In 2015 and 2016, over $4 billion in venture capital money was pumped into the HR technology category. We estimate that about a quarter of that money has made its way into talent acquisition technologies and services.
2016 was a big year for HR tech. At TSC, we’ll remember it as:
- The year the nature of solutions changed to focus on the experience of being an employee — and irreversibly away from simple process automation
- The first year cloud HCM systems beat on-premise deployment
- A year of huge investments in HR tech;in fact, total VC investment in the last two years has surpassed the last 20, and this trend doesn’t look like it’s slowing down anytime soon
The first employee to take the stage for Zenefits was sending a message to the almost-1,000 people in the audience at the company’s first user conference at San Francisco’s Palace Hotel. Bud Bowlin, a Zenefits senior benefits advisor and “older millennial” (he’s easily north of 50), sent the message that there’s clear benefits experience at the company. One of the first things he said was also a clear message: “We have a CEO who believes that doing the right thing is the only way to do business.”