and develop them to help them feel more engaged. Today, automation and AI is also helping us measure the happiness index of employees at the workplace.
Most of the Industries have changed during covid-19? Have you seen any significant changes in your industry?
In different ways, the COVID-19 pandemic has renewed the emphasis on people as part of the human resources job. One of the biggest lessons learned from the pandemic is that we have to put the ‘human’ back into human resources. Although the HR department is still responsible for the performance, productivity and efficiency of the workforce, our bigger job is to understand the challenges our employees face, what they are struggling with inside and outside of work, and technology has been a great enabler in that sphere. Senior executives are realizing it’s incredibly important to get a holistic view of employees in order to support them effectively in times of crisis. We have seen an increase in data-driven decision processes across nearly every industry, organisations, business sectors and the human resource is no different. Analytics gathered at the workplace allows HR professionals to gauge employee engagement, experience and satisfaction. To stay competitive in the complex and modern business landscape, especially as a result of the pandemic, companies will continue to use analytics to predict their workforce requirements as well as to better reduce costs and optimize revenues. HR managers will be required to find ways to lend support to business leaders so as to restructure during and after the COVID pandemic, undertake workforce rationalisation steps while managing risks and increase engagement and employee productivity.
Why are HR Solutions important for organizations?
Organizations have started to understand how crucial HR solutions are in the industry and how they make everyone’s life easy. The role of HR technology not only helps an organization in elevating the presence in the market, but also improves the bottom line of the organization in a positive way. Today, organisations are leveraging innovative human resources technologies to hire and attract new candidates, work toward better retention of employees, and get support in workplace administration and management. Technology can generate measurable results by enhancing the speed and efficiency of managers as well as teams they lead.
HR is gradually turning into a technology-based profession since organizations need to:
• Reduce human resource compliance and administration costs.
• Streamline HR processes
• Compete effectively for talent.
• Offer real-time analytics to help decision-makers to locate trends and also to manage the workforce effectively.
• Allow HR roles to change so that HRs can play a strategic role in business operations.