Roundup: Paycards Gain as COVID Continues; HCM M&A Poised to Slow

News Roundup

Our weekly roundup of deals, product announcements and other HR technology news.

Paycards are becoming more popular among employers as the pandemic continues, Laura Valdespino, ADP’s director of compliance solutions, told the web site PYMNTS. However, she said, the process runs into “friction” as businesses transition away from physical-check processes: They need employee consent to do so, but workers are leery of handling physical checks while permissions are secured and processed.

Capstone Headwaters said 12-month M&A activity among SaaS HCM companies continued its upward trend during 2020’s first quarter, with a record 48 deals being recorded during the period. Despite that, the investment banking firm expects deal-pace to slow during the remainder of the year.

In this week's #HRTech roundup: @ADP says Paycards gain ground as #COVID-19 grinds on; HCM M&A poised to dip after a healthy Q1. #HR #HRTribe Share on X

WorkJam released its pay-on-demand solution, ExpressPay. As an employer-sponsored plan, the service allows employees to access a portion of their earned income with no transaction charges, and combines WorkJam platform features with mobile functionality including time and attendance, open-shift marketplace and communications.

Talent marketplace Gloat launched new features meant to help companies become more agile and improve their approach to internal talent management. They include tools to aid in talent allocation, succession planning, insights, team development and career pathing.

Braintrust, a network for freelance technical and design talent, launched from stealth mode. The platform targets enterprise-level customers and says it has worked a number of Fortune 500 companies. It also closed a $6 million round of seed funding.

ThinkWhy launched LaborIQ Mobile, a web-based mobile application that provides executives, HR professionals and hiring managers with salary information for use in strategic talent planning. The product offers proprietary salary recommendations for jobs across all U.S. metropolitan areas.

Financial wellness platform Brightside raised $35.1 million in Series A funding, led by Andreessen Horowitz. Also participating were existing investors Comcast Ventures and Trinity Ventures. The funding will be used to expand Brightside’s expansion efforts. 

Canadian HR platform Humi announced a $15 million (Canadian) investment round that includes both equity and debt. The round was led by U.S. investment firm Tribe Capital, which is also involved in Slack. The funds will be used to further develop the company’s SMB-focused suite of HR payroll and benefits solutions.

Phenom launched a weekly podcast and live stream video series, The Talent Experience Show, to explore industry trends and best practices with guests involved in talent acquisition and talent management. You can check it out here.

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Last Week’s Top Stories

SAP SuccessFactors Adds Features to Simplify Tasks for HR, Employees

SAP SuccessFactors believes its experience-focused approach to HCM technology is becoming increasingly important as businesses reimagine their approach to workforce management and engagement as they adjust to the COVID-19 pandemic’s new realities. Read more.

Workday Adds Service Delivery, Guides to People Experience

Workday made available two new features for its People Experience solution, Workday Help and Workday Journeys. The company said both products are designed to help employers better engage employees by supporting increased personalization and productivity. Read more.

Salesforce, Siemens, HPE Launch Return to Work Solutions

A number of HR technology vendors have launched products to help businesses reopen, even as coronavirus cases spike around the world. While that might slow the adoption of these solutions, vendors are jockeying for position in a new area of workforce technology: platforms that support safe practices and safe workplaces. Read more.

Podcast: How Return to Work Will Touch Employer Brand

Most CFOs plan to reconfigure their offices for physical distancing. More than half may alter schedules to minimize the chance of infection. They’re optimistic. But what do employees think? Listen here.

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