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Discover the latest developments in HR Tech with our comprehensive recap of 2024's biggest stories so far. From BambooHR's feature updates to leadership changes at Lattice, Workday's SMB focus, HiBob's payroll integration, and Deel's ambitious acquisitions, we cover the essential news and analysis you need. Subscribe to "The HR Tech Download" for more in-depth insights.
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Welcome to this month's edition of our HR Tech newsletter, where we're taking a slightly different approach.
Last month's newsletter was all dedicated towards the announcement of OutSail's HRIS Marketplace, which means we have a backlog on HR Tech news & gossip to catch you up on!
Instead of focusing on a single theme, we're diving into five mini-stories that highlight some of the most significant developments in the HR tech landscape. From strategic acquisitions to leadership changes, here's what's making waves:
What's Happening: BambooHR is expanding its arsenal with the introduction of two major feature updates—the Employee Well-being module, stemming from its acquisition of Honey, and a Total Rewards module, via the purchase of Welcome. Accompanying these new features is a revamp of their pricing structure, now bifurcated into Core and Pro packages, with optional add-ons like Payroll, Benefits, and Time Tracking.
Why It Matters: These moves signal BambooHR's ambition to provide a more holistic HR platform that addresses both the personal and professional facets of employee management. The pricing updates are notable because BambooHR is quietly becoming less of a value option than they once were.
What's Happening: Jack Altman, co-founder and CEO of Lattice, has announced his departure after eight years at the helm, passing the baton to former Salesforce CMO, Sarah Franklin.
Why It Matters: Altman's departure marks the end of an era for Lattice, but Franklin's tech and leadership pedigree suggests a promising new direction. Franklin's first big test will be the rollout of Lattice's much anticipated HRIS platform later this year. OutSail will be receiving a first look into Lattice's HRIS platform next month and we're excited to share our thoughts with you.
What's Happening: Workday and Insperity have announced an exclusive partnership aimed at bringing best-in-class HR service and technology to small and midsize businesses (SMBs).
Why It Matters: This partnership symbolizes Workday's strategic pivot to capture the SMB market, which has historically found their solutions cost-prohibitive. Partnering with Insperity, known for its PEO services, allows Workday to offer a more templated, less bespoke solution to a broader segment, potentially transforming the HR landscape for SMBs. This comes at the same time that Workday is aggressively revamping their pricing & implementation strategy for mid-sized companies too.
What's Happening: HiBob has announced its acquisition of Pento, a UK-based payroll automation platform, signaling its intent to integrate a native payroll offering within its HRIS solution.
Why It Matters: HiBob's expansion into payroll addresses a significant market demand for integrated HR and payroll systems. This move not only enhances HiBob's competitiveness but also sets the stage for potential payroll expansion beyond the UK, offering a comprehensive HR management tool. HiBob's lack of payroll & benefits features has held them back with some organizations, but perhaps that is beginning to change.
What's Happening: Deel has made a significant play in the HR tech space with the acquisition of both Zavvy, a people development platform, and PayScape, a payroll company.
Why It Matters: These acquisitions mark Deel's ambitious stride towards becoming the first company to offer a comprehensive global HRIS platform and an end-to-end global employment soluton. By acquiring Zavvy and PayScape, Deel aims to provide a seamless, end-to-end HR and payroll experience on a global scale, setting a new standard for international HR management. Deel just turned 5 years old this week - what a run!
