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The HR tech landscape
HR technology at the workplace
Using technology at the workplace is not a new concept. During the 1990s, HR processes were efficiently integrated with ERPs. Processes such as payroll, training, recruitment, attendance etc. were handled, reducing the considerably reducing the transactional element on professionals. The HR Tech domain has evolved significantly over the past few years. New categories continue to emerge. In 2012, HRIS, talent acquisition, performance management, benefits and compensation, learning and development, and job sites were the key categories of HR Tech. In 2016 onboarding, recruiting tools such as video interviews and assessments and collaboration/communication tools were new categories. In 2017, we see HR analytics, engagement/experience tools, automation, and artificial intelligence (AI) as the strongest categories.
The HR industry is $54bn worldwide (Everest Group, 2017). Out of this, HR Tech is $14bn. HR Tech has the potential for immense cost savings by Indian companies. Estimates say that Indian companies can save at least $600m annually by 2021 using HR Technology (PeopleStrong, 2017). HR Tech startups saw funding of $49m in 2015 (Tracxn, 2016) and $16m in 2016 (PeopleMatters, 2017). Globally, this figure was $1.968bn (Everest Group, 2017).
Majority of investments are in the space of job-talent matchmaking, employee retention, gamification, employee experience, etc.
HR Tech vs Fin tech
A perceptible whitespace exists between HR Tech and Fin Tech....