HR Tech has certainly come a long way. If you check out Angel List and look up every HR Tech Startup that is listed in their database, you will see almost 200 startups with almost 1,000 investors and 100 different jobs currently being offered. Since New Year’s Day, there are already four new HR Tech Startups listed. Most people have no clue that this industry is literally booming right now. Unless you work in human resources, most people wouldn’t even know that every year, Las Vegas holds a massive conference for HR technology. In fact, almost 9,000 attendees make it each year, with more than 300 exhibiting companies and over 75 new product announcements.
So why is this industry booming? What’s going on right now that wasn’t going on before? Back in October, HR Dive caught up with some HR professionals who gave us some insights on what what’s happening and what to look for.
Stephen Joyce, The Hackett Group, says that until recently, many companies were operating with an HR technology strategy that had not been revised in ten years. He said that part of the problem was that the ERP systems that employers implemented too so much time and energy to put in place. This is a key point by Joyce. It’s just like any industry that is still stuck in the old ways. With so much room for disruption, it was really only a matter of time for SaaS to change the game in HR tech.
Anthony DiRomauldo, The Hackett Group, says their recent study in HR tech found that in the next two years, the use of SaaS applications is going to double. No doubt, that’s what we see happening right now.
This year, we should be seeing a lot more in SaaS, just like VibeCatch. We should see processes that usually take hours if not days turn into something a single employee can manage in just a few hours. Employee surveys, for example, used to be a very tedious annual process for any sizeable company. Now, with VibeCatch, we can send anonymous pulse polls through email, protecting the employees privacy, while getting more data, more often, with more actionable insight.
SaaS is also allowing the small businesses to take advantage of HR technologies that were never available to them before, startups especially. Even outside of HR tech specifically, we have a number of new applications that are making it easier and easier to operate a business of any size, and manage full staff of any size. Communication tools like Slack, simpler payroll systems like Guusto, accounting apps like Wave. With many of these new applications integrating with one another, it’s just gets easier and easier.
So, while we can’t exactly tell you what other companies have in store for you this year, we can tell you what to look out for with VibeCatch. With the recent launch of our Quality of Work Life Index, we’re excited to offer scientifically backed insights to HR managers and business owners, for the first time ever! Furthermore, we are here on standby to walk you through it if you would like to chat.