HR Tech Market in Singapore

Singapore has a thriving HR Tech eco-system. This is why.

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Adrian Tan

Meet Adrian Tan. If you want to learn more about the Singaporean HR Tech scene (as well as Hong Kong’s HR Tech market), then he’s your guy!

Currently the co-founder of The Resource Group, an HR consulting agency, and Career Hero, a CV optimisation platform, he also spends his time writing about HR Tech on his blog adriantan.com.sg.

He has over 15 years of entrepreneurial experience in the HR space, starting with his award-winning recruitment agency RecruitPlus. It won 2 consecutive years of HR Vendors of the Year, which is awarded based on votes by HR practitioners in Singapore.

He is also the recipient of HR Entrepreneur of the Year in 2013, an award by Singapore HR Institute that recognizes achievements of entrepreneurs in the field of human resources.

A few weeks ago Adrian released the Singaporean HR Tech map and I wanted to talk to him, as I wanted to understand why Singapore has such a thriving market for HR Tech startups (over 100)  and if it was any different than the leading European /US markets.

What I learned is that Singapore is a heaven for entrepreneurs to set up their businesses as the government promotes a “pro-business environment”. The government has many plans and grants that enable the growth of startups in Singapore; for example,  70% of the funding in an initial investment round of S$250K followed by S$1 for every S$1 invested by private investors up to a cap of S$2 million. Singapore boasts a rich eco system containing start incubators, angel investing networks, venture capital firms and private equity firms.
You can read Adrian Tan’s post on how to start an HR Tech startup in Singapore.

Some companies on the list, I learned, are based in other countries in the area but market themselves as Singapore-based, as it helps their brand to come across as more credible.

According to Tan, “The HR industry is, at this point, is very discriminatory, everything is allowed. Bias rules”. It is also suffering from a low image. HR managers can be overruled by the hiring managers, insisting on recruiting candidates they know from the university, for example, against HR’s recommendations.
Recruiting is based more on a gut feeling, and most SME companies are wanting to fix immediate problems and not necessarily wanting to implement long term HR strategies. HRs are fighting back, as they understand that they need a better way to manage the human capital, when it becomes more and more difficult and expensive to recruit good candidates.

Companies in Singapore are in the very early early stages of adopting HR Tech. There still isn’t enough market validation.

Two interesting companies to mention are:

In short – a people management enterprise system that uses data analytics, machine learning and proprietary algorithms to produce predictions and recommendations, replacing gut driven actions to evidence based predictions. As an example, the company can predict which employee is more at risk to leave within a certain time frame and work to rectify this outcome.
Offices in the UK and Singapore.

 

Indorse – The short description – Linkedin on blockchain or “A reward based decentralized professional social network”. Logic is – our data is owned by the platforms we post to, such as Linkedin. These platforms mine our data for their profits. As users we receive none of these rewards. This way we are being endorsed for our skills and achievements and rewarded in several ways. Based in Singapore.

 

Additional Information:

  • You should sign up to Adrian’s blog, it’s very informative.
  • You can also join his Singapore HR Tech Facebook group.
  • The HR Tech Summit will be taking place, for the first time, in Singapore, on the 28th of March, 2018. As in all the other conferences of this type, there will be HR Tech startup pitching their solutions and HR leaders and advocates will be speaking in keynotes and panel discussions.
  • HR Tech Tank will be holding an event in Singapore on June 7th, 2018.

 

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