By Elliot H. Clark
The song, Welcome to the Jungle by Guns ‘N Roses, opens with big energy, but also a sense of confusion and messiness. This makes it the perfect anthem for the HR tech market today. A plethora of new, best-of-breed point solutions arrive almost daily. HR’s Twitter feeds and LinkedIn channels are being overloaded with the announcement of the next big thing. And voicemails are jammed with messages promising amazing outcomes.
Some of the new technologies are in fact very good and represent innovation. That being said, there are also numerous products that represent long-existing technologies and are just new choices in already crowded markets. The influx of venture capital and private equity (PE) into the human capital solutions market is great, but not many of these PE folks have experience in the HR suite and most do not understand a day in the life of HR. They actually like new iterations of proven technologies because they think if they can just pick up a few points of market share, their investment will be bought by a larger established player. Of course, the investment people don’t care about the state of HR’s voicemail box.