The COVID-19 pandemic has affected businesses in numerous ways. The transformation of the modern workplace has been one of the biggest impacts of pandemic-driven restrictions.
The accelerated implementation of remote work policies has compelled HR professionals to find new solutions for recruiting, nurturing, and retaining employees. That, in turn, has escalated the rise of HR tech companies.
Whether you’re looking to build a more diverse and inclusive workforce or want to leverage people analytics for employee development, HR tech companies have the right solutions in-store.
They use a strategic combination of automation and digitization to simplify the jobs of HR professionals and help them manage a distributed workforce. It isn’t surprising that the HR tech solutions market is worth more than $148 billion.
According to PwC’s HR Technology Survey 2020, business organizations were already spending $310 per employee per year on HR tech. Also, 74% of companies planned to increase their HR tech spending in the future.
But given the diverse array of HR tech solutions available on the market, it’s easy to feel overwhelmed. That’s why we’ve curated a list of the best HR tech companies that deserve your attention in 2022. Let’s take a look.
In recent years, there’s been a rise in the awareness of workplace-related mental health issues. Consequently, business leaders and employers are always on the lookout for ways to boost mental wellbeing at the workplace. It’s become even more important due to the stress and uncertainty of the pandemic.
That’s where Unmind steps into the picture. It’s a holistic mental health platform that provides employees with clinically backed tools to analyze, understand, and improve their mental wellbeing.
Similarly, HR professionals get access to anonymized analytics that give them an insight into the overall mental well-being of their employees. Users can access the platform from any device of their choice, making it suitable for today’s dispersed workforce.
Headquartered in London, Unmind supports more than 2 million professionals across the globe. Also, the company raised $47 million in a Series B funding round in May 2021.
Greenhouse is an award-winning recruitment software solution that simplifies the hiring process for modern businesses. The platform offers various tools to optimize hiring and employee onboarding.
Also, HR professionals and leaders can use the platform to measure, analyze, and improve the performance of their recruitment process. It supports integrations with other recruitment tools as well.
Headquartered in New York City, Greenhouse has built a vast clientele that includes HubSpot, Squarespace, NerdWallet, and other established companies.
Social movements like #MeToo and Black Lives Matter have compelled recruiters to build a diverse and inclusive workforce. There’s also a strong argument for diversity’s role in driving improved business outcomes. Joonko makes it easy for business leaders to achieve their diversity, equity, and inclusion (DE&I) goals.
Founded in 2016, the company has built a talent pool of more than 100,000 qualified and vetted professionals from underrepresented backgrounds. Joonko’s talent pool includes people of color, service veterans, women, and more. The company raised $10 million in a recent funding round earlier in 2021.
Joonko provides employers with an AI-powered platform to connect with these professionals. The software easily integrates with recruiters’ applicant tracking system (ATS), so that any time HR takes a candidate seriously for an opening but eventually hires someone else, Joonko’s algorithm flags that candidate as a “silver medalist.”
Then, the next time the algorithm identifies a silver medalist who qualifies for a new opening in the ecosystem of Joonko users, that candidate appears in the relevant recruiter’s ATS feed.
Founded in 2019, ChartHop is a relatively new player in the HR tech market. But their feature-packed people analytics platform has already attracted leading companies, including ZoomInfo, BetterCloud, and InVision. Also, the company raised $35 million in a Series B funding round earlier this year.
ChartHop’s people analytics solution is designed to integrate with a company’s established HR tech stack. It provides HR professionals with plenty of useful data to enhance employee engagement and productivity.
Insights from the platform can also be used by other departments across an organization to build a more motivated and efficient workforce.
WeSpire has built an employee engagement platform that helps companies accomplish their Environment, Social, & Governance (ESG) goals.
The platform features a configurable library of actionable programs to steer a company’s workforce towards making a positive impact.
Headquartered in Boston, WeSpire raised $13 million in a Series B funding round in August 2021.
HR Tech Worth Watching
HR tech companies offer a broad spectrum of solutions to help modern businesses manage a diverse and dispersed workforce. These companies help boost employee engagement and create a spirit of collaboration at the workplace.