The Internet business has transformed the way business is done in India. The Indian Internet business market is expected to grow to US$ 200 billion by 2026 from US$ 38.5 billion as of 2017. Much growth in the industry has been triggered by increasing internet and smartphone penetration. The ongoing digital transformation in the country is expected to increase India’s total internet user base to 829 million by 2021 from 604.21 million as of December 2018.
Having said that there are still major business challenges in internet business space WRT management for data for the customers. Also, with such a growth expected, the industry needs to be able to innovate to stay ahead of the competition. In order to achieve growth and innovation, you need to have the right mix of people and processes.
People who have the capability to innovate think out of the box and are aligned to the company objectives have the passion to drive it to success.
Processes ensure that the correct direction is given in order to carry out the task.
HR Technology plays a key role in driving efficiency and effectiveness in the HR processes. With the advancement in HR Tech, it also ensures employees are empowered to achieve their goals. In an agile work environment technology enables work to be done irrespective of the time and location.
Since Internet Business companies operate round the clock and all throughout the year, the HR Tech platform needs to be agile, accessible and animated. The established rules of HR need to be altered in correspondence with the evolving hierarchies, new organizational alliances, and demographic characteristics. These changing workspace dynamics warrant a complete overhaul of people, management, and policies. Institutionalizing these practices, here is how HR Technology in Internet Business companies is modernizing the conventions to be in sync with the contemporary personnel and professions.
While there are these advantages of driving effectiveness using HR Technology, there are a few Do’s and Dont’s which any Internet business organization should keep in mind while implementing an HR Technology Solution.
Knowing “Why” to Implement – A lot of organizations today just go by following the crowd. While there is a realization that each organization is different, the buyer community still looks out for technology that provides them with all functionality’s w/o focusing on the real problem faced in the organization. There is a need that the buyer community should focus on what technology intervention impacts the employees, the leaders and the business and thereby ensuring that the technology which is implemented acts as a stepping stone towards success.
Create your own plan knowing your Audience – Any change in the organization should be accompanied by change management. Since the HCM implementation will impact all employees in the organization including the admin users, leaders and the system users, the organizations need to prioritize their needs based on the needs of each stakeholder. Organizations should focus on linking each phase of implementation by initiating from employee data, time data and Payroll data followed with other phases.
One should be aware of the future and should always keep in mind the end state to be achieved post-implementation. While organizations are thriving to go towards automation; very few do their homework before entering the automation space. It’s a must for any organization to ensure that they are aware of the end state of automation and should work accordingly. There have been organizations in this space wherein the projects have actually failed due to a lack of focus on the change management approach.
Make sure that it adds value to the employee and not only to the HR – Accordingly to research 56% of the organizations focus on how the technology would help in improvising the life of the HR. There is very little focus on the problem which the technology would resolve for the employees using the system. While the HR community buys the product, they should keep at the center “The Employee” and should ensure that the technology should be able to assist the employees in improving their productivity and not only the HR by ensuring that there is a perfect balance between “Work” and “Life” for the employee.
Timely Governance – Executive sponsorship is the founding principle for success. Beyond the senior leadership, one must get the rest of the organization aligned on the project/ implementation. Lack of proper foundation of project governance can derail even a well-devised project. While it is imperative to incorporate excellent technical insights and innovative ideas into the project, one cannot undermine the significance of good project management and governance. Keeping a track of the Net Promoter Score (NPS) is another way to ensure how the product is being driven across the customer base. The Net Promoter Score is an index ranging from -100 to 100 that measures the willingness of customers to recommend a company’s products or services to others. It is used as a proxy for gauging the customer’s overall satisfaction with a company’s product or service and the customer’s loyalty to the brand.
Rolling out any new HR program is a costly venture. Even more costly is having to re-roll out a technology. If your organization focuses on the tips above, the long-term viability of the technology will be adopted earlier and will lessen future training and implementation costs.
Payroll and HR are at the core of every organization. With new-age workforce distributed across geographies, organizations are grappling with multiple payroll processes, numerous pay-components, and inconsistent tax and compliance handling. Payroll provides intelligent payroll management solution for building smarter workplaces.
Get in touch with our payroll and compliance executive to know more about Payroll and how we can manage your payroll better.