HR TECH HAS PRODUCED TWO UNICORNS SO FAR-DARWINBOX AND APNA.CO. FUNDING INTO THE SECTOR HAS BEEN RISING, BUT IT IS ONLY A FRACTION OF THE MONEY FLOWING INTO EDTECH AND FINTECH
THE START-UPS TYPICALLY FALL INTO THREE BUCKETS: END-TO-END HRMS, HIRING & RECRUITMENT, AND NICHE PLAY SUCH AS REMOTE INTERVIEWING
BLUE-COLLAR WORKFORCE SOLUTIONS ARE EMERGING AS A SIGNIFICANT SPACE, DRIVEN BY THE SMARTPHONE AND DATA REVOLUTION, AND ALSO THE PANDEMIC
GONE ARE THE DAYS when the HR department had a software system to only manage attendance and payroll. Want someone to take care of online application tracking? Check. Need to outsource video interviewing? Not a problem. Require help with employee engagement during hiring? It can be taken care of. Today, there's a SaaS (software-as-a-service) platform available for almost every conceivable people function-courtesy several start-ups trying to solve for all possible gaps in the hire-to-retire employee journey. "Organisations realize that people make a company. Raw materials or factory assets don't-they are essential, but that's the extent of it," says salary-on-demand start-up Refyne's Co-founder and CTO Apoorv Kumar, calling Covid-19 an inflection point in the journey of HR tech start-ups. Its flagship product of Earned Wage Access allows employees to withdraw from whatever salary they have earned till that date.
This story is from the June 26, 2022 edition of Business Today India.
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This story is from the June 26, 2022 edition of Business Today India.
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