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HR technology that will truly matter in 2023
The market has seen a flood of new HR solutions emerge in recent years, ranging from platforms for project management to video conferencing software and personnel tracking systems.
At that time, some businesses were overly enthusiastic and added a tonne of software to their IT stack. Later, they grumbled that they had too many tools and that the purchases they had made in the hopes of boosting production had really done the opposite.
Sifted polled investors in the HR tech sector to find out which solutions they believe would still be crucial in 2023 given the market conditions and the fact that businesses are cutting expenditures, including their software spending.
A system for wage benchmarking is Ravio.
In order to help companies, remain competitive, Ravio has developed a platform that compiles a massive quantity of real-time data, including pay benchmarking, equity-based comparisons, and benefits overviews. I think Ravio and comparable solutions will become necessities, allowing employers to approach salary discussions equipped with information and knowledge. This can also be a crucial instrument in the fight against the persistent salary inequalities caused by diversity and gender in far too many organisations.
Wagestream, a fintech company that enables consumers to obtain their pay instantly.
In the present cost of living crisis, Wagestream’s product, which enables people to receive their paychecks daily or weekly rather than monthly, has become even more crucial. Over the past few years, it has been able to improve its business and expand its cooperation network. In the months and years to come, I can only predict rising demand for a service like this, and I believe Wagestream has assembled the team and technology to seize a huge opportunity.
Factorial is an all-in-one HR platform that provides performance management, time off management, and employee time monitoring capabilities.
We have been and remain enthusiastic about the trend of small- and medium-sized businesses’ human resources departments becoming more digital. The latest investment round in Factorial demonstrates how well it has done over the past year, duplicating some of the results we have seen with our own investment, HR software unicorn Personio.
For technical blue-collar workers, there is a digital career platform called PowerUs.
One of the largest issues for the following ten years will continue to be the talent deficit. We are enthusiastic about any startup that is developing a fresh approach to address this problem. One excellent example is PowerUs. It fills a market niche that isn’t well-served by established players like LinkedIn with its vertically integrated marketplace for skilled blue-collar workers.
A worldwide payroll, tax, HR, and compliance solution for scattered teams is called Remote.
With remote working becoming a common practice for many businesses today, the Covid-19-initiated tectonic shift towards greater remote work accelerated over 2022. This trend is wonderfully tapped into by Remote.com, which enables businesses to build up global employees without having to deal with the hassles of managing payroll, benefits, and taxes.