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The rise of Artificial Intelligence (AI) with its human-like capabilities has triggered a significant transformation across many industries. Growing at an impressive 20% annual rate over the past five years, according to a survey by BBC Research, AI, which uses software to mimic human intelligence, is revolutionizing various sectors. However, it is important to recognize that AI is not poised to replace the core of human-centric roles such as recruiting or the essential aspects of empathy and human connection. The field of HR thrives on personal interaction, making it resistant to complete automation. The use of technology, like chatbots for automating routine tasks and cloud-based collaborative tools, effectively supports HR functions. Additionally, incorporating incentive programs boosts job satisfaction and, consequently, overall productivity.
Fortune Business Insights said the human resource technology market was valued at USD 22.90 billion globally in 2021. The market is expected to grow at a CAGR of 7.5% from 2022 to 2029, increasing from USD 23.98 billion to USD 39.90 billion. With rapidly evolving work patterns, HR teams and departments have had to adopt new strategies to meet employee and workforce expectations.A notable trend in HR technology is the emphasis on AI-driven recruitment solutions. These advanced systems utilize machine learning algorithms to analyze vast amounts of data, helping to identify the best candidates more efficiently and reducing biases in the hiring process. Moreover, AI tools can enhance candidate engagement through personalized communication, streamline onboarding processes, and provide valuable insights into workforce analytics., the HR tech landscape is rapidly evolving, with AI at the forefront of this transformation. The integration of AI in recruitment, training, performance management, and workforce planning is revolutionizing how HR functions. Companies that leverage these advanced technologies will be better equipped to attract, retain, and develop top talent, ultimately driving organizational success in a highly competitive global market.
We have narrowed down the list of 4 HR tech startup that clout the technology to revolutionize HR industry globally in 2024:
iXceed Solutions: iXceed Solutions is a leading Talent and Workforce Solutions service provider to Fortune 500 companies globally focussing on Technology, IT Consulting, Engineering Consulting domains. iXceed has been functioning as one of the leading end-to-end recruitment solutions Internationally(UK), now operational in the Indian market.
It uses an efficient and robust process to develop solutions in the recruitment space. The facilities are primarily tech-skill-based, and customer satisfaction is always based on the best fit for the industry. The company uses Artificial Intelligence-based recruitment solutions to create a best-in-class experience for both the clients and candidates. Some of their clients are- Infosys, HCL, Oracle, Mindtree, NIIT, etc. It is co-founded by Yogita Tulsian, who is also its Director.
Darwinbox:Darwinbox is a cloud-based HR solutions firm. An end-to-end HR platform, Darwinbox offers solutions for recruitment, core HR processes, employee engagement, performance management, employee movement, and others.The platform’s AI engine allows a recruiter to analyze a job description and employee profile picking up keywords to arrive at a certain ranking metric. So, if there are 400 applicants for a job, the system will shortlist about 10-15 applicants for the recruiter to talk to, which saves time, increases productivity, reduces costs, and results in better talent acquisition. The three-year-old firm serves over 100 clients, including Paytm, Ekart, Spencer’s, Delhivery, and others.They provide services in Indonesia, Malaysia, Thailand, Dubai, and many more.’
Freshworks:Freshworks makes it fast and easy for businesses to delight their customers and employees.Taking by a fresh approach to building and delivering software-as-a-service that’s affordable, quick to implement, and designed for the end-user. Unlike legacy software, Freshworks builds tech that works for everyone, making it easy for IT, customer service, sales, marketers and HR to do their job and delight their customers.They provide services in Australia, Germany and UK.
Keka: Founded in 2015 by Vijay Yalamanchilli, Keka has swiftly become India’s premier HR tech platform for small to medium-sized enterprises. With a team that has grown to over 550 professionals, Keka offers a complete solution, automating HR processes, and streamlining payroll, recruitment, leave management, and performance evaluation. Serving over 6500 customers globally, across sectors like IT services, pharmaceuticals, manufacturing, and more, Keka manages payroll for 1.5 million employees worldwide, leaving a significant mark on the HR tech landscape.