CXOToday has engaged in an exclusive interview with Mr. Sayeed Anjum, Co-Founder and CTO, greytHR.
1. How HRMS assists SMEs to survive and thrive?
SMEs may not have a structured HR function. In many of these companies, someone from the finance or admin team doubles up as HR and performs tasks with spreadsheets. An HRMS can help them solve the challenges arising from manual processes.
An HRMS makes HR processes more efficient by automating repetitive HR and payroll-related tasks. An HRMS enables digital documentation and workflow automation. Hence, it reduces costs by eliminating expensive paperwork and minimising wastage.
In smaller businesses, the HR or admin staff might be multitasking every day. So, there could be complexities, inaccuracies and bottlenecks that can demotivate new employees. The employee self-service (ESS) portal/app in an HRMS can enable employees to find answers to many questions without disturbing HR.
There is a need to maintain different records as per the various laws. SMBs may not have access to expert legal advice. An HRMS handles all of this automatically so that the business owner or HR need not worry about compliance issues.
SMBs may not be as structured as large enterprises. High attrition and physical documentation could lead to data theft and misuse. An HRMS keeps all the crucial information on the cloud and provides controlled access to the staff.
2. In the highly competitive HRTech segment, what are greytHR’s differentiators?
greytHR is much more than an HR tech platform. We offer a complete, accurate and reliable solution that is highly affordable. Also, we have a complete ecosystem for the HR function for businesses in India. It comprises a training academy, compliance website, resources section with 200+ downloads, webinar series, podcast series and more.
All of this enables greytHR to be a comprehensive solution to the HR & Payroll fraternity, and this has added immense value to our brand and sets us apart.
3. What are the key parameters an SME should evaluate while selecting the right HRMS?
Simplicity
An HRMS should be easy to deploy and use. The training and support must be effective and easy to access. The vendor must provide complete and updated documentation for anytime reference.
Scalability
When a business grows, there is an increase in headcount and employee data. Even the volume of work shoots up. An on-premise HR software is expensive when there is a need to scale. A cloud-based HRMS offers the benefit of adding more features quickly and affordably.
Commercials
HR solutions are classified and packaged in different ways by different vendors. Before buying an HRMS, it is important to check the payment model (subscription or licensing). The next step is to figure out the additional costs during and after deployment. Then comes the calculation of the overall RoI of the solution.
Employee Self-Service
Manual work is a challenge for both HR and employees. An ESS automates and expedites multiple tasks. It also empowers employees to access their personal and organisational information, perform HR activities (like marking attendance, applying for leave, generating payslips, etc) and reach out to the help desk.
4. How are the new-age employees’ experiences and expectations changing and what role technology plays in addressing them?
New-generation employees expect more superlative experiences during their tenure in an organisation. They also expect new learning & growth opportunities and contemporary tools, besides a good compensation.
An HRMS has succeeded in making an employee worklife a lot more easier. They can perform tasks on their own and also get instant responses. The waiting time for approvals has also reduced, so they can make quicker decisions. Even the onboarding and exit processes are expedited due to technology. A great onboarding experience creates a great first impression. A smooth exit process leaves a lasting positive impression, so the outgoing employee becomes a brand ambassador for the company.
5. HR Tech has evolved over the years, how has greytHR’s journey been through these evolutions?
Since the HR tech market did not have seasoned players, we had an advantage from the beginning. The launch of greytHR, in 2011, was a significant milestone for Greytip Software.
As India’s first-ever, fully-integrated cloud HR & payroll software, greytHR is designed to automate, simplify and expedite HR operations.
Over the years, greytHR has evolved into the preferred choice of 20,000+ businesses in 250+ cities across industries in India, the GCC and other countries.
Our customer-centric services include a training academy, compliance website, resources section with 200+ downloads, webinar series and much more.
In just a year after we launched our cloud app, we were among the top 8 SaaS apps in the country. We were recently recognised at The Economic Times Best Brands 2021. greytHR is the first HR technology brand to receive this honour. greytHR has also been named at G2’s 2022 Best Software Awards in the HR Software category.
6. With AI, ML and automation making advances, are we at the cusp of another HR Tech evolution?
HR has to track a variety of KPIs related to recruitment, productivity, learning, wellness, engagement and attrition.
AI&ML-powered data analytics can help. HR can dig into employee data and draw the right insights. Whether it is for workforce planning, identifying employees who are likely to leave or knowing the reasons for performance drops, more insightful dashboards and reports are available.
If an employee wants to know the leave balance, AI, ML and chatbots get to work for answering it in real time. The good news is that the market has a plethora of analytics tools to automate several other HRMS processes.
7. How has the year 2022 been for the HR tech sector? and what new trends 2023 holds for the sector?
The pandemic years witnessed the emergence of new technologies and new processes in the HR space. Many organisations switched to a cloud-based HR solution since it supported remote and hybrid work. Some tools were designed to handle the challenges of the pandemic era, while others were made for the long haul. Here are some of the tech trends that are likely to make headlines even in 2023.
Solutions for Remote Work
The pandemic made remote work a necessity. Although the concept is not new, the HR of some companies still find it hard to handle regular tasks remotely. The right mix of communication and engagement tools can help HR teams stay connected with their workforce and ensure that regular HR jobs happen without any hassle.
HR Automation
Manual HR work results in a lot of time and resource wastage besides errors. When processes are streamlined with automation tools, these issues are weeded out. Human intervention is also minimised so that HR can stay focused on adding value to the business.
Digital Learning
Cloud-based learning management systems have introduced self-learning and anytime, anywhere access to courses. Instructor-led classes have become more efficient with modern communication tools for video conferencing and webinars.
AI-Driven Analytics
When AI&ML-powered data analytics tools are leveraged, HR can draw the right data and insights for making decisions, launching policies and influencing the leaders. Whether it is for workforce planning, identifying employees who are likely to leave or knowing the reasons for performance drops, more insightful dashboards and reports are here to assist.
Employee Self Service
Nowadays, cloud-based HRMS platforms feature an employee self-service (ESS) facility.
An ESS enables employees to access information from anywhere, perform HR tasks and reach out for support. When employees are empowered, HR can heave a sigh of relief!
Cloud-based HRMS
A modern cloud-based HRMS can add simplicity, speed and efficiency to all these tasks by streamlining and automating them. Besides the benefit of anywhere access and easy scalability, such a platform helps HR manage information, activities and communication from one place.
