HR tech startups have seen considerable momentum recently, raising US$2.4B in 2015, according to CB Insights.
That represents a whopping 62% growth in funding over the total in 2014.
Asia is slowly catching on to this global trend and recognising the importance of human resources.
After all, a company’s most valuable asset is still your people.
This is why Labour MP Patrick Tay advocated for the government to help businesses fund training leave for workers taking SkillsFuture programmes, and expand the SkillsFuture credit to include career coaching services so that employees can benefit from personalised guidance and mentoring.
He reminded employers to take care of their human resources, such as redesigning jobs and having an active engagement to “embrace the change before the change embraces them”.
And HR Tech startups are starting to make significant headway in improving old HR methods.
Here are three Singapore HR Tech startups that will likely be disrupting an HR department near you, very soon.
People make a company succeed. Getting the right people at the right job is critical to be successful.
The research found that 60% of the people aren’t in the right job today.
Even if you hire right people for the right job, Nearly 33% of new hires look for a new job within their first six months on the job.
One in five new hires felt that they received incomplete and inaccurate information about the role and the organisation.
Those stats can and DO shock recruiters, HR professionals and business leaders into creating a better candidate / new hire experience.
And while most of us know the basics (respond quickly, be polite, source and vet appropriately, and invest in employer branding) there’s one thing many newcomers’ experience is missing: Consistency.
IOXY is a new hire onboarding platform that helps organisations to predict, tackle and reduce the offer-dropout & early attritions.
It uses behaviour science-based model and automates the entire onboarding process (From Date of the offer to the first 90 days) to give a consistent welcome to your new-hires.
Training your employees is the best way to give them an OS upgrade.
But with a little time and attention span, a traditional week-long training workshop isn’t a luxury many can afford.
Effectiveness also comes into question when one could usually remember barely 10% of what happened in the classroom.
Coursepad emphasises on bite-sized learning that gets push out to employees’ mobile devices, enabling micro-learning which are effectively digestible.
With the data collected, employers could have real-time results on their training results so they can make better workforce planning decisions.
Employee engagement has gained awareness through the years, with searches on Google tripling in the past decade.
Gallup has found that during the same time, engagement levels haven’t moved much, if at all.
With an annual survey as the primary tool companies uses to measure and drive employee engagement, this is not surprising.
PwC finds that more than half of business leaders expect information on a business event within an hour of its occurrence, yet most annual engagement surveys only deliver results 2-3 months after the study is taken.
EngageRocket allows the employer to monitor their employee engagement in real-time.
This is made possible by automating the administration and analytics for short pulse surveys, leaders and HR can spend their time where it matters: developing the management practices to create a strong culture of engagement in their teams.
Key to success
Technology is increasingly becoming an indispensable tool in the realm of HR.
And one paradox of the 21st century is that, although we are living in a digital age where automation spurs efficiency, the endless choices that we have hindered this new-found effectiveness.
It may seem like a daunting task, sifting through all the HRTech gizmos out there. But one thing to bear in mind is that HR is the essential resource that powers remarkable innovations – people.
And what makes people better than robots is not our ability to always get things right – in fact, it is our fallibility – our ability to make mistakes – that drives us to improve and better us continuously.
As the American author, Jim Collins said, “Great vision without great people is irrelevant.”