The Post-COVID Market Sees a Rising Demand in HR-Tech and Performance Automation As Prompted By Timelabs
New Delhi (India), September 23: The COVID-19 pandemic upsurge has been detrimental to organizational processes across the world. The major immediate impact was on the workforce functionaries that were gravely sub-grounded and relapsed to the situation.
As teams dispersed and operated from silos to restrain from the mainstream culture of work, organizations found it difficult to respond to the situation of severe resource disintegration. As a popular repercussion, the situations like Great Resignation and Quiet Quitting emerged to further complicate conditions. In July 2021 alone, 4 million people quit their jobs, which went on to further aggravate and grow to the mark of 10.4 million by January 2022.
It’s been two years, and corporate policymakers and human resource practitioners are constantly exploring choices and appointing practices to quintessentially deliver in such circumstances. As we take a broader grasp of the events, the sentiments swing towards building people-first processes and collaborative workforces that are more connected, streamlined, and digitized in their way of functioning that fits the newly evolved hybrid work model.
Timelabs, a leader in HR-tech and performance management systems, has over time produced dialogs that substantiate how HR technology can enable and empower organizations to work through these turnarounds.
Devesh Bhartiya, Co-Founder, Timelabs, says, “It’s all about the human connection at the core. We need to think about workforce engagement, people’s management, and performance enablement at the granular level taking the cues from trends. As we plan this at a bespoke capacity, technology should be organically introduced through the course of implementation and action. This is how we can build the systems that bring together people and programs to plausibly connect, collaborate, and reflect upon the ideas and trends on board.”
Devesh has been at the forefront of building and scaling Timelabs. He has weathered various trials and challenges in his 12 years of venturing into HR-tech possibilities across market factors and trends.
Timelabs today is an HRMS system that has not just made HR automation accessible to all but has devised solutions that have intelligibly addressed the situations of technological disruptions, legacy opt-outs, and process fallouts at scale.
Being at the center of transformation, Timelabs tracked and studied the trends closely. It has in its records how HR departments have struggled to attract talent, build the workforce, and retain employees in times of pandemic.
To take a close reference, the Indian manufacturing sector was gravely impacted by the sudden breakouts of the pandemic. Their frail resource policies and unstructured work systems triggered extreme downturns. At the tipping point, the gap became more evident.
As they acted in response to the situation, they found the adoption of workforce management and performance automation systems into their process framework the only practicable way forward. As a matter of fact, the most HR-tech adoption in the last couple of years is registered by businesses in the manufacturing sector.
Likewise, there’s a certain commotion prevailing in every sector as the existing systems and workflows did not stand to deliver at par with the situation. As a result, organizations are increasingly shifting their focus toward tech-enabled systems for improving employee performance, managing people’s activity, and engaging the workforce. There is a high demand for HR software and HRMS systems across domains, which is projected to get as big as USD 33.57 Billion by 2028, growing at the rate of over 10% YoY.
Quite in line with the trends, the investments in the HR-tech projects in 2021 stood at $12 billion, which nearly tripled the amount of Venture Capitalist funding in the domain in 2020.
Advanced Data Analytics, Connected Dashboards, Automated Payroll and Attendance, Biometric Authentication, Digital Onboarding, Hybrid Rosters, Remote Employee Management, Over-the-cloud Integrations, and Data Security are the most sought-after program features and action pointers to address the new norms of HR compliance and resource enablement at length.
This is not a one-time industry splurge or a dense transition. The pandemic and the after-situations proved to be forceful triggers, but these are apparently not the vehicle of the change. Here, as we grow towards building more cohesive and agile workforce capacities, this transformation will continue to seek more intense and active agreements with technology.
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