“TeamLease HRtech as one of the world’s top innovative HR tech product companies in the next 10 years” – Sumit Sabharwal

TeamLease HRtech is one of the very few players in the industry that can digitalize each and every aspect of human capital management.  Legacy tools like spreadsheets, accounting software, and other point solutions are simply not enough to revolutionize the HR space.  TeamLease HRTech CEO Sumit Sabharwal shares such interesting data points on the constant technology evolution of HR space.

1) How technology is changing the way of HR functions, making it more data-driven, structured, and time effective?

HR technology has completely transformed the HR function in the past few years. Today’s HR leaders make data-driven decisions with the help of advanced people analytics. AI-enabled HR tech products help them to forecast workforce requirements quickly and accurately. Algorithms are spotting every red flag in employee engagement so that the HR managers can take the corrective actions at right time.

Additionally, HR tech products bring automation to many HR operations, resulting in more structured and time-effective processes. Using spreadsheets to manage payroll, taxes, and other calculations has become an archaic practice. Today’s HR manager is empowered by cutting-edge HR tech products like one-click payroll and zero-touch Applicant Tracking Systems that have increased accuracy and reduced efforts tremendously.

Many such improvements wouldn’t have been possible without the new-age HR technology. Legacy tools like spreadsheets, accounting software, and other point solutions are simply not enough to revolutionize the HR space.

2) Can you elaborate on the functioning of Teamlease HRTech and how is it helping the client companies?

TeamLease HRtech is one of the very few players in the industry that can digitalize each and every aspect of human capital management. We cover Payroll Management, Workforce Administration, Talent Acquisition, Benefits, Compliance and regulatory technology. So, our clients neither have to manage multiple point solutions nor have to work with multiple vendors.

A single-vendor, cloud-native, SaaS platform isn’t just a convenience, it is also a safe approach. When you are integrated with too many vendors, your data is at risk, and your compliances are vulnerable too. Our clients do not have to worry about all such issues.

3) Can you please list out the top 3 HR trends which are impacting the workplace and how can technology help in managing it?

Hybrid Working: After the pandemic, most companies have adopted either remote or hybrid working models. Productivity, performance measurement, and employee engagement are the most challenging tasks in these work settings. Mobile-first task allocation and performance measurement HR tech tools are proving to be very effective for HR Managers.

Attrition: Attrition is touching double digits in many sectors. Workforce forecasting and employee retention is becoming more and more difficult. HR leaders are leveraging AI-powered, real-time, advanced analytics to predict trends and take corrective measures. HCM suites built with empathic employee engagement modules are helping to enhance employee engagement and reduce attrition.

Offer Acceptance: The rate of offer acceptance is also falling for most companies. Candidates are backing out on the day of joining. For such situations, HR tech products that are capable of pre-hire candidate engagement, are proving to be useful. Our research suggests that the right HR tech implementation can help in 65% better matching and 80% faster hiring, and up to 65% improvement in talent retention

4) What is the scope of automation and analytics in HR functions?

Automation and analytics can contribute to every stage in the employee lifecycle from pre-hire to post-retire. For instance, candidate sourcing, shortlisting and onboarding with enhanced candidate experience have become easier with AI and ML. HCM platforms can match skills, parse resumes, organize documents, send event-triggerred communications, and schedule meetings without human intervention. Similarly, HR tech helps with each and every aspect of human resource management.

5)  How do you see TeamLease HRtech 10 years from now? Can you elaborate on some disruptive technologies which will impact the HR function?

We see TeamLease HRtech as one of the world’s top innovative HR tech product companies in the next 10 years. As we have come out of the pandemic we see that innovative products from TeamLease HRtech will play a defining role in creating a differentiated employee experience, with this vision we have set up TeamLease Innovation Lab to proactively introduce AI, automation and Advanced Analytics HR tech products.

Soon we’ll see large-scale adoption of meta and VR to provide an office-like environment to remote workers. Also, wearable smart devices will take the utility of HR tech to the next level. Wearable devices like smartwatches will help with managing attendance, employee well-being and employee engagement, and enhanced employee experience.