More than 160 HR tech providers active in Singapore
More than 160 HR technology service providers, including local startups, are intensely competing to leverage the increased adoption of digital HR systems by enterprises in Singapore.
According to the newly-released Singapore HRTech Market Map (2019), there is a significant trend of HR technologies moving away from being just compliance-driven systems to tools that provide actionable insights for better talent engagement.
The market map is a collaboration between hrtech.sg, a Singapore-based boutique HR technology advisory and analyst firm, and HR technology blogger Adrian Tan.
The market map divides service providers across seven major 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)
- Human Resource Management Systems
“There are two key factors for the rapid growth of HR technology 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,” said Tan.
“Second, enterprises are increasingly feeling the need to better engage with their employees, more specifically millennials, to recruit and retain them,” he added
“The really hot areas in HR technology seems to be talent acquisition and talent engagement, considering that over 50% of the players are present in this segment, said Sriram Iyer, CEO of hrtech.sg.
“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.”
Check out the map below (click through for full-size):