HR technology is an essential part of business today. More than 12.1 million employers in the U.S. alone spend over $5 trillion on payroll, benefits, training, and other employee programs. More than a third of the workforce changes jobs every year, creating a $250 billion-plus market for recruitment, advertisement, assessment, and interviewing. The L&D marketplace is over $240 billion per year and spans the range from onboarding to leadership development to technical and continuous skills programs. And the market for wellbeing, benefits, insurance, workplace tools, and workplace productivity systems is similarly large.
Needless to say, the pandemic has radically changed the marketplace. Companies of all sizes have sent their employees home and are adopting remote work, remote meetings, and remote management at scale. Technologies purchased as experiments have become mission-critical, and every piece of HR technology is moving from “good to have” to “essential to survival.”
