HR-Tech and IT/ITES

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HR-Tech and IT/ITES

Amitansh

@Amitansh

December 4, 2022

Hr Summit

767

Tech, Tech everywhere without one can go nowhere. In the world of digitization and every domain be it Finance; Marketing or HR have been moulding themselves around technology to stay relevant. Integrating Tech in a domain gave birth to terms as Marktech, Fintech and HR Tech.

What exactly is HR Tech?

HR Tech is a broad term inclusive of Hardware and Software technologies that facilitate the automation of HR processes. Many HR processes are lengthy and consume much time of the professional, HR tech streamlines the whole process and reduces the time taken to get the work done.

Some examples of HR Tech

Payroll Tech

Organizations constitutes of employees and in this increasingly digital and boundaryless workspace abiding to payroll rules and taxation rules becomes increasingly difficult. Payroll Tech helps personnel managers solve this problem using Databases, Cloud based Payroll solutions and AI powered solutions.

Talent Management Tech

Talent Management includes recruiting, evaluating, and developing employees. The data regarding these processes is tracked using different applications which increases cost to company and makes the whole talent management scene complicated. Vendors who have adopted to HR Tech provide applications that club all these processes and make a unified system which has all the important features in one single place. These includes ATS (Application Tracking System), Employee Referral System etcetera.

Performance Management Tech

Instead of traditional way of manually reviewing the performance of employees annually HR tech comes in handy with continuous performance review of employees.

It can be said that HR Tech is essential to HR personnel because it not only makes the storage of data easier but also because it reduces the cost through bundling and automation.

Where does IT fit in?

IT and ITES is an integral part of business linked technologies like HR Tech. With HR Tech coming into picture, importance of IT/ITES from perspective of Human Resources has increased a lot. IT/ITES assists and facilitates HR Tech without the right kind of IT infrastructure in place there would be no advantage to the HR. This integration of domain and technology opens up several avenues which benefits the customer organizations and also SaaS based vendors. Organizations have developed a whole new business model around HR Tech where they provide HR Tech related services and companies go to them for outsourcing.

Cloud based technology though has low technological requirements still there is a need for technology which benefits the hardware companies.

Why does HR Tech matter?

HR Tech brings with itself many benefits to an organization:

Employee Engagement: With the advent of Remote working and gig economy, the importance and need for HR Tech has increased multi folds. Many of the global HRs believe that HR Technology is the new normal for companies to invest in. Employee engagement has now become virtual, and many believe that good technological interface has a huge role to play in the same.
More Efficiency: Using the technologies, Communication between the employees and management can be streamlined and improved. During the recruiting stage as well, tech makes the decision making easier and helps the company reduce cost and hire employees with good calibre.
Agility: Technology makes it easier for organization to move data, it provides agility to management moreover it also helps in uncertain times to quickly adapt and handle macro environmental situations.
Analytics: HR Tech helps the business analyst to have loads of data with them for better decision making, and the best part regarding this is that all this data is cloud based and can be accessed from anywhere working in tandem with increasing work from home trends.

Challenges to HR Tech

IT support: With Technology comes errors and there comes a need to fix. IT support in virtual workspace can become a challenge in functioning of HR Tech.
Data Security: With all the essential data being on cloud there is a risk of data breach and HR data contains a lot of personal data which might put employee’s existence in danger.
Lack of Scalability: Currently there are many HR Tech solutions in the market, but they are for specific sizes of organization and once and organization grows their requirements increase and they must change vendors incurring costs.

Conclusion

HR Tech is at an early stage right now and has much scope for improvement, there are big challenges ahead but with the IT/ITES industry backing the field it will come out as a winner. The benefits provided by the implementation of HR Tech out weight the challenges and makes it a lucrative investment for business’s point of view.

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Amitansh