Connect with us

Market Trends

25% Indian companies are still apprehensive about using technology in HR: TimesJobs survey

Published

on

Rapid technological advancements in HR are making a wave globally but in India, almost one-fourth HR managers are still uneasy about this change. This and more related facts surfaced from a new survey conducted by TimesJobs.

Increased use of technology in HR, especially in the recruitment process, is helping Indian companies gain competitive advantages by hiring and retaining the right talent. A new study by TimesJobs reveals that nearly 75% of HR managers are using technology to improve HR practices, but a staggering 25% are still not keen to switch over to using technology in HR.

Out of the 75% respondents who voted ‘Yes’, about 30% of respondents said that technology has centralised HR processes. Another 20% said that the use of technology has led to better data management and 19% said it has increased productivity. Approximately 26% of employers said that technology has improved their talent acquisition processes and 5% said that they reduced the cost of HR operations to a great degree by employing technology.

Out of the 25% who confessed being uncomfortable to use technology in HR processes, about 18% said that their company wasn’t giving up on the traditional practices. Another 22% hiring managers were hesitant to use technology in HR because they failed to adapt to new technologies earlier, and 11% respondents said that the reason for no interest in technology was because tech overhauling of HR process is expensive. As many as 48% of respondents considered all the above factors responsible.

The adoption of technology and tools in HR
From posting a job vacancy to sourcing candidates, several areas in the human resources function have become digitised. Participants in this TimesJobs survey were asked if they were using any specific tool for job postings and more than 63% respondents acknowledged to doing so. Only 37% respondents said they did not use any such tool.

Approximately 61% hiring managers claimed that they were using specialised technology and tools for sourcing candidates. About 38% respondents were still not using any tools for their talent sourcing needs.

Impact of tech in HR and the future

To understand the impact of tech in HR, TimesJobs asked employers about the on-going changes in the hiring processes. 23% employers said that the use of technology in HR has increased profitability and made the HR processes less time-consuming. About 14% said that it has increased the productivity of their existing employees.

TimesJobs survey respondents were asked about their vision of the HR domain in the coming years. According to 36% of respondents, the HR industry will become more ‘pioneering and personalised’ in the next five years. For 29% of respondents, the industry will become more ‘reactive and procedural’ in the future. About 19% envision the future years will be more ‘cultivating and empowering’; because 16% perceive the future to be more ‘functional and fragmented’ for HR domain specifically.

Ramathreya Krishnamurthi, Business Head, TimesJobs & TechGig said, “I’m excited to see that 75% of respondents in our survey have shown a keen interest in using technology in HR processes. Technology expedites the recruitment processes and delivers cost-saving advantages to a company. HR managers are now becoming partners in the overall business growth and hence are exploring new-age solutions to boost their work and operations.”
About TimesJobs:
TimesJobs is a platform to help competent professionals enhance their career growth. With over 25 million registered jobseekers across the board and more than 60 million-page views every month, it is the most preferred career portal among ambitious and talented professionals who want to make smarter career decisions that accelerate their career progression.

Media Contact Details
Neha Singh Verma, TimesJobs, ,9999652048 , neha.verma3@timesgroup.com

Business

How does technology impact on E-Commerce Industry?

Published

on

 

Since the last 20 years, the e-commerce industry is growing significantly. It is due to the higher consumer interest, participation, and increased demand. In this time the B2C e-commerce was gaining the speed with B2B e-commerce and this trend is continuing all over the world and it will be seen in coming years. The technology is the main fuel behind the evolution and existence of B2B and B2C E-commerce industry. As the technology changing the transactions between the business and consumer, the consumer is accessing various tools to estimate prices, find alternatives, stores and obtain coupons.

The Rise of E-commerce Sites

The increase in e-commerce websites helped people a lot. Without going anywhere, they like to buy online and they are also benefitted by getting various offers and discounts. Besides these, people love to purchase by taking the consent of friends, spouse, and other family members. Additionally, it is more convenient and people can gift any product to their friends and loved ones through these websites.

Costumers get Better Shopping Experience

E-commerce industry has changed the process of business and cash transactions. Now it has introduced a lot of new, modern and useful factors by which customers enjoy easy and hassle-free shopping. Anybody can purchase at the top of a button and receives the product at the doorstep. Thus the customers depend more on the e-commerce market place.

Faultless Payment Process

The most popular thing about E-commerce industry is its mode of payments.  Most of the cases, the payment is done digitally here. By knowing the convenience and other advantages of digital payment, people gradually adopting this process. E-wallets and gift cards are increasing the business. The technological advancements have gained the faith of people and they like to expend more on e-commerce websites because of its transparency and the safety of money.

Give Personalized Information in B2B Sector

As companies changing to B2B e-commerce, increasing real-time procurement data will be gathered. The B2B e-commerce competitors access this data to better understand the actions of the customer and provide services according to the data.

Artificial Intelligence Improves the E-commerce Industry

Artificial Intelligence will find a huge transformation in B2B e-commerce. It is different from B2C e-commerce as there are large numbers of users and use-cases. But B2B e-commerce will have fewer numbers of users; those do large ticket transactions under restricted use cases. In these cases, B2B e-commerce will apply AI and adopt it eagerly as it is very uncomplicated and powerful. Businesses get efficient by doing effective decision making at purchases, computerization of several routine tasks, offer important insights, release several man-hours behind procurement and doing business purchases clear and low cost.

Decision Making During the Procurement Process

Usually, the procurement managers or executives those work for corporate find difficulties in making choices during the procurement process since it will impose pressure on development and the business of the company on many levels. Technological advancements will also help the procurement teams of businesses to better comprehend the requirements of the business and provide them fair insights to do more up to date complicated decisions.

Additionally, Business to Business E-commerce companies will make personalized dashboards for their customers and this will let them know about essential data-points and buying suggestions. In the coming days, the personalization will be advanced by combining APIs with the buyers’ active ERP/CRM platforms to make the purchases more controlled and seamless.

Thus today technology’s role in e-commerce is unavoidable and faultless. The success of E-commerce is based on it right from its beginning to each and every progress happening every time in the industry.

Continue Reading

Market Trends

Retail sector expected to adjoin 39m sq ft space in four years, 71% in big cities

Published

on

The organised retail sector of India is likely to adjoin nearly 39 million sq ft of space in four years to the end of 2022, out of which 71% will be in metros and tier-I cities, as per Anarock Property Consultants.

According to Anuj Kejriwal, managing director of Anarock Retail, a retail advisory service, Ahmedabad, Bhubaneswar, Ranchi, Kochi, Lucknow, Surat and Amritsar are among the metros and tier-I cities where the subsequent chapter of development is probably to open up.

“The arrival of foreign brands forces domestic brands to up their game as well. This is what is happening in Indian retail, and what ‘getting organised’ is all about,” said Kejriwal. “Global retailers are now also eyeing cities like Chandigarh, Lucknow and Jaipur, to name a few.”

Kejriwal in an earlier interaction had said, the country’s retail market is anticipated to grow to nearly $1.1 trillion by 2020, up from about $672 billion in 2017, with organised retail growing at a CAGR of 20-25%. The market size of tier-II and tier-III cities is expected to grow to $80 billion by 2026, up from $5.7 billion at present.

The organised retail segment is proposed to grow to 19% of the whole retail market by 2020, up from 4% 10 years back, improved by rapid urbanisation, digitisation, rising replaceable incomes and lifestyle changes.

More than the past two decades, the Indian retail market has transformed from conventional shops to large multi-arrangement stores in malls providing a global experience and on to the extremely tech-driven e-commerce model.

Organised retailing means any trading action performed by authorized retailers from current retail formats, for example, hypermarkets, supermarkets and departmental stores. Organised retail arrangements can exist either as separate shops or possess a space in a mall.

Between 2015 and 2018, this sector has attracted collective investments of more than 5,500 crores, out of which around 1,300 crores were in 2018, according to a report by Anarock. It made 2018 as one of the best years for the Indian retail sector.

Kejriwal said, “The increasing involvement of foreign and private players in India’s retail infrastructure indicates long-term growth potential for organised retail in the country.”

The reduction of restrictive foreign direct investment (FDI) policies, and the decision to let 51% FDI in multi-brand retail and 100% FDI in single-brand retail under the automatic way was followed by the entry of retail giants like Walmart and IKEA.

“There is huge demand of retail space from across segments and we are very bullish on retail. Prestige has six malls under construction, with most of it coming up in south India,” said Venkat K Narayan, chief executive of Prestige Group, one of the biggest mall operators in the country.

In spite of the positive numbers, the organised retail in India is nowhere near to the level in more developed countries. For example, in the US, 85% of the whole retail market is organised, whereas in the UK it is 80%.

Continue Reading

Market Trends

Post-Budget Review by Suman Reddy Eadunuri, MD, Pegasystems India

Published

on

“The government has given fair impetus to the technology sector, and indicates its commitment to use technology as a platform to build a Digital India that reaches every citizen, by transforming 1 lakh villages into Digital Villages.

Focusing on AI in two consecutive budgets, the announcement of a national centre for AI supported by Centres of Excellence in 9 priority areas conveys how important this key technology is for the government, as the country aims to become a $5 trillion economy in the next 5 years. This furthers the announcements in AI investments and institutions made in 2018 which expands the scope of research and collaboration. However, the industry is looking to understand how these institutions are creating a favourable environment to foster entrepreneurship or AI research, and how the investment is creating on-ground impact, helping enterprises and deep-tech startups to create market value. The national AI portal is a good move to facilitate the vision of Minimum Government, Maximum Governance as part of Vision 2030, being a catalyst for emerging technologies, and a platform to unite the efforts of a massive institution like the central government.

The emphasis on increasing tax-paying base, and reducing tax burden on middle class, in addition to GST show the government’s overall commitment to plug leakages and improve tax collection processes. The reform of the tax environment shows rapid strides towards efficiency and transparency. Given the interim nature of this budget, expectations around corporate tax, Place of Effective Management and skilling involvement in the IT sector have been missed.  We are hoping the full-fledged Budget in July will address key expectations and boost the output of the industry.”

 

About Pegasystems 

Pegasystems Inc. is the leader in software for customer engagement and operational excellence. Pega’s adaptive, cloud-architected software – built on its unified Pega Platform™ – empowers people to rapidly deploy, and easily extend and change applications to meet strategic business needs. Over its 35-year history, Pega has delivered award-winning capabilities in CRM and Digital Process Automation (DPA), powered by advanced artificial intelligence and robotic automation, to help the world’s leading brands achieve breakthrough business results. For more information on Pegasystems (NASDAQ: PEGA) visit www.pega.com.

 

About Suman Reddy:

Suman Reddy, the Managing Director and Country Head at Pegasystems India, has been the reason behind the team which develops world-class solutions for the global CRM behemoth that helps Fortune 500 companies grow closer to their customers. He has led Pegasystems India on an explosive growth path over the past 10 years. He built the centre from the ground-up, with 4 team members, to 1500+ employees today, across Hyderabad and Bangalore. His team comprises of software developers, almost 80% of the company’s global R&D strength, and more than a third of the company’s global workforce (4500+). Suman has been pivotal in growing the company’s revenues from 100 million USD to around 880 million USD revenue over the past 10 years.

Suman has been pivotal in growing the company’s revenues from 100 million USD to around 750 million USD revenue over the past 10 years.

Known for his strong business acumen and leadership style, Suman has spoken at some of India’s biggest tech events, like NASSCOM’s Big Data and Analytics Summit 2016. He is a member representative for Pega at NASSCOM, CII, YPO, HYSEA and TiE, and is invited to comment as a technology thought leader by the government and media, on key issues affecting the industry and economy.

Social Profiles:

LinkedInTwitter

Continue Reading

Trending