The evolution of Artificial Intelligence (AI) with its human-like capabilities has set in motion a transformative wave across numerous industries. Surging at an astonishing 20% annual growth rate over the last half-decade, as noted in BBC Research’s survey, AI, employing software to emulate human intelligence, disrupts multifaceted sectors. However, it’s crucial to note that AI isn’t set to supplant the essence of human-centric roles like recruiting or the intrinsic elements of empathy and human connection. The sphere thrives on interpersonal engagement, proving resistant to easy replication. Implementing technology, such as chatbox systems for procedural automation and cloud-based collaborative tools, serves as effective aids for HR functions. Furthermore, integrating incentive programs contributes to enhanced job satisfaction, thereby elevating overall productivity.
According to Fortune Business Insights, the human resource technology industry was estimated at USD 22.90 billion worldwide in 2021. The market is anticipated to expand at a CAGR of 7.5% from 2022 to 2029, rising from USD 23.98 billion to USD 39.90 billion.Due to the market dynamics of working patterns’ swift development, HR teams and departments have been forced to adapt new strategies to address employee or workforce expectations.
We have narrowed down the list of 4 HR tech startup that clout the technology to revolutionize HR industry globally in 2024:
iXceed Solutions: iXceed Solutions is a leading Talent and Workforce Solutions service provider to Fortune 500 companies globally focussing on Technology, IT Consulting, Engineering Consulting domains. iXceed has been functioning as one of the leading end-to-end recruitment solutions Internationally(UK), now operational in the Indian market.
It uses an efficient and robust process to develop solutions in the recruitment space. The facilities are primarily tech-skill-based, and customer satisfaction is always based on the best fit for the industry. The company uses Artificial Intelligence-based recruitment solutions to create a best-in-class experience for both the clients and candidates. Some of their clients are- Infosys, HCL, Oracle, Mindtree, NIIT, etc. It is co-founded by Yogita Tulsian, who is also its Director.
Darwinbox:Darwinbox is a cloud-based HR solutions firm. An end-to-end HR platform, Darwinbox offers solutions for recruitment, core HR processes, employee engagement, performance management, employee movement, and others.The platform’s AI engine allows a recruiter to analyze a job description and employee profile picking up keywords to arrive at a certain ranking metric. So, if there are 400 applicants for a job, the system will shortlist about 10-15 applicants for the recruiter to talk to, which saves time, increases productivity, reduces costs, and results in better talent acquisition. The three-year-old firm serves over 100 clients, including Paytm, Ekart, Spencer’s, Delhivery, and others.They provide services in Indonesia, Malaysia, Thailand, Dubai, and many more.’
Freshworks:Freshworks makes it fast and easy for businesses to delight their customers and employees.Taking by a fresh approach to building and delivering software-as-a-service that’s affordable, quick to implement, and designed for the end-user. Unlike legacy software, Freshworks builds tech that works for everyone, making it easy for IT, customer service, sales, marketers and HR to do their job and delight their customers.They provide services in Australia, Germany and UK.
Betterup: BetterUp is a human transformation company that dares to innovate the future of work by helping people and businesses grow personally and professionally to reach peak performance and maximize their potential, through coaching, content, community, and cutting-edge AI technology. BetterUp is the inventor of virtual coaching and the largest mental health and coaching startup in the world, with the world’s largest network of over 3,000 Coaches offering support in 46 languages across over 90 countries.
