Prayag Consulting, a leading technology marketing firm, recently interviewed the President of Saigun Technologies and the Chief Architect of EmpXtrack, Tushar Bhatia, regarding the trends in HR Technology, the future of HR management and entrepreneurship. Here are excerpts from the interview that appeared in their newsletter Focal Point.
What the future holds for HR technology
With the baby boomer generation retiring, there is a massive talent shortage in western countries. Organizations will have to optimize their workforce to deliver at the lowest possible manpower requirements, and any solution that can help them do this effectively will be a sure winner.
The maturing of Internet based technology platforms, acceptance of the SaaS concept by the market at large, good security standards, and low cost of bandwidth are further enablers. We are fortunately in a good period, at the right time, and hope to capitalize on the trend.
On competition in HR technology domain
The HR software products industry, fortunately for us, is very fragmented with lots of providers in niche areas. We were among the first few companies to offer an integrated solution which covers the entire gamut of HR activities. Incidentally, this is our value proposition too.
Moreover, the market is evolving with a huge growth opportunity across the world. Some estimate this to be a $600 billion market by 2015, and we are looking for a sizeable chunk of it. Having said this, the biggest challenge is adapting the solution to the regulatory needs and HR processes of all our target markets as well as building a solution for a global enterprise.
On the pleasures and pains of being an entrepreneur
People make the organization and each organization acquires a unique DNA. As the organization grows, the difficulty lies in replicating or cloning key people. I think it is all about people at any stage of organization maturity!
Network, ask for help, hire differently, outsource non-key activities, and keep on trying till a few things begin to work.
Most importantly, be extremely transparent with employees, vendors, contractors, etc. Those who decide to stick with you would be sharing your dream and will hopefully support you through thick and thin. Try to mature your HR processes as early as possible in your lifecycle. This has helped us immensely in identifying and retaining talent.
On pointers to fellow entrepreneurs
- Be patient
- Continue to believe in yourself
- Have fun