Emerging technology is helping companies navigate the challenges of an increasingly hybrid workforce. From talent acquisition to employee engagement to payroll, these companies are building the future of the HR department.
Human resources departments have faced huge challenges over the last few years, from the rapid rise of remote work spurred by the pandemic to waves of employee turnover in late 2021 and early 2022.
New technology is not only helping companies navigate the aftermath of these shifts, it’s changing the way they hire, manage, and provide for their employees. Investors are taking notice — funding to the HR tech space more than tripled from $5.1B in 2020 to $18.7B in 2021.
Companies in the space are offering solutions that aim to improve employee retention and reduce costs. These include AI-based platforms that analyze employee skills and application programming interfaces (APIs) that streamline payroll processes. For example, Merge offers an API that powers integrations between applicant tracking systems, employee directories, and payroll platforms so that clients can access and use data across disparate systems.
Using CB Insights’ data, we identified 125 companies using tech to shape the future of human resources, from talent management to payroll to employee learning and development.