A few years ago Richard Shrems worked as a human resources consultant in Riyadh. At one point we tried to implement a technical solution to help our client improve their large team, but we were unable to find a localized solution.
Shrems told TechCrunch that he wants an employee-focused system, but that much of the HR software he works with is “extremely complex” and that “a lot of functions, a lot of functions, are needed by HR managers. We are focused on making life easier for people.” , but little consideration is given to employee usability. “This makes adoption difficult,” he said.
His findings were not unique to him. A recent survey showed growing dissatisfaction with HR technology providers. Half of the respondents said they plan to change their systems for new technologies that offer a better user experience and allow for remote work.
In 2019, Shrems (CEO) launched Palm.hr in partnership with Christoph Czichna (COO) and Dragan Nikolic (CPO) to fill this gap. Palm.hr is based in Riyadh and its clients include Saudi venture capital firms Hala and Thmanyah. Company, Mozen, Genie, and Rabbit. Shrems said his HR tech startup has seen massive growth since launch, with annual recurring revenue (ARR) doubling his every six months.
This growth will be followed by plans to expand into Egypt and the UAE, with a doubling into Saudi Arabia, on the back of a $5 million pre-series A funding round led by Europe-based VC Speedinvest. I’m here. RAED Ventures with debut in Saudi Arabia and participation of MENA-focused VC firm Wamda Capital.
“We are on a mission to transform HR technology and the employee experience in the Middle East and North Africa, and ideally beyond…by creating mobile-first experiences,” said Shrems. says Mr.
Palm.hr is a mobile-first solution that automates human resources management. Image credit: Palm.hr
Speedinvest partner Philip Specht said in a statement: With a similar localized approach, palm.hr believes it is poised to become a major player in his MENA region and the wider Arab world. The company has a great team, a great value proposition in terms of features, integration and UX, and a strong love for their customers. We are happy to support palm.hr, which reflects our excitement for MENA’s broader startup ecosystem. ”
Palm.hr automates payroll, tracks leave and absences, and tracks staff performance, along with employee self-service features that facilitate internal communication between employees. In addition, other HR-related workflow functions, such as employee onboarding and offboarding, can be automated and configured across borders, making it easier to meet local labor laws and employee regulations in different markets. can.
For example, in Saudi Arabia, palm.hr is also integrated with government services such as Mudad for digital payroll and compliance mandated by the country’s Ministry of Labor. General Organization for Social Insurance (GOSI) and Muqeem, a foreign employee data platform.
“Palm HR allows me to completely handle payroll. It integrates with the government payroll system so I can actually make payments. and renew people’s social insurance because it is integrated with the social insurance system,” Shrems said.
The company also plans to add new features and products, such as giving employees easy access to loans, property financing and insurance products.
“We want to merge HR technology with fintech and insurtech. We want employees to be able to buy and rent assets, get health and travel insurance, and do everything within our solution. We want palm.hr to be part of our employees’ daily lives,” said Shrems.
As it embarks on expansion and further product development, palm.hr hopes to capture a significant portion of the global HR technology market, which is expected to grow at a CAGR of 9.08% and reach $53.3 billion by 2028. increase.
