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Human Resource Management has at least a few peculiar challenges that humans are over-qualified to deal with. If you are thinking about automation of routine tasks, you are almost there. Given the diversity of day-to-day, not-so-critical but important tasks, many times it becomes exhausting to keep track of employee records to the minutest detail. To overcome these challenges, HR agencies and business houses alike are resorting to HRMS solutions with end-to-end coverage of company-specific requirements. Keka, an IT solution provider specialized in catering to HR needs, is doing marvelous service to companies helping in better asset management. Analytics Insight has engaged in an exclusive interview with Barun Mallick, Marketing Head, Keka.
India's leading HRMS provider, Keka was born in 2015 out of frustration due to the existing options back then that sucked. We understood the fundamental pain points and wanted to build software that was simple, user-friendly, and efficient – one that the HR world deserved. In a world that runs heavily on investments and big-shot funding when it comes to startups, Keka thrives being bootstrapped.
Our product was created to allow companies to put to sleep the mundane and tedious tasks of workplace administration. This enables HRs to focus on their vital assets, their employees, making it easier for any company to make the journey from good to great. Right from leave management, generating attendance reports, and performance management to complex payroll processing and income tax, Keka is the complete solutions suite. Ultimately, we are a true employee experience platform and, on a mission, to create digital workplaces where employees can flourish to do their best.
When the wrath of the pandemic swamped the livelihood of every single human, Keka too was shaking. It pulled down the inflow of new customers for the company while the existing clients sacked 30-35% of their employees- directly affecting Keka's revenue. With no new customers, Keka lost 60-70% of its annual revenue. However, what made Keka jump back in is the conviction it had in the reversal of the market status. Through the leap of faith gathered from years of experience and a strong instinct of landing safely on their feet, Keka took off the flight to invest in core activities even further, though there was no sign of rising revenues. Within 3 months, things took a turn for the better; while the months of April, May, and June turned out to be the worst time for Keka, July emerged as a blockbuster.
Our products are scalable, configurable, and easy enough for people from nonfinance backgrounds to understand. Moreover, through daily webinars with our customers, we are exposed to more feedback and guided in a direction of building a better product. We regard customers as heroes of any business and what they say holds immense importance regardless of the company's size. The needs of every firm are considered essential. If I have to specify what our customers and partners are especially appreciative of, it would be Keka's asset management, expense tracking, and income tax management features. These are unlike any features other platforms offer. For example, the Income Tax management section allows employees to check every element of IT associated with their account and their pay slip. Every investment they make, tax-saving methods, declarations, basically A-Z related to an employee's Income Tax can be accessed with full transparency. This helps the employee make informed decisions about his investments and understand how much tax he will be paying and saving in a fiscal year.
Big data and AI have a synergistic relationship. Big data analytics leverages AI for better data analysis. In turn, AI requires a massive scale of data to learn and improve decision-making processes. And one of the biggest data hubs for any business process is people. So, there are indeed people talking about predictive analytics in workforce planning both tactically and strategically. A big part of it will also drive sentimental analytics where qualitative and quantitative data will transform transactional data into transformational insights.
We are moving towards our next big goal- Global expansion. All our efforts are directed towards executing our strategized plan well and leveraging our strength, i.e., our product. We aim to achieve this by the coming fiscal year. We are aware of the intricacies of the HR arena and identify Keka as the medium to tackle each problem in the field as it comes. Hence, we are shifting our gears towards our journey over the world, aiding ceded companies to embrace the HR sphere with the simplicity of Keka.
Everything eventually comes down to achieving goals- both qualitatively and quantitatively. Every business has the scope for growth, but it comes only when the employees work with an unmatched interest and fervor. We believe that the people of any company hold the maximum power in helping it thrive. Only an avid worker can scale the productivity of a company and Keka acknowledges it. Unlike others who attend to employee engagement as an afterthought, we regard it as a primary obligation.
With this notion in mind, we created Keka, to let organizations drive motivation, leverage potential, and focus on their assets- their employees- leaving the mundane and tedious duties to our able software. Keka helps employees become more self-accountable and work with a sense of extreme ownership, apart from supporting HR professionals by taking the time-consuming and complex tasks off their shoulders. This frees up the upper management to work on strategizing business growth plans and make informed decisions with data-backed resources from HR analytics and insights dashboards.
When we are talking about the HRM industry, embracing the inevitable changes in the business world, engaging and retaining the workforce despite the distractions, prioritizing employee well-being, recruiting beyond geographical, racial, and cultural borders, managing and nurturing relationships, and staying updated with the latest in tech advancements to remain ahead of the crowd are the key issues we are currently looking at.
During and after the pandemic, the business world saw growth in the HRMS market and it is safe to say that the market potential is getting bigger. Companies are at different levels in their respective digital HR transformational journeys. This market can never get saturated. Businesses will be run by people (be it directly or indirectly) and HRMS will be the key axle through which business growth is going to be determined.
