In order to give employees comfort, Palm.hr has raised $5 million in pre-Series A funding. The funding which was done by Wamda Capital, Speedinvest and RAED Ventures will be used to equip modern HR teams with the necessary management, growth, and people engagement tools.
The Human Resources Management System, Palm.hr was created by Dragan Nikolic (CPO), Christoph Czichna, and Richard Schrems (CEO) in 2019. (HRMS). In addition to offering employee self-service tools that improve internal communication, Palm.hr automates payroll, keeps track of leaves and absences, and evaluates employee performance.
Due to its cross-border configuration capabilities, it is simple to adapt to local employment rules and regulations in other markets. Palm. hr’s integration with the government payroll system enables you to fully handle your payroll, make payments, and apply for visas.
Because it is integrated with the social insurance system, it also updates people’s social insurance. The business intends to introduce additional features and goods, such as simple loan access, asset finance, and insurance services.
According to Schrems, “We want to merge HR-tech with fintech and insurtech…for employees to be able to do everything like the purchase or rent assets, sign up to health or travel insurance, within our solution. We want to make Palm.hr a part of employees’ daily lives.”
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Palm.HR Plans On A Global Scale
Palm.hr anticipates the worldwide HR tech market, which it is expanding into and creating new solutions for, will grow at a 9.08% compound annual growth rate (CAGR) to $53.3 billion by 2028.
When Richard Schrems was a human resources consultant in Riyadh a few years ago, he tried to install a tech solution for his clients to help them improve their sizable teams at one point but was unable to find a regional answer.
According to Schrems, who spoke in an interview, he needed an employee-focused system but discovered that much of the HR software he used was “very complex” and had “a lot of features, a lot of functionalities focused on making life easier for HR managers” without much thought for the usability of employees. This makes adoption difficult, he observed.
His findings were not unique, as a recent study revealed growing unhappiness with HR tech providers. In that study, half of the respondents said they intended to switch to new technologies that would provide a better user experience and take remote work into account.
Now, with the help of this $5 million in pre-Series A funding from a round led by European venture capital firm Speedinvest and RAED Ventures, with participation from MENA-focused VC firm Wamda Capital, it plans to continue growing by entering Egypt and the UAE while focusing more on Saudi Arabia.
“We are on a mission to transform HR tech and employee experience across the Middle East and North Africa, and ideally beyond…by creating a mobile-first experience,” said Schrems.
Philip Specht, a partner at Speedinvest, said in a statement: “As EU-based investors, we have seen how companies such as Personio and Factorial are creating billion dollar outcomes in the HR space. With a similar but localized approach, we believe that Palm.hr is poised to become the leading player in the MENA region and the wider Arab world. The company has an outstanding team, a superior value proposition in terms of features, integrations, and UX, and strong customer love. We are thrilled to back Palm.hr, which reflects our excitement about the wider start-up ecosystem in the MENA.”
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Functions Of Palm.hr
Along with employee self-service capabilities that provide smooth internal communication among staff members, Palm.hr automates payroll, keeps tabs on staff performance, and tracks leaves and absences. It also automates additional HR workflow processes, such as hiring and firing people, and because it can be customized internationally, it is simple to adapt it to local employment laws and regulations in many countries.
For instance, in Saudi Arabia, Palm.hr has linked with governmental systems, including Mudad, which the country’s labor ministry mandates for digital payroll and compliance, the General Organization for Social Insurance (GOSI), and Muqeem, the data portal for international employees.
Additionally, the organization plans to introduce new functions and services that will, for example, enable staff to access loans, asset financing, and insurance options quickly.
Palm.hr plans on growing and developing more products to seize a sizeable share of the worldwide HR tech market, which is predicted to expand at a 9.08% CAGR to reach $53.3 billion by 2028.
All that has been stated in this article goes to show how Palm.hr plans to change the way the welfare of staff is being managed. Indeed, it is a brand that has come to stay. With the way things stand, we hope to see them expand to other parts of Africa.