Human Resource Industry Adopting Digital Transformation Swiftly

Running an organization, irrespective of its size or nature requires the complete support of every team member. They say a team is only as strong as its weakest player, which makes onboarding the right talent a crucial aspect of ensuring success. The onus largely falls on the Human Resource department to ensure that they build and maintain a strong and efficient team making it a critical function for any organization. In 2017, the global HR industry was worth $54 billion.

Over a course of past few years, technology and digital trends have taken the entire business world by storm. The HR industry has been no stranger to this evolution; having undergone plethora of changes over the past decade. First came in ERP systems, then HRIS & web based job portals. Gradually as internet penetration and smart device adoption increased, there came in a wave of digital transformation that brought with it a vast variety of solutions including use of video as a communication tool, adoption of big data & analytics, usage of AI, ML and IoT etc. with technology becoming a critical component of the HR process, HR tech has emerged as a lucrative field.

The market today presents opportunities galore to entrepreneurs and technocrats to make value addition to the Indian HR Tech industry. Most enterprises today are looking for efficient & focused recruitment methods along with convenient & easy access avenues to access employee data. Human Resource Management software providers have also been at the receiving end of ample opportunities. Such organizations have been leveraging new capabilities in terms of emerging technologies such as artificial intelligence (AI), machine learning and HR chatbot solutions, automation etc. such firms have been successful in delivering operational efficiency and enhanced employee experience to clients making it a segment to watch out for in the near future. According to reports the global HR tech market was expected to touch $34 billion by the year 2021. And $3.6 billion of that business was slated to come from Asia including India. $20 billion of the said worth will be commanded by existing solutions largely in Human Capital Management.

In order to help our readers understand the transformation the HR industry has been undergoing and the emergence of new age players, SiliconIndia presents to you the HR Special issue. The current edition presents to you '10 Best HR Tech Startups' and '10 Best HR Process Startups'.

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