CoVID-19 outbreak measures accelerate HR adoption to support remote working; increased focus by employers on “employee experience”; Singapore Government’s productivity push and Singapore Digital (SG:D).program act as key enablers.
SINGAPORE, 1-APR-2020: Over 160 local and overseas Human Resource Technology (HRTech) service providers, including local startups, are intensely competing to leverage the increased adoption of Digital HR systems by enterprises of all sizes in Singapore. These new-age HRTech tools are now helping enterprises hire, train, engage and retain employees better, with a strong focus on increasing “employee experience” and “organizational productivity”.
(HR Technology or HRTech is an all-encompassing term for all web/cloud/mobile/AI-based technology products and services that help automate the Human Resources function of an organization.)
Singapore has traditionally been seen as a laggard in HRTech adoption, but the scenario has been fast changing over the last two years. This demand for HR technologies has been further accelerated in recent times due to the COVID-19 outbreak, as Singapore enterprises are looking to digitalize their HR functions to support remote working.
The details of all these providers have been published in the recently released 2020 Singapore HRTech Market Map, a comprehensive and collaborative research product of Adrian Tan, renowned HRTech blogger and hrtech.sg, a Singapore-based boutique HRTech advisory and analyst firm. Incidentally, Both Adrian Tan and hrtech.sg had worked together on the 2019 Market Map also, which was widely acclaimed for his comprehensive coverage of the categories and players.
A step further, the 2020 Singapore HR Tech Market Map has seen addition of newer HR categories and subcategories to help HR Professionals and Enterprises to choose the vendors in line with their specific need.
The 2020 market map has been categorized the service providers across EIGHT major Talent segments: Talent Acquisition (Applicant Tracking System; Sourcing⎯Job Boards, Referrals, Tech Hiring, Non-PMET; Screening⎯Assessments, Video Interviews, Background Check), Talent Engagement (Employee Communication; Onboarding; Performance Management), Talent Development (Coaching & Mentoring; Competency Management), Talent Operations (HR Automation & Bots; Payroll), Talent Rewards (Benefits, Wellness, Compensation Management), Talent Analytics, Human Resource Management Systems (HRMS Enterprise and SMB’s) and Talent Planning.
“The need of the hour for HR functions is to aggressively adopt HRTech. This will not only help the HR teams to solve pressing business challenges and use budgets more efficiently, it improves candidate and employee experience too. And notably, it frees up bandwidth for HR teams to focus on more strategic initiatives”, says Adrian Tan.
“Enterprises that focus on HRTech as part of their transformational agenda are creating sustainable economic value and better workplace experience for their employees. Singapore enterprises should now leverage the Resilience Budget provisions unveiled in the Parliament recently by Singapore’s Deputy Prime Minister and Finance Minister Heng Swee Keat, and other government programs such as IMDA’s Singapore Digital (SG:D) initiative to digitalise their HR function”, adds Sriram Iyer, CEO, hrtech.sg.
Organizations around the world are widely adopting systems from enterprise software providers as well as specialized HR tech vendors, depending on their specific workplace requirements.
To download the 2020 Singapore HRTech Market Map, click any of the following links:
About Adrian Tan:
Adrian is an avid blogger and a Subject Matter Expert in the Singapore HRTech space. He has over 15 years of HR entrepreneurial experience and is a jobs commentator on Channel NewsAsia (https://www.channelnewsasia.com/author/10593140). He has won two HR Vendors of the Year Award and a recipient of the prestigious Singapore Human Resource Institute (SHRI) HR Entrepreneur of the Year Award in 2013. He is the creator of the Singapore HR Tech Market Map. Website: https://adriantan.com.sg/
About hrtech.sg: hrtech.sg is a Singapore-based boutique advisory and analyst firm that tracks the HRTech industry segment closely. We work with Enterprises in helping them identify the right HRTech solutions to support the CHRO’s digital transformation agenda. Singapore enterprises can reach out to hrtech.sg for guidance and advisory on all aspects with regard to HRTech implementation for their organizations. Website: www.hrtech.sg