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HR Tech has improved time and cost efficiency for administration by 65%: TeamLease Report

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Posted on : 27/Nov/2018 15:11:16



 
 
 
TeamLease Services launched its latest report, HR Tech: empowering people and enterprises which relates to the adoption of Human Resource technology tools in organizations. The report is a thorough analysis of spending on HR technology in organizations and the benefits of its adoption. It further highlights the industry trends showing a transformation in the core functions and the sub-functions of HR owing to the adoption of HR Tech. 

According to the report, the core HR Tech adoption is over 75% in 10 out of the 14 sectors surveyed, and sub function HR Tech adoption is 75% or more in BFSI, BPO/ITeS, Ecommerce and Telecommunication sectors. The core functions of HR include administration, payroll and compliance and HR analytics while the sub-functions consist of talent acquisition, retention and engagement, Onboarding, Performance Management and Training and Employee Productivity [Time and Attendance]. The benefits of this evolution range from baseline aspects of process automation for time and cost savings to enabling HR in delivering business value to organisations. 

The report discovers that while most large businesses prefer to deploy their own software that is built in-house, an overwhelming majority is also moving to SaaS (Software as a Service) platforms and procuring software from multiple vendors. Medium businesses are open to procuring these softwares from vendors, either in part or in full. Small businesses on the other hand have a marked preference for procuring various modules from multiple vendors across all deployment models. The automation of routine processes and efficient data management through this technology has resulted in up to 65% gains in time and cost for the HR administration function.  It has also resulted in better control and systematic record keeping with Payroll and Compliance tech yielding up to 80% in cost savings for the function. 

Moreover the sub functions of HR have been aided by HR technology. It has significantly improved the process of talent acquisitions, retention and engagement by leveraging big data and predictive analytics for matching and identification of the right-fit talent for open positions, thereby saving enormous time and cost, especially, in large-scale hiring. The technology used for time and attendance tracking and reporting systems have increased the accuracy of payroll by up to 85% and have resulted in a boost of productivity by 25% to 45%.