The Future of Human Resources is AI
One fine morning, I stumbled on this article, India’s HR Tech Market – An ignored billion-dollar pot of gold by PC Quest. Some figures as I read were confidence booster for my business. It predicted that by 2021 HR tech would be a whopping $34 billion business in the global market. Just then, to interrupt my happy thoughts, my doorbell rang, and it was my close friend Ravi, who had dropped in for a chat. The Future of Human Resources is AI is here.
Those numbers were still running in my head, when my friend came in to discuss his future plans. He said was planning to set up a #smallventure in content writing. He has a flair for writing and was planning to hire a few people full time. But here was his situation -
- His miniscule budget
- His need for a person for accounting and general administration and
- Office space and infrastructure
I told him, cloud is the answer to his #smallbusinessventure. As we delved deeper into the model, I suggested he settle into a co-work space, such as We Work. A two-or a three-seater should suffice for starters. Then he could make use of our Attendance Management System. With its check-in, check-out feature, attendance from any location can be maintained, when he is out on a client meeting, fetching business. If it’s his associate on the field, that colleague’s GPS data, location address, time and place can also be tracked.
I explained that once he expands, the system can be incorporated with an attendance terminal and the company module. For both the models reports in table and graphical format that can be extracted, and the data can also be filtered. Another useful tool is Employee Self Services, where employees can fill in their personal information. They can also put in their leave requests or expenses approvals. If there are any changes in the profile, for instance the designation, those can be put in. Once the HR is through with the documents, those changes will be made.
There is another section called as Employee Leave Management, where they can apply for leaves. They can also send polite reminders, if the approval doesn’t come through on time. Weekly offs, annual holidays, recurring yearly holidays everything gets structured into the system, which virtually functions like your HR manager.
My friend was excited and so was I. I could make out that the statistics quoted in PC Quest reports could turn out to be true – out of the $20 billion spend on #HumanCapitalManagementSoftwareSolutions, the report has forecasted that nearly $8 billion will be taken over by #payrollmanagementsoftware and the rest, $6 billion will be spent on the emerging, #GigEconomy, of which my dear friend was also going to be a part of. I continued reading the next write-up, by Pragati Khare, The Role Of Hr In The Rise Of India's Tech Industry!, for the India Brand Equity Foundation (IEBF), wherein she has cautioned companies to “keep it simple, keep it straight” while adopting new technologies.
I sighed with relief as I knew that as a friend, my suggestions to Ravi were also simple and straight.
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