3 Things I'm Looking Forward to at HR Tech
The HR technology space is hot. CB Insights, an investor analysis source, recently created a list of "120 companies defining the HR tech industry", and commenters immediately jumped in to suggest even more.
In fact, the list could easily grow three times larger and still not include all the seed round and privately funded businesses that are scaling profitably in a hot technology section.
I'm heading to the HR Technology Conference in Las Vegas next month to explore this all-you-can-eat tech spread.
What I'm most excited to sample:
1. APIs and Integrated Platforms
Companies in all segments of HR tech are using APIs and cloud-based hosted applications to create vertically and horizontally integrated platforms. Job boards, for example, are adding applicant tracking system (ATS) functionality to increase client stickiness and lifetime values. TriNet recently released TriNet Hire, an ATS, for their 10,000 small business customers. Intuit launched Intuit Workforce, a recruiting and HR platform for on-demand and sharing economy companies. As the 1099 economy grows the IRS will want to to get paid, and Intuit sees this as an opportunity to add to their suite of financial solutions.
2. Automation for Small Businesses
In the SMB market, paper-driven, manual processes are being reinvented and automated by technology companies offering optimized web and mobile options. Many HR tech vendors are integrating enterprise workforce processes and best practices into products targeted to the previously underserved and untapped six million small and growing businesses in the United States alone. ZipRecruiter, for example, recently launched ZipHire, an onboarding solution that naturally fits into the backend of the ZipRecruiter SMB job posting and recruiting platform.
3. Flexible Models for Real Solutions
Cloud-based options, software-as-a-service offerings, and pay-as-you-go licensing expand the potential for HR providers to tap technology that might once have required huge capital outlays. CareerBuilder has launched an HR SaaS product that provides analytics, applicant tracking, recruiting, and even job posting to multiple job boards, through its acquisition of BroadBean.
Today, entrepreneurs are creating unique solutions that solve business problems and offering them in models that make technology investment accessible. After all, SMBs aren't the only organizations that face limited HR budgets.
Even in mid-tier and enterprise markets, HR technology has traditionally been underfunded compared with other departments. And HR buyers traditionally had been risk-adverse when hardware, software, and business interruption costs outweighed business or fiscal gains.
Will I See You in Vegas?
HR tech companies are integrating faster than ever across the human resources value chain. That makes this year's HR Tech conference one of the hottest shows around for both HR professionals and tech vendors.
As the Director of Business Development for GoodHire, the fastest growing background check company in the US, I'm looking to partner with job boards, applicant tracking systems, sharing economy companies, and HR tech companies that need to integrate with a best of class, background check API. We'll enable your integrated platforms to be scalable, customizable, and increasingly valuable at both ends of your client's workflow process.
I'd love to hear what you're thinking about all these HR developments, and what you need for your own business. Let me know if you're heading to HR Tech this year "“ I'll set up a time for us to meet in person.