The growing need for digital transformation and the changing responsibilities of today’s HR function has given rise to a number of HR tech innovations and start-ups. These start-ups help business owners and companies hire the right talent and retain them so that they can grow to be valuable assets for the company over time.
Every year, we see new start-ups launching new innovations.
Here are some HR tech unicorns that are ready to be game-changers for the industry.
Unicorns are those startups that have attracted an investment of more than $1 billion.
Andela helps manage remote teams. Industry giants like Percolate, GitHub, Coursera, Viacom are using this HR Tech tool to turnaround their team’s efficiency and productivity. The Angela engineers utilize your company’s core systems to streamline the workflow.
If you are looking forward to increasing resilience among your team members, BetterUp is the right HR tool for you. The currently disclosed funding received by the start-up is USD 146M and it will soon be known as an effective platform for social and emotional training.
Read more: How AI Will Empower Employees to Make Better Business Decisions Faster Than Ever Before
Reflektive comes to play when performance management is at the core of your business. It is essential to empower your team in times of change. Reflektive focuses on employee engagement through goal alignment and continuous improvement. The company is based in San Francisco and the disclosed funding is close to USD 102M.
Designed especially for small and medium enterprises, PayFit is an interesting payroll management software. With PayFit at hand, salaries are never delayed and there won’t be any room left for miscalculations and mistakes. Payroll and HR management becomes convenient with PayFit. Based in France, the company has received a funding of USD 100M.
League is an HR tech start-up based out of Toronto and Chicago and the disclosed funding for the start-up is close to USD 77M. This HR tool is one of its kind and its digital platform helps manage employee wellness. They utilize their enterprise OS technology to revolutionize employee healthcare.
It is time to align your organization and streamline HR with BetterWorks! Teams are effective only when their goals are aligned with the mission and vision of an organization. This HR tool ensures that the goals are aligned to the company’s top priorities. Further, the software helps in tracking and managing employees. Disclosed funding for BetterWorks for the year is USD 71M.
Read More: HR Tech Tools That Can Enable An Easier Remote Hiring Process
Employee engagement sits at the heart of the entire HR processes. If an employee is not engaged enough, he / she won’t be productive. Peakon is designed to measure and improve employee engagement and has reached the top list of HR tech start-ups today. It has already secured a funding of USD 69M and soon to be counted as an HR tech unicorn.
They say recruiting is hard, but it doesn’t need to be. For simple and effective recruiting, we have Allyo. It is an AI powered automated tool that has already made the life of many recruiters easy and convenient. The current funding for Allyo stands at USD 64M and by the looks of it, it will soon add more feathers to its cap.
Talent acquisition has always remained a challenge for the recruiters. Eightfold helps companies find the right fit for their hard-to-fill senior level roles. Eightfold is a talent intelligence platform and it helps organizations pursue a comprehensive talent strategy. With a perfect talent acquisition process, your company can grow manifold. The AI in the HR tools shows insights about the employees and how to grow them within the company. It is a good tool, their current funding stands at USD 55M.
Also read: TecHRseries Interview with Patricia Barnett, Vice President of Human Resources at Jenzabar
The digital and e-commerce space is saturated. We saw some rising Fintech giants in 2019 and now 2020 will see the rise of the above-mentioned HR Tech unicorns. The HR tech market will rise beyond $34 billion by the end of 2021. If this happens, the net worth of the HR Tech business will cross $3.6 billion. It is further estimated that the growth will double in the next four or five years.
The HR tech space is evolving quickly, and it has become a hot favorite for angel investors and venture capitalists. We are yet to see the emergence of more HR tech startups. Stay tuned!