HR technology continues to revolutionize and streamline the entire employee life cycle, including recruitment, background screening and employee management. According to the 2022-2023 HR Systems Survey conducted by Sapient Insights, 54% of businesses with over 500 employees will increase HR tech spending. Those companies will spend 21% more, on average. Meanwhile, venture capital funding for HR tech exceeded $10 billion last year, according to an analysis by Anita Lettink.
Here are some of the rapidly growing HR tech startups to watch out for in 2023 and beyond:
1 . Keka : Founded by Vijay Yalamanchilli in 2015, Keka is the leading HR tech platform in India for small and medium-sized companies with 20-5000 employees. The company started as a squad of 5 and ascended to become a stellar team of 550+. From automation of people processes to creating an engaged and driven culture, Keka is everything businesses need to build a good-to-great company. Keka streamlines and automates payroll, recruiting, leave & attendance, performance management and more with ease. It has managed to leave an indelible mark with a reach of 6500+ customers across various sectors, including IT services, pharmaceuticals, manufacturing, professional service organizations, accounting, taxation, fin-tech and others. It currently runs the payroll of 1.5M employees across the world.
2. Advantage Club : Advantage Club is a global employee engagement platform with benefits like perks and rewards on a single platform. It aims to provide end- to-end solutions to facilitate employee engagement through exclusive privileges and rewards by the brand partners, allowing them to reach out to targeted customer segments too. The platform provides a scalable, customizable, cost-effective program to take employee engagement to the next level and brings a wide variety of recognition programs including milestones, real-time spot bonus, automated incentives, peer-to-peer appreciation, quarterly and annual performance awards and perk programs. The platform aims to help organizations keep their employees engaged and driven. The platform is set to revolutionize the industry by making a direct impact on employee recruitment and retention through an exhaustive employee benefits management tool. We have over 3 million users, a presence in over 100+ countries, 1000+ clients and 10,000+ brand partners
3. InCruiter : InCruiter provides remote interview solutions for businesses to identify the perfect fit for their company through precision and accurate evaluation. Standardizing the interview process via advanced automated interview platforms is their vision statement. They have been enabling startups & enterprises to improve their interview process for the last 4 years. Their aim is to let the HR department focus on their core business activities while they look after the interview prerequisites. They have satisfied 250+ Domestic and International Clients (UK, USA, & all around the world) with their innovative interview solutions.
4. Gusto: Gusto is a cloud-based payroll and HR management platform that offers a suite of HR and benefits tools for small businesses. It has been growing rapidly and is one of the most popular HR tech startups in the US.
5. Zenefits: Zenefits offers an all-in-one HR platform that includes HR, benefits, payroll, and compliance. The company has seen significant growth in recent years and is expected to continue growing in the coming years.
6. Hired: Hired is a talent marketplace that connects employers with top tech talent. It uses an AI-powered algorithm to match companies with the most suitable candidates, making the hiring process faster and more efficient.