This roundup covers funding rounds from SalaryBox and Panther Global, Manforce Group’s upliftment programme for Malaysian youth, and more.
In this section, our readers can look forward to key updates from HR solution providers - from new product developments and launches, to industry moves and shake-ups.
Trusaic’s PayParity software aims to drive DEI initiatives
An innovator in data solutions for regulatory compliance, Trusaic has launched PayParity software. It offers various tracking and analytical components for companies to monitor and advance their DEI initiatives.
With PayParity, users can:
- Gain a detailed understanding of current pay disparities and potential remediation strategies;
- Receive analytics on their diversity score, representation, and pay quartiles;
- Understand and facilitate equal opportunities across hiring, advancement, and promotion across the entire workforce;
- Review sentiment analytics from employees on belonging, diversity, upper management, harassment, recruitment, and advancement programmes;
- Account for various country and state specific requirements; and
- Receive DEI consulting for meaningful impact and change
Further, Trusaic’s PayParity platform provides organisations with what is needed to disclose DEI reporting that aligns with the Sustainability Accounting Standards Board (SASB), Integrated Reporting (IR), and Global Reporting Initiative (GRI) frameworks.
Robert Sheen, CEO and founder of Trusaic, said: “Organisations that proactively monitor their pay gaps and disparities with pay equity audits reap the benefits of having the necessary level of insight into their workforce needed to create real change. We’re proud to provide businesses with the opportunity to cultivate a more positive, inclusive environment.”
SAS expands support for additional cloud providers
Analytics company SAS has expanded its cloud-native service support into Amazon Web Services and Google Cloud; while support for Red Hat OpenShift, a hybrid cloud platform, will be coming later this year.
This comes soon after in November 2020, the company released SAS Viya, an AI, analytic and data management platform, on Microsoft Azure, in partnership with Microsoft.
“Analytics in the cloud is what our customers want,” shared Jay Upchurch, SAS CIO.
“We’re proud of our pioneering work with Microsoft and running SAS Viya on Microsoft Azure. We also respect our customers’ decisions to choose other cloud providers. We’ll meet them where their data is located and help them leverage their existing cloud investments to power their analytic aspirations.”
Dailypay improves businesses’ payroll system with its Payroll Anomaly Manager (PAM)
On-demand pay provider, DailyPay, has revealed its latest platform, Payroll Anomaly Manager (PAM), aimed at potentially saving US businesses from incurring unwanted costs due to common employee payment errors.
PAM provides payroll teams the ability to track key employee payment data, and catches anomalies in payments. It will flag a range of potential issues, including duplicate payments to employees, major changes in net payment amounts, and employees who are on the roster who are being paid and shouldn’t be — the infamous “ghost” employee problem.
“The Payroll Anomaly Manager exemplifies our dedication to creating meaningful product solutions that speak to regulatory compliance and accuracy for payroll professionals,” said Bhuvana Raghunathan, Head of Enterprise Product, DailyPay.
Panther Global raises US$2.5mn to help businesses hire and pay employees in 160+ countries
Worldwide employment platform, Panther Global, has raised US$2.5mn in seed funding from investors like Tribe Capital, Eric Ries, Naval Ravikant, and Carta Ventures.
Panther’s platform enables employers to better manage every detail of global employment, from businesses’ payroll and benefits to taxes and compliance with local laws. The round of funding allows Panther Global to hire more internal talent, and to expand its services—by providing hiring and payroll support for businesses in more than 160 countries across the globe.
"Breaking borders and putting talent at the forefront of our efforts, regardless of where they are, was crucial to Panther's growth,” said Matt Redler, Founder and CEO, Panther Global.
“Now, thanks to our global workforce hiring solution, other companies can have the same unbridled access to the world’s talent pool. After an unprecedented year of remote work for many, we hope companies will be more inclined to tap into the extraordinary talent that's out there in the world, regardless of their proximity to HQ.”
JobKred and SNEF to launch a 90-day training needs analysis (TNA) programme
Singapore-based AI-powered workforce transformation start-up, JobKred, has announced its partnership with the Singapore National Employers Federation (SNEF) to launch a 90-day training needs analysis (TNA) programme.
Powered by JobKred’s skills profiling report for enterprise (SPRE) platform, enterprises can use this TNA programme for a data-driven approach to view their human capital capabilities, identify organisational skill gaps, and assess training requirements. With the data, businesses can put selected employees through a five-stage TNA programme.
Gary Gan, CEO and Co-Founder of JobKred, said: “We are excited about the opportunity to work with such a committed and passionate partner like SNEF, to solve the biggest challenges being faced by employers and workers in various industries today.”
Dr Robert Yap Chin Kok, President of SNEF and Executive Chairman of YCH Group, added: “SNEF recognises that this is one of the most challenging periods for our member companies and Singapore’s economy. Therefore, we have made it a priority to contribute via this national initiative, to address Singapore’s manpower issues."
Manforce Group uplifts the Malaysian workforce with MDUP
One of Malaysia’s foreign worker solutions providers, Manforce Group, has initiated the Malaysians Development Uplift Programme (MDUP) to empower the country’s younger workforce (aged 18 to 30) with the necessary skills across various fields; most notably of the industrial and manufacturing sector.
The six-month programme primarily targets those the unemployed, school leavers, and the B40 group from rural areas with limited employment opportunities.
Together with partnering manufacturing companies such as Maxter Glove, Panasonic, and George Kent for the first batch that has graduated recently, Manforce Group will offer employment to graduates from the programme.
In MDUP, individuals are sponsored throughout the six-month course; complete with allowances, accommodations, and a certificate to certify the completion of the training by the School of Professional and Continuing Education (UTMSPACE) and the ProCel, from Faculty Economy and Business in Universiti Malaysia Sarawak (UNIMAS).
Dato’ Paul Wong Boon Ming, Group MD, Manforce Group, highlighted that with the intake of migrant workers stopped due to the pandemic, it presents an opportunity for the country, and for them, to help locals, especially youths, to get employed.
“Hence, he said, “we came up with MDUP as the appropriate solution to encourage Malaysian companies to stronghold the local workforce and help the growth of the country’s economy.”
Today, the programme has covered approximately 350 candidates, and is hoping to create 5,000 job opportunities for Malaysians by the end of 2022.
The Economist launches an online executive education programme
The Economist has launched a new online executive education programme, called “The Economist Executive Education”.
Created by the brand’s journalists and featuring experts around the world, the programme is designed for senior leaders and executives across a range of industries to advance in their careers, and shape the future of their organisations
The online courses offer: actionable insights, practical skills and networking opportunities—relevant to all sectors of business, finance, technology, professional services, public policy, non-profit and government. It’s delivered through a variety of formats including videos, podcasts and guest talks from global leaders.
Its first course, “The New Global Order: How Politics, Business and Technology are Changing”, has begun on 26 May.
SalaryBox raises pre-seed funding to accelerate product development and drive customer acquisition
Gurugram-based startup that simplifies the payroll process for small businesses, SalaryBox, has raised an undisclosed amount in its pre-seed funding round. This was led by with GSF Accelerator alongside individual investors Alok Mittal, CEO, Indifi; Amit Ranjan, former Co-Founder, SlideShare; Sumit Jain, Co-Founder, CommonFloor, and Surjendu Kuila, Co-Founder, Zopper.
With the funding, the start-up said that it would accelerate product development and drive customer acquisition.
This is required as Nikhil Goel, CEO & Co-founder, SalaryBox, said: “Small businesses that employ blue-collar workers still resort to manual, paper-based payroll processing, which can be particularly difficult to track.”
“We need a technology solution that addresses the complexities of employee management, payroll, benefits, compliance, and more for a small business owner.”
Thus, SalaryBox, with the funding, is looking to aid blue-collar employees to get a digital footprint of their payroll and employment details—so that they can easily share it with financial institutions to avail loan and insurance products.