With the advent of the HR industry, the concept of hiring completely changed. Taking a whooping part of the percentage of stakes in the management planning sector, the HR industry continues to stay in limelight for its worth.
The attention given to the HR industry continues to grow as newer trends in the management arena keeps on growing in number. Major workforce trends seen across leading businesses all over the world owe their success to their efficient HR teams. The HR industry is again enjoying its well deserved status in the business world.
With India rapidly advancing towards privatisation, it has become challenging to skim out talent from the pool of potential employees. Overall, the functions of the HR industry have made it an inseparable part of an organisation. Owing to the intensifying talent demands all over the nation, there is an acute need of segregating skills according to the vital factors necessary for a business. Even the corporate sector has steadily advanced towards giving limelight to the HR market. Wherever you look upon- from public sector to private and corporate sectors; everywhere the dominance of the role of the HR team is inevitable to notice. A number of CEOs sound sceptical about investing in a new technology and believe in tackling problems very traditionally; something which is no longer a praised quality. As the HR sector continues to boom into the management arena, more and more firms are beginning to be a part of the growing HR trend. The ever increasing HR Technologies have multiplied profits and increased the reach of businesses all over the nation. Owing to this fact there has been an increasing investment in the industry with the advancing times, after having been underinvested for quite some time in the past. The number of start-ups blooming under the HR Technology has been on an increasing spree in India and citing the current growth patters the HR market would’ve become one of the most significant management aspects in the coming years.
Companies are beginning to realise that the entry level hiring techniques are of utmost importance for an organisation, something due to which Aon Hewitt acquired Gurgaon-based hiring evaluation company ‘CoCubes’ is at a valuation of INR 70 - 80 crore. Big Companies are even willing to buy large stakes in HRO and HR technologies doing good in the current times. Technology companies are busy producing innovative HR products for washing their hands in the flowing sea of returns labelled as the HR sector.
This year again there would be a great amount of hype and speculation surrounding the HR sector. There are expectations that companies will incorporate niche HR products under their caps with the coming times. As there remains an influx of talent, technology and manpower in the HR industry, its growth is quite ascertained citing the current flourishing trends.
These days, with the assistance of proper management, scalable business plans and a robust HR backing system, a company can soar great heights and create a niche for itself in the business field.