Over 160 local and overseas HRTech service providers, including local startups, are intensely competing to leverage the increased adoption of digital HR systems by enterprises in Singapore. There is a significant trend of HR Technologies (HRTech) moving away from being just compliance-driven systems to tools that provide actionable insights for better talent engagement.
It might be noted that Singapore has traditionally been seen as a laggard in HRTech adoption, but the scenario seems to be fast changing. These HRTech tools are now helping enterprises hire, train, engage and retain employees better.
The details of all these providers have been published in the recently released Singapore HRTech Market Map (2019). The market map which is comprehensive in terms of its coverage is a collaborative research product of Adrian Tan, renowned HRTech blogger and hrtech.sg, a Singapore-based boutique HRTech advisory and analyst firm.
The market map has categorized the service providers across seven major Talent segments: Talent Acquisition (Employer Branding, Recruitment), Talent Engagement (EmployerOnboarding, Performance Management), Talent Rewards (Compensation & Benefits), Talent Development (Training), Talent Analytics, Talent Operations (Automation & Shared Services), and finally, Human Resource Management Systems (HRMS).
“There are two key factors for the rapid growth of HRTech 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”, says Adrian Tan.
“The really hot areas in HRTech seems to be Talent Acquisition and Talent Engagement, considering that over 50% of the players are present in this segment. 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”, adds Sriram Iyer, CEO, hrtech.sg.