Hibob, the leading human resources and employee benefits provider, recently announced the closing of its $150 million Series C funding round led by General Atlantic. This round of funding will help improve and modernise the HR experience for midsize businesses.
In the rapidly changing world of work, Hibob is the perfect tool to equip businesses with the right tools and technology to help them successfully manage their HR functions.
This article will discuss Hibob’s capabilities and how it can help businesses modernise their HR processes.
Overview of Hibob
Hibob is a cloud-based modern HR and people system for midsize businesses that transforms the employee experience to make work easier, simpler, and better. The platform offers an end-to-end human resources solution that empowers HR professionals by giving them one unified platform to engage employees.
Hibob’s modular suite covers the whole of HR, enabling organisations to manage their people quickly and easily. From recruiting and onboarding new hires to performance management, compliance tracking and payroll administration, Hibob brings all facets of the employee journey into one central hub — saving time so businesses can focus on their core mission.
For employees, Hibob can speed up self-service tasks such as benefits enrollment, vacation booking, expense claims submission, career development tracking and performance reviews. In addition, this intuitive self-serve service brings more transparency and autonomy to everyday decisions about workloads capacity planning, resulting in greater job satisfaction for employers and employees.
The ultimate goal is transformation: enabling businesses of any size to provide their teams with an environment encouraging collaboration including a diverse range of team activities — ensuring success through open communication lines between departments while protecting data integrity with data compliance controls in line with industry standards. Hibob is customisable — equipping its customers with solutions they need now while scaling as they grow in the future strengthens as it grows!
Hibob Secures $150M Series C Funding Led by General Atlantic to Help Midsize Businesses Modernise HR in the Evolving World of Work
Hibob has announced a $150M Series C funding led by General Atlantic. This new funding round brings Hibob’s total funding to $227M. The company will use the new capital to further its mission of helping mid-sized businesses accelerate their digital transformation in the evolving world of work.
This milestone follows two strategic acquisitions in Q1 of 2021. In addition, it adds to a growing list of investments and achievements for Hibob as the leading HR and people operations platform for mid-sized businesses.
Led by General Atlantic
Hibob, a cloud-based HR software platform designed to help midsize businesses modernise and transform their HR operations, has secured $150 million in Series C financing. The round was led by global growth equity firm General Atlantic, with participation from prior investors Index Ventures and LocalGlobe. This recent Series C investment raises the total funding to $210 million.
This new funding will accelerate Hibob’s global expansion and development of enterprise-level features for its cloud HR platform. The company aims to support midsize businesses by transitioning from spreadsheets or offline processes to automation, onboarding tools, data insights and streamlined communication integrations.
As part of the new funding agreement, Prashant Mehrotra from General Atlantic will join Hibob’s board of directors as an observer. Mehrotra has investments in several leading software companies spanning industries such as retail technology and digital experience management platforms. In addition, he brings over 20 years of experience investing in technology companies across Asia, Europe and the U.S., including Digital Ocean and Instacart.
In addition to the new investments, Hibob will continue building on its product offering with more comprehensive HR functionalities that enable customers to manage employee performance through reviews and goal setting. The software combines intuitive design with sophisticated HR technology offerings into one platform built purposefully for midsize organisations that can scale up as needed without going through costly implementation processes typical of enterprise systems.
Purpose of the Funding
Hibob, the HR and benefits management platform for midsize businesses, announced the close of its $150 million Series C funding round. The funding was led by SoftBank, with participation from Amasia, Battery Ventures and significant new investments from venture capital heavyweights Andreessen Horowitz and Bessemer Venture Partners.
This investment will enable Hibob to further unburden businesses of their complex HR and benefits administration processes while empowering employees to easily manage their human resources experience year-round. In addition, with this recent capital growth, Hibob plans to expand its product suite beyond its current offerings in core HR and benefits and into additional areas of employee engagement, performance management and more.
The purpose of this funding round is twofold: To continue developing innovative technology that simplifies workplace admin for midsize businesses and scale operations as demand for modern-day HR systems rapidly grows. This commitment to service excellence and customer experience has enabled Hibob to consistently win awards such as Forbes’ Cloud 100 honour. With the support of this additional capital, Hibob intends to amplify these technologies even further.
How Hibob Will Help Midsize Businesses Modernise HR
Hibob, a leading technology platform for Human Resources (HR) and business operations management, recently secured an impressive $150M Series C funding led by General Atlantic. This investment will enable Hibob to help midsize businesses modernise HR and adapt to the ever-changing world of work.
Let’s explore some of the ways Hibob plans to do this.
Streamlining HR Processes
Modern HR systems and processes are essential for midsize businesses to successfully manage continually increasing growth. However, working with outdated processes can add unnecessary burdens to employers, who often don’t have the resources to invest in state-of-the-art solutions. This is where Hibob helps.
Hibob, a cloud HR management platform, streamlines many of the laborious HR processes that midsize businesses have relied on for years and provides them more time to focus on other important objectives. The suite of tools unifies employee data, automates manual tasks, simplifies payroll processes, and removes mundane administrative requirements that can slow growth or prevent strategic expansion.
With Hibob’s one-stop platform, midsize businesses can finally manage all their HR needs – from onboarding through offboarding – in one secure HR environment. As a result, midsize companies will no longer need to maintain disparate systems or juggle multiple resources; instead they can customise their tailor-made package of tools which will enable them to react quickly and efficiently when it comes to current employee matters as well as long term goals for growth.
Enhancing Employee Engagement
Hibob may be helping midsize businesses modernise their HR infrastructure, but its mission is to drive employee engagement. To do this, Hibob provides tools for three main HR needs: onboarding, performance management and payroll. By modernising these processes with digital technology, Hibob helps employers better support and engage with their employees.
Onboarding: The onboarding process is important in setting up successful new hires immediately. The Hibob onboarding platform quickly and efficiently brings new employees into the fold by simplifying paperwork, checking background information on potential candidates and providing access to company materials such as policies and benefits packages. It also helps managers better track progress towards goals with targeted follow-ups and assignments throughout each step of the process.
Performance Management: Effective performance management enables open communication between employers and employees that pairs constructive feedback with inspiring rewards. Hibob offers a variety of performance management tools, including quarterly check-ins which narrow down conversation topics based on feedback from past reviews; goals tracking for setting key objectives throughout the year; self-assessments to identify areas for improvement; team overviews that provide insight into team dynamics; and recognition programs that show appreciation to high-performing individuals or teams.
Payroll: Managing payroll can be tedious for any HR department, but thankfully, Hibob has tools to help streamline this process. Not only does Hibob offer an automated payroll system that helps users quickly complete complex payroll tasks such as filing taxes or managing employee vacation days, but it also allows businesses to set up unlimited pay scales based on employee key metrics such as seniority level or area of expertise; apply bonuses automatically when certain metrics are met; track time off requests more efficiently; view analytics regarding overall labour costs; compare salary benchmarks across different hierarchy levels within the organisation
Improving Workplace Productivity
Midsize businesses are often the most vulnerable when implementing workplace modernization strategies, such as HR and workforce management. Leveraging powerful yet affordable technologies such as hibob can enable midsize businesses to modernise their HR processes while improving employee engagement, flexibility, productivity and business performance.
Primarily focused on delivering a streamlined, employee-facing technology platform that helps improve innovation and insights, hibob simplifies HR administration so employees are empowered with real-time insights into their health benefits, performance reviews and organisational cohorts. This provides the organisation with meaningful data which can then be used to increase efficiency and streamline operations.
The advantage of using hibob versus traditional human resources software is its speed and agility and access to valuable insights about trends in the industry. Additionally, through centralised data administration for payrolls, benefits statements, onboarding & offboarding or deadlines – organisations also have better visibility into costs associated with human capital investments that drive informed decisions proactively.
Access to customer success teams and easily manageable cloud-based integrations helps midsize businesses quickly process changes related to health benefits or benefit deductibles – ensuring employees stay engaged without roadblocks during implementation & usage. With more resources available at their fingertips enabled by artificial intelligence that suggests proactive strategies on goal setting as well as budget allocation for upcoming projects – midsize businesses can easily monitor successes benchmarked against industry averages for better predictions around labour costs & use real-time analytics for decision making process earlier than ever before.
Challenges of Modernising HR in the Evolving World of Work
As the world of work continues to evolve rapidly, midsize businesses face the challenge of modernising HR to keep up. Facing increasingly complex and changing employee needs, midsize businesses need modern HR solutions that are both agile and cost-effective.
Luckily, Hibob has secured $150M Series C funding led by General Atlantic to bring modernised HR to more midsize businesses.
Adapting to Remote Working
In today’s world of work, organisations must be able to adapt their People Operations strategy to accommodate a flexible work environment. Remote working is on the rise due to increased connectivity and more businesses are relying on digital tools and more automated processes to manage their workforce. However, adopting remote working comes with its own set of unique challenges that organisations must be prepared for when making the switch:
-Establishing clear communication guidelines: Organisations need to ensure that all team members understand how best to communicate with each other when working remotely. Establishing guidelines can help mitigate potential miscommunications and ensure everyone knows their responsibilities.
-Integrating digital tools: To ensure productivity while managing a remote workforce, organisations need to invest in reliable employee communications platforms, such as video conferencing or chat software, as well as proper time tracking systems.
-Developing a culture focused on outcomes rather than hours worked: Since remote workers often operate independently, organisations need to change their measurements for success from the traditional 9-5 clock in/out methods to ones that are outcome oriented. This will allow teams the flexibility they need without sacrificing accountability or quality of work across all departments.
-Ensuring data security: Organisations should also prioritise cybersecurity measures and review any personal data collected during onboarding or throughout employment tenure. Having safeguards in place will help protect employees against any potential cyber threats while they are working remotely.
Leveraging Technology
Businesses often face challenges when trying to keep up with the constantly evolving world of work. To address this challenge, many modern businesses are turning to technology to streamline and automate operations, improve efficiency, and stay relevant. Leveraging HR software is a great way for midsize businesses to modernise their HR practices and utilise today’s technological advancements.
The right HR software solution can give you an array of accessible benefits. Not only does it provide an online platform where employees can collaborate on tasks and projects, access documents, request leave, or any other HR related obligation, but it also allows for streamlined organisational processes such as onboarding new staff as well as providing real-time insight into team performance or even generating automated reports. With so much information at your fingertips, you can easily optimise your workforce and maximise their productivity.
Software such as Hibob enables businesses to manage all routine transactions from one central dashboard — from payrolls to employee compliance requirements — offering a secure centralised system that enables employees to access the documents wherever they prefer without any risk or hardship for the business owner or line manager. It also provides an automated approach that simplifies day-to-day processes in the organisation such as employee benefits management, attendance tracking and online expense submission — all while providing full visibility into budgets and costs in real-time.
Implementing New Regulations
Today’s employers must constantly update their policies and compliance processes to align with the shifting laws and regulations. Ensuring their Human Resources processes keep pace with changing rules can be challenging. To ensure compliance, employers must understand new regulations, such as Leave Laws and Pay Equity.
In addition, employers must ensure proper documentation of policies and procedures when updating HR processes. These changes must be communicated clearly and efficiently across an organisation, from upper management to employees. Without proper communication of HR policy changes, companies risk compliance issues or employee grievances due to lack of understanding or misinterpretation of the new regulation.
To help midsize businesses stay up-to-date with changing regulations, Hibob has created an automated solution for quickly implementing new policies into a company’s HR system. The simple step-by-step implementation makes it easy for business owners to implement policy updates without sacrificing accuracy or efficiency. The solution also provides comprehensive audit trails to enable businesses to roll back changes at any time if required. This makes staying current on legal regulations easier than ever before while streamlining HR processes in the process.
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