Over 160 local and overseas HR Tech service providers, including local startups, are intensely competing to leverage the increased adoption of digital HR systems by enterprises in Singapore, as per the recently released Singapore HR Tech Market Map (2019) by renowned HR Tech blogger Adrian Tan and Singapore-based boutique HR Tech advisory and analyst firm hrtech.sg.
The map also points out to a significant trend of HR Technologies moving away from being just compliance-driven systems to tools that provide actionable insights for better talent engagement.
While Singapore has traditionally been seen as a laggard in HR Tech adoption, but the scenario seems to be fast changing. These HR Tech tools are now helping enterprises hire, train, engage and retain employees better.
The market map has categorized the service providers across seven major Talent segments: Talent Acquisition (Employer Branding, Recruitment), Talent Engagement (Employer Onboarding, Performance Management), Talent Rewards (Compensation & Benefits), Talent Development (Training), Talent Analytics, Talent Operations (Automation & Shared Services), and finally, Human Resource Management Systems (HRMS).
Adrian Tan stated, “There are two key factors for the rapid growth of HR Tech players servicing the Singapore talent marketplace. Firstly, the productivity focus of the Singapore government is nudging enterprises to adopt digital HR systems faster and better. Second, enterprises are increasingly feeling the need to better engage with their employees, more specifically millennials, to recruit and retain them.”
As per, Sriram Iyer, CEO, hrtech.sg, the really hot areas in HR Tech seems to be Talent Acquisition and Talent Engagement, considering that over 50% of the players are present in this segment. He added that enterprises are investing in new technologies that can automate the mundane and repeatable tasks and enable the HR teams to focus on higher order employee engagement.