IHRP is the official community partner for the 2020 Singapore HRTech Market Map. Developed in collaboration between hrtech.sg (HRTech market analyst firm) and Adrian Tan (HRTech blogger), the map features over 160+ local & overseas HRTech providers servicing the Singapore talent marketplace. First conceptualised in 2017, the market map aims to enable the HR community to easily identify the HRTech solution that can help in specifically solving their business and talent-related challenges.
This year, the map features new categories and sub-categories to help HR teams identify the relevant solutions for their specific needs. To facilitate HR teams, hyperlinks have been provided of those service providers who are already present on hrtech.sg’s marketplace.
Motivation behind the HRTech Market Map
The first version of the map was created after Tan came across a similar one on CBInsights, a tech market intelligence platform. Unable to find an Asian or local version of the map, Tan set to consolidate a list of HRTech companies which he knew into a Google Sheet and shared it with them, asking if they knew of any other names to be added to the list. When the list grew from 17 to 71 names, Tan turned it into an infographic like the one he saw on CBInsights. In 2019, he started to collaborate with Mr Sriram Iyer, founder and CEO of hrtech.sg, to make the map more comprehensive.
With the hopes of accelerating the adoption of technology by HR teams, the market map enables the HR community to easily identify the HRTech solution amongst the cluttered marketplace that continues to see an increase in homegrown and foreign solution providers.
Technology adoption amongst HR professionals
While Singapore is ahead of its peers in Digital Transformation, the nation still lags behind in Digital HR adoption. As a community partner, IHRP plays a key role in in bringing about a shift in the mindset of the Singapore HR fraternity in adopting HRTech.
Mr Iyer says, “IHRP has been setting high standards of HR excellence and is clearly focused on developing HR as a Strategic Enabler of business and workforce transformation. Through its multiple channels and day-to-day dialogues with its members (and through its HRTech Community of Practice), IHRP is in a strong position to further accelerate the adoption of HR Technology by its members.”
Currently, there is a heavy weightage in Recruitment-centric tools such as Applicant Tracking Systems (ATS), Job Portals, Assessments, Screening and Video Interview tools. While Talent Acquisition players are dominating the market now, there is a shift towards more Talent Engagement (Performance Management) and Analytics players as the market matures. There is a heavier emphasis on workforce optimisation, with more players entering the Coaching and Analytics space as companies identify ways to drive more productivity.
The Covid-19 situation also poses an accelerated demand by HR teams to adopt technology in some way for automating the HR processes to hire, manage and engage employees.
Mr Iyer views this as encouraging and says, “The current crises has brought about a positive shift towards a Digital HR mindset amongst the HR fraternity here.”
You may download the 2020 Singapore HRTech Market Map here: https://www.hrtech.sg/resources/2020-singapore-hrtech-market-map/