Our mission at SelectSoftware is to keep you informed on what’s new with HR technology. As the industry is ever-changing, we curate the most interesting news stories that come across our desks every month to craft a narrative of what’s changing.
The holiday season is upon us, but that doesn’t mean HR tech is slowing down at all. Throughout November, more acquisitions and functionalities littered the news. Check out such stories as a new LinkedIn tool and a few big funding rounds below.
The HR department is heading towards its third reinvention. IBM Insitute for Business Value and Josh Bersin Academy teamed up to research hundreds of companies over the last two years to follow the transition of HR from compliance and administration to people consulting and analytics.
The study has three key takeaways. As tech continues to shape business, adapting your employees through growth opportunities and upskilling becomes more important. Secondly, HR is quickly being redefined as data-driven, agile and personalized. Finally, there are companies that are already leading the charge that are seeing big results.
Hiring platform company Fountain announced multi-cloud and single sign-on (SSO) capabilities for enterprise customers, called Fountain Protect. CEO Sean Behr says that SSO and multi-cloud allows Fountain to deliver a best-in-class solution to safeguard customer data and empower enterprise IT and Security professionals with the flexibility to meet a number of business needs.
Professional social media site LinkedIn launched a new tool called Career Explorer to help users find new jobs. The tool is more interactive than a job board, as it analyzes the user’s skills to match them with opportunities they might otherwise not have found on their own. It also gives advice on skills to learn to become more valuable to those roles.
Career Explorer’s goal is to mitigate the unemployment rate caused by COVID-19. By providing insights into how certain roles can pivot into new opportunities, unemployed professionals can be matched to a larger pool of potential jobs.
HR and payroll software company Paylocity announced its acquisition of team collaboration solution Samepage. Paylocity describes that in a completely digital workforce, teams will look to consolidate as many of their solutions as possible to be efficient. Through Samepage, Paylocity users will see increased productivity and engagement.
CEO of Paylocity Steve Beauchamp is thrilled to join forces with Samepage. In a press release, he stated that the acquisition arose out of the growing need for a unified solution for employee communication and collaboration.
Global HR solution Remote announced their Series A funding round, which totaled $35 million. Remote allows companies to hire, onboard and pay employees from anywhere without having to worry about compliance laws. They accomplish this by fully owning local entities in all covered countries.
Founded in 2019 by Job van der Voort and Marcelo Lebre, the company’s goal is to tear down the walls of geographic hiring to allow for a truly diverse and global workforce.
Hibob unveils a new compensation management module to add-on to their ‘bob’ HRIS. The tool helps customers evaluate, assess and allocate global compensation budgets efficiently and error-free. It also facilitates confident decision-making by making the data available to leadership and stakeholders at the exact time they are reviewing the employee's compensation.
Ronni Zehavi, CEO of Hibob, is particularly excited about the platform being a one-stop-shop for compensation distribution. In a press release, he stated, “Especially for fast growing companies, this customizable product update will be an immeasurable help in moving away from the chaos of confusing and error-prone spreadsheets to the implementation of an efficient, accurate and easy process designed to allow multiple stakeholders to handle complex compensation rules and compliance."
Robot processing automation is sweeping the HR tech market. SmartRecruiters joins the fray by acquiring enterprise chatbot company Jobpal. The goal of RPA to automate time consuming, repetitive duties to emphasize the human interaction aspect of HR.
Jobpal adds passive candidate discovery, automated interview scheduling and increased candidate conversion to the SmartRecruiters repertoire. Founder and CEO of SmartRecruiters Jerome Ternyck expressed that automation will create a better future where candidates are better matched to jobs and recruiters better matched to people.
Vettery, a leader of AI-talent marketplaces, acquires Hired to create the largest talent marketplace for tech, finance, marketing and sales hires. Vettery plans to launch the combined solution in the next few months. Josh Brenner of Vettery, will take over as joint CEO.
Vettery and Hired together will make use of data from 1.5 million interviews and over 21,000 placements to create powerful predictive AI-based algorithms. Additional features include custom technical assessments and bias reduction tools.
Outsourced human resources company Table HR announces their official launch. The company specializes in the hospitality industry, with the main goal of helping restaurants and bars overcome the challenges of COVID-19.
The company externally handles HR processes and minimizes liability, easing the workload on business owners. Table HR’s services include hiring, employee onboarding and offboarding, benefits and an HR Hotline to answer questions during the work week.
Talent cloud iCIMS partners with Visier to bring aspects of people analytics into the talent lifecycle. The partnership was first announced at the iCIMS INSPIRE virtual conference. CEO of Visier Ryan Wong believes that connecting with iCIMS will create powerful people insights for their joining customers.
The partnership will allow customers to use data from both companies to make stronger hiring decisions, forecast the impact of recruiting strategies and identify tangible outcomes based on recruiting practices.
PeopleFactors launches a new HR pre-hire assessment and screening solution designed to identify candidates with long-term leadership potential. The solution uses assessments and AI-based algorithms to recommend candidates based on objective data, helping to hire better leaders, improve retention and eliminating hiring bias.
Charlie Atkinson, CEO and Founder of PeopleFactors wants to change the ways companies hire for leadership, stating most hiring today relies on subjective assessment of cultural fit and leadership soft skills. The new pre-assessment tools empower data-driven decisions that lead to lower turnover and higher employee performance and engagement. PeopleFactors also adds new interview guides and post-hire development recommendations.
Talent assessment and video interview software company OutMatch completes an end-to-end talent platform by acquiring Checkster. Checkster brings their reference checking and post-hire insights to the table.
With Checkster’s post-hire tools, OutMatch can connect talent selection to job performance. OutMatch can better measure quality of hire, strengthen agility throughout the hiring process, and improve retention of high performing talent.
Talent intelligence company Eightfold AI raised $125 million in Series D funding to expand its platform. The company is now valued at $1 billion.
CEO Ashutosh Garg was ecstatic, saying: "The Eightfold team has spent the last four years developing a single platform servicing all talent lifecycle needs, bypassing single point solutions entirely. This is the future of our industry, and has already made Eightfold the go-to provider for industry leaders in every sector. We are grateful to our investors, customers and partners for sharing in our vision, especially at a time when the immediate focus is on the well-being of the global workforce."
Talent marketplace Juggle announces a Series A funding round of $2.1 million. Juggle has a unique value proposition. It was designed as a job marketplace for executive-level women to enter the job market after starting a family to work flexibly. It has now widened its reach to anyone wanting to work flexibly.
Founder Romanie Thomas outlined this value proposition well, saying “As a successful former headhunter I was placing senior executives, and I saw exceptional employees leaving work to have a baby and struggling to get back in. Firms passed on perfect candidates because they were uncomfortable with bespoke arrangements… Employees aren’t asking for anything revolutionary, just to be able to work in a way that’s most efficient and productive for them. Flexibility enables people to maximize their energy and skills, and that’s a huge benefit for employers once they realize it.”
Hireology reveals a partnership with in-home care and assistance company Right at Home. Hireology brings its applicant tracking, career sites and other hiring tools to help Right at Home agencies face rising difficulties in the healthcare industry, specifically for in-home care.
The integration includes features such as custom career sites, SMS capabilities, organic postings to job sites, dedicated Hireology support team member, automated email templates and more.
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