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Recruiting new employees takes time – and is expensive. Studies suggest that a worker can take up to eight months to become fully productive and that average hiring expenditures exceed US $ 4,000, net of equipment and opportunity costs. In addition, HR departments report that they spend approximately 33.5 hours training new employees.
That's why Ben Thompson and Dave Tong founded Employment Hero in 2014, a start-up based in Sydney, Australia, which is developing a software platform to simplify integration. Prior to its international expansion, Employment Hero today reportedly raised $ 15.38 million (A $ 22 million) in a series C led by the Australian labor market Seek, with the participation of OneVentures and AirTree Ventures.
The Company's capital injection follows an $ 8 million Series B round in March 2018, raising its total exercise to more than $ 69 million (A $ 100 million). Thompson said the new funds will guide the development of strategic integrations with the Seek market; the continued construction of its cloud-hosted software suite; and the launch of Employment Hero in New Zealand, South East Asia, the United Kingdom, Ireland and other overseas regions.
"As an advanced employee management and payroll platform, working hand-in-hand with the largest platform for employment, Seek, we can deliver real value to businesses around the world." said Thompson. "We not only want to help our existing businesses grow internationally, but also start supporting companies that contact us outside of Australia."
The Employment Hero tools deal with issues such as data collection, creation of lists, time sheets and payroll, mainly with automation and scanning. For example, his paperless integration experience allows employers to send letters of offer and contracts that can be signed electronically. Employees can quickly add personal information on tax forms and other documents via a PC or smartphone, while HR managers can create checklists that inform the people and services involved at each stage of the process.
As soon as new employees create an Employment Hero account, they have access to introductory documents via a computer portal (and a mobile application) with shortcuts to requests such as leave requests, payment details, submission time sheets and payslips. (Another nice feature – HeroThanks – allows them to recognize and thank their colleagues in a live chat stream visible throughout the company.) HR professionals have a library of guides, rules and templates, as well as an overview of the qualifications and skills of staff. certifications.
Employment Hero claims that most companies in its service reduce the time spent on people management and payroll processing by 80% to 60%, respectively, and that the discounts it negotiates with large retailers make save up to $ 5,000 for their employees. per year.
That may be why Hero Employment has not had much trouble finding new customers. The company currently serves more than 4,000 small and medium-sized businesses (up from 3,000 in May 2018) and manages more than 150,000 employee files, doubling the recurring business figure of the last 12 month. To meet demand, Employment Hero expects its workforce to increase from 134 to 162 by 2020.
"By working with the teams at Seek, OneVentures and AirTree, we have a real opportunity to change the landscape of employment, giving employers more confidence to grow their business and helping employees to better save, manage and develop their finances, "said Thompson.
Employment Hero has a free plan for businesses with fewer than 10 employees. Its standard package starts at $ 4.18 per employee per month, and the company offers a fully managed implementation with data cleaning and configuration services for large companies.
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