Let’s know about PeopleStrong and Pay Review
PeopleStrong HR Services Pvt. Ltd. was created in 2005 in India as a multi-national HR Solutions and Technology company. It is a Gurgaon, India-based platform-based mpHRO (Multi-process HR Outsourcing) and technology company.
HR shared services, recruitment process outsourcing (RPO), payroll and compliance management, and cloud-based HR technology solutions are all areas of expertise for the organization.
PeopleStrong is a team of 800 workers that provides services to more than 500 businesses. Southeast Asia, the United Kingdom, and the United States are all locations where the company operates.
A pay review is an evaluation of an employee’s work and performance to see if their compensation should be increased or decreased. Aside from performance, pay reviews consider things including employment terms, market data, budgetary constraints, and personal and corporate goals.
Acquisition of Tech Firm Pay Review
PeopleStrong, a human resource organization, announced on March 9 that it has purchased PayReview, a pay and compensation technology platform, for all cash and shares.
Clients will benefit from data-driven talent strategies, according to PeopleStrong, and corporate profitability will improve in the Asia Pacific area. HR and people leaders of client organizations will have a single platform to orchestrate their growth potential, according to the firm, with compensation tech integrated into their human capital and talent management platform.
“The new digitally adapted world brings with it new work-life and business models, further complicating things for high-growth businesses with an ever-demanding talent pool.” To drive our 3X growth goal, we’ve made and will continue to make major investments in people and technology, and we’re devoted to using technology to assist businesses to solve tough HR issues. We believe that by adding PayReview to our product range, businesses will gain momentum in their efforts to create a genuinely people-centric organization with a future-ready workforce,” Chaudhary said.
According to PayReview CEO Anuraag Srivastav, the deal is “the next step in our journey” as the company has grown from a start-up to a customer base of 100+ companies with 500,000 employees.
The company announced on March 9 that “PayReview will now be a component of PeopleStrong’s HR Tech 4.0 platform, combining work pay and talent compensation into a simple and powerful solution designed to automate the compensation review and increment process.” The transaction’s value was not revealed.
Strategy Behind Acquisition
“Talent has negotiating power in today’s Talent Economy, and pay management has become critical to any value creation for employees,” stated Sandeep Chaudhary, CEO of PeopleStrong. New work-life and business models accompany the new digitally adapted environment, further complicated things for high-growth enterprises with a continually in-demand talent pool.
PayReview’s acquisition will help the company establish a data-driven talent strategy for customers while also benefiting the Asia-Pacific region, according to the company.
Pankaj Bansal and a few co-founders formed PeopleStrong in 2005. Since then, the company has expanded into more than ten countries in the Middle East and the Asia Pacific.
The firm is an HR SaaS platform that offers mobile-first, AI, and ML-based talent operational systems to its clients.