The COVID-19 pandemic wreaked havoc on the whole market out there but there is a common thing that every industry in the market has, it is an HR team. The HR team plays a crucial role in every industry for its well-being and smooth functioning. Companies were firing employees at a huge scale as a cost-cut measure.
In this era of shutdowns and laying off, the HR team of every industry was held to keep working as normal as possible. E-commerce demand was expanding at a vast pace, and HRs were responsible for aligning the workforce to meet the increasing demand.
The market size of the HR industry
The market size of the HR industry was valued at $32.6 billion in 2021 and is projected to be at a CAGR of 9.2% from 2022 to 2031. HR technology helps organizations to streamline their HR processes and deliver a better employee experience. It provides numerous benefits to organizations. It helps in storing the data of an organization in a secure form, automates daily tasks and provides analytics to create management reports. HR technology supports a range of HR functions. This includes time and attendance management, employee payout, employee retention rate and employee recruitment in Singapore.
Why is the HR software market booming?
The major reason is the drastic increase in the demand for automation. Automation refers to the process of taking over the manual activities of HR to reduce human errors and propel the growth of the organization.
The total number of businesses in India is expanding day by day and every business operation needs a team of HR professionals.
Another major reason driving the demand is the flexible and extensive solutions provided by HR software to streamline HR processes.
Impact of HR Software on the Indian job marketse
As automation continues to advance, there is growing concern about how HR technology will affect the Indian job market. Some support that it will accelerate the quality of hiring and stimulate growth, while others worry that it will displace the job market.
No matter how things will work, it will surely have significant implications for the future of the work.
1. Improves the quality of hiring
HR software will improve the quality of hiring in the near future. One of the features of HR software is resume parsing which helps organizations to hire the best talent out of the number of candidates. Generally, HR posts jobs on various top job portals in India to hire candidates.
2. Data-driven decisions
HR software helps to reach a large number of candidates and make data-driven decisions rather than potentially biased decisions. Data-driven decisions help to improve the productivity of an organization.
3. Diversity of candidates
With applicant screening information such as name, location and education of the candidate HR automation provides a platform to hire a diversity of candidates from top job portals in India.
4. Reduced costs
By streamlining the recruitment process and eliminating manual labour, there are a number of ways in which the hiring cost of the organization gradually goes down due to automation. Companies can ensure better hires and cost reduction in the hiring process.
5. Improve compliance
With HR automation companies can easily look at the entire recruitment process, including individual candidates making data privacy and protection easier.
What can HR software/ automation do?
HR software/automation can perform a variety of tasks in the organization. These tasks include:
1. Post job listings
HR software can easily post jobs on various top job portals in India and social media platforms with a single click allowing organizations to reach wide and potentially diverse candidates much faster. The job posting will bring out the desired candidate, which we can hire for a specific job post.
2. Screening of applications
Candidates that are screened out of a number of candidates prove to be more efficient for the organization. Automation tools can quickly roll out all those resumes which didn’t meet the minimum qualifications, thereby saving the valuable time and effort of HR.
3. Schedule interviews
HR software streamlines the process of scheduling interviews automatically which thereby saves the time and effort of the HR. It will send the interview schedule mail to the desired candidates thereby speeding up the recruitment process.
4. Delegate and manage
HR software helps to delegate tasks to your hiring team and manage everything in a single place. It is easy to maintain track of all the candidates, their status in the recruitment cycle and the details of the applicants.
5. Assess skills
It becomes easy for the interviewer to assess the skills of the desired candidates using pre-made personality and aptitude tests as well as skill-based assessments of the candidates.
6. Extend job offers
Automated HR systems help to extend job offers to candidates, send out offer letters and collect necessary paperwork. It is also possible to send surveys of the recruitment process to the candidates who have turned into employees.
Conclusion
The use of HR technology in recruitment has proven to be a game changer for companies which are looking to streamline the tasks of HR in their organization and want to improve the quality of new hires. ATS have completely revolutionized the way companies used to manage the data of employees while AI-powered tools help companies to make well-informed decisions rather than biased decisions. Moreover, data analytics can help recruiters identify the ongoing pattern and trends in the behaviour of candidates and allow them to hire the best and right candidates for their organization.
Integrating HR technology in the organization helps to stay competitive in today’s competitive job market. By leveraging these powerful tools, you can reduce the hiring time and the quality of candidates you hire, ultimately driving business success. Whether your organization is a startup or a well-established firm, investing in HR technology will surely payout a dividend by hiring top talent with greater accuracy.
As such it is recommended for organizations to opt for HR technology to stay competitive in the industry.