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, 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.
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.
Adrian Tan states, “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.”
The 2020 market map categorizes 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 SMBs)
• Talent Planning
“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 digitalize 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. A step further, the 2020 Singapore HR Tech Market Map has seen the addition of newer HR categories and subcategories to help HR professionals and enterprises choose the vendors in line with their specific needs. The increasing number points out clearly that CoVID-19 outbreak measures are accelerating HR adoption to support remote working just as the Singapore Government’s productivity push and Singapore Digital (SG:D).program are acting as key enablers.
To download the 2020 Singapore HRTech Market Map, click any of the following links: