Tech tools bring clear cost-saving benefits to HR dept: Piramal Group CHRO
CHRO Vikram Bector says HR Tech tools helped it integrate its three recent acquisitions and their employees into the Piramal fold.
- Apr 15, 2023,
- Updated Apr 15, 2023 12:44 PM IST
The adoption of HR Tech tools shows a clear cost-saving benefit to the HR department, according to President & CHRO Vikram Bector of Piramal Group, especially as the pharma-focussed diversified conglomerate went through three mergers & acquisitions during Covid.
“The adoption of HR Tech tools shows a clear cost-saving benefit to the HR department, and the impact on the overall business accrues over a longer time,” Bector told Business Today.
The company, known for being a prolific player in the mergers and acquisitions space, acquired three companies during Covid – its subsidiary Piramal Pharma Solutions acquired US-based G&W Laboratories’ oral dosage drug product factory in Sellersville, Pennsylvania, and Hemmo Pharmaceuticals, while Piramal Capital and Housing Finance Limited acquired housing finance company DHFL with.
Bector says its HR Tech tools, which include Oracle Cloud HCM, helped quickly integrate the three companies and their employees into the Piramal fold.
With the pandemic necessitating remote hiring and accelerating the acceptance of digital tools among organisations and moving several HR processes online, the HR Tech market is pegged to grow from 23.32 billion in 2021 to 38.36 billion by 2030, according to a report by Verified Market Research.
While legacy firms such as Oracle and SAP were already providing human capital management solutions, scores of SaaS start-ups also entered the fray to help companies work out kinks in hiring, interviewing, employee engagement, rewards & benefits, and other HR processes.
For instance, the Piramal Group’s entire hire-to-retire cycle of its more than 13,000 employees across its pharma, retail financing and real estate businesses are enabled by a handful of tech tools provided by platforms such as Oracle.
As predictive analytics tools are growing in sophistication, Bector says they can share potential attrition scorecards with managers in the India pharma business. Besides, a combination of HR Tech tools have helped the organisation foray into interview-less hiring of over 3,000 sales positions in the retail finance business for frontline sales roles. “It is all done through online tests and automation, and offers are automatically released.”
Piramal’s digitisation began seven years ago. The availability of employee data on digital dashboards has taken away the need for any HR reporting on Excel sheets to gather insights from. “We do not use any paper at all in the HR department now. All processes are e-enabled. That is a big shift because we are also votaries of sustainable practices.”
Also Read: Indian men love gaming apps, while women prefer food and messaging apps: Report
The adoption of HR Tech tools shows a clear cost-saving benefit to the HR department, according to President & CHRO Vikram Bector of Piramal Group, especially as the pharma-focussed diversified conglomerate went through three mergers & acquisitions during Covid.
“The adoption of HR Tech tools shows a clear cost-saving benefit to the HR department, and the impact on the overall business accrues over a longer time,” Bector told Business Today.
The company, known for being a prolific player in the mergers and acquisitions space, acquired three companies during Covid – its subsidiary Piramal Pharma Solutions acquired US-based G&W Laboratories’ oral dosage drug product factory in Sellersville, Pennsylvania, and Hemmo Pharmaceuticals, while Piramal Capital and Housing Finance Limited acquired housing finance company DHFL with.
Bector says its HR Tech tools, which include Oracle Cloud HCM, helped quickly integrate the three companies and their employees into the Piramal fold.
With the pandemic necessitating remote hiring and accelerating the acceptance of digital tools among organisations and moving several HR processes online, the HR Tech market is pegged to grow from 23.32 billion in 2021 to 38.36 billion by 2030, according to a report by Verified Market Research.
While legacy firms such as Oracle and SAP were already providing human capital management solutions, scores of SaaS start-ups also entered the fray to help companies work out kinks in hiring, interviewing, employee engagement, rewards & benefits, and other HR processes.
For instance, the Piramal Group’s entire hire-to-retire cycle of its more than 13,000 employees across its pharma, retail financing and real estate businesses are enabled by a handful of tech tools provided by platforms such as Oracle.
As predictive analytics tools are growing in sophistication, Bector says they can share potential attrition scorecards with managers in the India pharma business. Besides, a combination of HR Tech tools have helped the organisation foray into interview-less hiring of over 3,000 sales positions in the retail finance business for frontline sales roles. “It is all done through online tests and automation, and offers are automatically released.”
Piramal’s digitisation began seven years ago. The availability of employee data on digital dashboards has taken away the need for any HR reporting on Excel sheets to gather insights from. “We do not use any paper at all in the HR department now. All processes are e-enabled. That is a big shift because we are also votaries of sustainable practices.”
Also Read: Indian men love gaming apps, while women prefer food and messaging apps: Report