Constant feedback has come up as a way of working in numerous businesses and it has given an ascend to basically two kinds of apparatus one that aids you to confine worker feedback on a regular basis, while other tools that help you provide feedback to employees via continuous performance feedback.
The increased focus on employee well being at workplace has given rise to this new category of solutions that move between financial wellness to physical wellness to a holistic view of the well being being taken by various companies and solution providers. The HR technology market now boasts dozens and dozens of tools, platforms, training programs and analytics systems designed to measure, monitor and improve employee well being at work. This rapid growth has attracted well-funded insurance companies, training providers, and technology companies.
With the rise of a digital economy more and more individuals are choosing to do their own independent work with or without any full-time work assignment. This rise in such gigs means that employers can now tap into a larger pool of talent and not necessarily engage them beyond a particular project or assignment.
Here we present the updated version of the HR technology landscape. We have taken utmost care to ensure that the solutions are categorized correctly. However, these categorizations are our own understanding and interpretation of the solution set. The other challenge is that there are solutions that do only 1 task, while there are some others that do more than 1 task. We have attempted to classify them in the most relevant category if they are doing more than 1 task.
A list is given below of Indian and other global solution providers. As more than 50 percent organizations today use SaaS based HR technology tools, the country where the solution has originated does not really matter, but one can look at the relevance of the tool and its pricing for deployment.
In the earlier map, we had covered a total of 120 plus HR technology companies, while in this updated and revised map, we have about 400 HR technology companies. However, this does not mean that all these companies have come into existence in this period of 12 months, but simply means that we have expanded our research to include a wider section of companies and categories.
As the HR technology space continues to evolve, we are likely to see more action in the Wellness category, while also experiencing more HR Analytics players. The compensation and compliance management are two areas where we expect increased action from HR technology solution providers over next 2 to 3 years, simply because these niches are not yet sufficiently staffed with solutions.
In the years to come, HR technology solution landscape is likely to evolve further and is ripe for consolidation. We expect HR technology buyers to create innovative solutions working with their chosen solution providers. We also expect solution providers to form alliances to stitch together unique solutions to solve customer business challenges.