“The measure of intelligence is the ability to change.”
― Albert Einstein
For HR and work tech startups their ability to create valuable solutions that help organizations transition into the new normal of work will determine their success in the marketplace. It is safe to say that intelligent automation will become a key component for any company to ensure business continuity and will play a significant role in augmenting the power of the human workforce. But then most companies would also be tight on their budgets. For work tech vendors it becomes all the more critical to focus on creating solutions that add value to a business.
The rise of HR and work tech solutions was expected as more and more companies embarked on their digital transformation journey, but the global health crisis may further accelerate its growth. According to the People Matters State of HR Technology Report 2019-20, the extended segment of work (that includes workforce productivity, gig economy, enterprise benefits, workforce healthcare and robotics) would be an approx. of $300 Bn.
To keep a pulse check on how the entire space of HR and Work Tech is shaping up, throughout the fiscal year 2019-20, People Matters interviewed HR and Work Tech startups from across the globe. We discussed with Deena Fox, Founder & CEO at Brightfox how the talent experience space is in its infancy right now. Erik van Vulpen and Nando Steinhuis, Founders, AIHR had a year back said that learning will only increase and they were so right. The learning from our entire conversation with Philip Ross, Founder and CEO of the UnGroup & Cordless Group was: People are no longer anchored to the office.
Interestingly, many other trends that are talk of the town today with the COVID-19 crisis as disruptors were recognized by us from these interactions with HR and Work Tech startups. The increased focus on horizontal growth, learning to be more tech-driven and personalized, management of gig workforce with tech-enabled on-demand talent platforms, automating the expense management process, and lastly the need to build super-apps. A one-stop solution for all people & work aspects.
From these series of interviews, we bring to you snapshots of a few of these conversations in this Worktech Digest. We trust that the digest will give you an inside view of trends in the HR tech and Worktech market.