A new report sponsored by payroll and HR technology firm Namely finds mid-market companies are looking to invest in this space as they look to streamline their business processes and data.
Today (Sept. 27), Namely announces the results of the survey, as well as the rollout of enhancements to its platform.
According to the firm, which sponsored a report authored by industry analyst George LaRocque, payroll and HR tools are some of the focuses of mid-sized company investments for the near future. Behind the investment plans is the challenge of integrating the HR systems and data between each other, Namely said.
For instance, on average, mid-sized companies use nine different HR software applications, while 24 percent said a lack of integration is their top tech-related pain point when it comes to these solutions. Nearly half (49 percent) said they plan to invest in payroll tools, with capabilities to support managers and to improve employee productivity landing as the top criteria for new tools.
“The new survey results paint HR buyers in a whole new light,” said LaRocque in a statement. “For a long time, vendors have sought to add more features, create new products, check more boxes. But buyers have just told us that they want something else. They want a core platform for employee data and payroll, and they want it to integrate with other best-of-breed applications that do one thing really, really well.”
Coinciding with the release of this research, Namely is also announcing expansions to its HR and payroll solutions.
For one, the firm is broadening its open API and is expanding its partnership program. Both, the company noted, in an effort to strengthen Namely’s integration capabilities to meet the demands outlined in the research report.
The company is rolling out Namely Connect, a way for its platform to integrate and sync with other systems operating within the enterprise.
“The decision to invest in an open API benefits Namely and our clients,” said the company’s CEO and founder, Matt Straz. “We’re going to focus on HR, payroll and benefits. For anything outside our core focus, we’ll foster and support an ecosystem of complimentary solutions and services. Clients get flexibility, and we get to dedicate all our resources to creating the best HR, payroll and benefits platform for mid-sized organizations.”