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Unpack the latest HR tech news from March 2024, featuring updates on vendor innovations, industry trends, and actionable insights for HR leaders
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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!
