Zimyo is an HR tech startup offering end-to-end solutions for HR, payroll, performance, engagement, and employee benefits. Incepted in 2018, Zimyo is one of the fastest-growing unified HCM platforms in the HR tech space that automates tedious HR processes, eliminates payroll errors, and enhances employee experiences. Ajay Kadyan- Co-founder at Zimyo speaks to Rajneesh De, Consulting Editor, APAC News Network about the Zimyo solutions and the HR trends.
How do you trace the genesis of Zimyo?
I am sure most of you would have experienced this common day phenomenon – When employees opt for financial assistance in a personal capacity, post a lot of haggling, it eventually ends up with them getting a very raw deal – On the other side, if the Organization is getting this benefit availed for its workforce (Currently, only large scale Enterprises have the liberty & means to actualize this), the difference in commercials is quite substantial (not to mention, it saves a lot of dignity for Employees, sparing them of unnecessarily hassles & haggling). This is true for everything that impacts Employees monetarily – Credit Cards, Insurance, Financial Assistance, Health & Wellness Solutions, Retirement Benefits, Medical Coverages etc.
That’s the problem Zimyo is solving – translating Organizational Trust, Equity & Employee Engagement into comprehensive benefits & incentives that most Organizations can offer to their employees, their families to improve their quality of lives (that’s employee experience for us in ‘truest’ sense), within & outside their workplaces.
At Zimyo, we are doing this in phases –
- Disrupting the HRTech
- Building a great employee experience
- Innovations with FinTech
What are the solutions and services in the Zimyo portfolio?
Zimyo has created an impact in the HR Tech space with its robust solutions that include:
Core HR – Store, organize and secure valuable employee data in a centralized safe place and automate mundane HR activities.
Payroll & Expense Management – Mitigate payroll errors and reduce the hours spent calculating employee hours, wages, and tax withholdings and process expense claims.
Performance Management System – Set goals (KPI/KRA/OKRs), track performance, give feedback, acknowledge the efforts of your workforce.
Employee Engagement – AI-driven employee engagement solutions that impact engagement (by 63%), action planning (by 39%), and productivity (by 25%).
Applicant Tracking System – From tracking applicants to scheduling interviews to onboarding new hires, make your recruitment process fast and easy.
Onboarding – Digitize your onboarding process with Zimyo’s onboarding module. The system offers you a seamless, paperless, and effortless onboarding experience.
Time and Attendance – Get rid of manual errors, buddy punching, and fraudulent timekeeping and manage timesheets.
Employee Benefits – Enable your employees to buy loans, health and life insurance, make investments, and save for their retirement with Zimyo’s Benefits module.
Who are your marquee customers and what is their response to your solutions?
Organizations such as Bajaj Capital, 88 Pictures, iMocha, TheData Team, FleetX, Talent Integrators, have reposed their faith in Zimyo to achieve significant improvements in performance, productivity, & workforce engagement.
Zimyo brings a modern look & feel to HRMS software. I really like their user interface & the fact it offers all features in one place so you don’t need multiple products for your HR needs, you have one product that meets 99% of your needs. Also for an employee, it offers a wow convenience as they have an amazing app and everything they need on their fingertips, shares Sanjiv Bajaj, Joint Chairman & Managing Director, Bajaj Capital.
How Zimyo is helping organizations redefine their work culture by increasing productivity, improving employee experiences, and boosting employee satisfaction?
Zimyo’s human resource management solutions make it easy for organizations to manage their employees without any hassles. Automation of tedious HR activities improves the department’s work efficiency thus allowing it to focus more on the core business. Since everything is automated, you don’t have to spend much time filing administrative forms. Manual data entry can lead to blunders, but with Zimyo HR solutions you can reduce manual errors and frustration. With Zimyo’s end-to-end HRMS, bid adieu to endless reams of paperwork as everything is stored and updated online.
Organizations of all sizes- from small businesses to enterprise-level organizations- can optimize their HR activities with Zimyo HRMS. From automating tedious administrative processes to storing and organizing employee data to solving employee queries to building organizational hierarchy, our HR software makes every HR function smooth & hassle-free. Some of the core human resource management solutions offered by Zimyo are as follows:
Core HR – The system offers intuitive and aesthetically pleasing dashboards that allow HR leaders to monitor absenteeism, view employee headcount, review employee demographics, etc. You can also manage assets, store important documents, create employee profiles, etc. with our core HR software.
Payroll & Expense Management – Our payroll management system helps you process the entire payroll in just 3 simple clicks with 100% accuracy. The system reduces the time spent in calculating employee hours, wages, and tax withholdings. Process expense claims, analyse overall expenses, and identify cost-saving opportunities with our expense management system.
Engage – Employees that are highly engaged are more productive and produce higher-quality work because they are deeply invested in their career and their performance is important to them. With our employee engagement software, you can make important announcements in no time, take employee feedback by conducting polls and surveys, and take the pulse of employee’s sentiments.
Recruitment (ATS) & Onboarding – From listing jobs on various platforms to finding the right candidates to moving the candidates to the onboarding process; our recruitment management system allows recruiters to hire the right people without any hassles. Our onboarding software makes it easy to onboard new candidates by managing all the joining formalities beforehand.
Performance Management System – User-friendly performance management software that offers great insights into your performance management activity. Set clear and specific goals (KPI/KRA/OKRs), track employee performance, identify- A-Players, spot skill gaps, and measure overall performance in an efficient manner with Zimyo’s performance management system.
Time and Attendance Management – Our time & attendance software helps you track and optimize the hours that employees spend on the job, manage the number of leaves they take and keep records of wages and salaries paid.
Employee Benefits – Improve your retention rate by offering the benefits your employees expect from you. Organizations that invest in employee benefits experience low turnover rates and improved engagement and productivity. Zimyo offers personal loans, salary advances, investment options, expense cards, and other employee benefits solutions to make sure employers are able to offer their employees the financial benefits they need.
Bilingual mobile app for employee self-service – The ESS portal enables employees to access payslips, apply for leaves from mobile phones, desktops, or any other device. They can also view their leave balance and upcoming holidays. Employees can easily mark attendance either via mobile phones or desktops. This saves precious time, increases transparency and employee satisfaction.
How HR Tech is making HR faster, better, and more data-driven?
Automation is the simple answer to this question. It is no brainer that HR technology has made the HR departments more efficient and productive by automating tasks that used to eat a lot of their time. From onboarding to offboarding- HR technology makes every task hassle-free. With easily accessible and comprehensive reports organizations can make informed business decisions.
Cloud-based HCM solutions help to manage critical organizational data. The complexities of payroll can be simplified, hiring the right candidates becomes fast and easy, the overall performance of the organization can be improved, and improved results in terms of employee engagement and retention can be seen when a robust HR technology is implemented in the organization.
Some of the implications of HR technology in HR processes are mentioned below.
Recruitment & Onboarding – The use of technology in talent hunting and acquisition has replaced intuition-based hiring. An applicant tracking system supports the entire recruitment cycle- from listing jobs on various platforms to screening the candidate to scheduling the interviews to sending offer letters to the candidates. This saves time, effort and leads to minimal dropouts as an ATS allows recruiters to improve candidate experience.
Reduces payroll complexities – Technology in the HR department is a boon as it allows organizations to stay compliant with regulatory laws. You can easily process payroll with accuracy, keep yourself updated with the modifications in the laws and regulations, and manage expenses and reimbursements with a payroll management system.
Improved performance management through analytics – Outdated methods of performance management are no longer yielding results for organizations. This is the time to switch to a modern performance management system that allows HR leaders to set SMART goals, keep track of employee performance, exchange continuous feedback and analyze the overall performance of the organization.
Improved Engagement – Improved engagement leads to improved performance. HR technology is making it a lot easier to keep employees engaged and motivated. By conducting polls and surveys you can take your employees’ feedback on various matters. You can also take the pulse of their moods by allowing them to express how they feel via a mood analysis tool.
Benefits administration – HR tech is making financial services easily accessible to both employees and employers. Organizations are investing heavily in employee benefits programs to improve employee satisfaction. Embedded financial services are making it easier for employers to offer the financial support their employees need during unforeseen circumstances.
All this states that technology has completely transformed the way HR used to work. It has definitely made the department more efficient, faster, and better.
How Zimyo is transforming the HR space?
Zimyo is offering exactly what today’s HR needs and that is- comprehensive, easy-to-use, cloud-based HR solutions in one place. Zimyo is a unified platform that makes complicated and mundane workforce management, talent management, and HR administration a cinch. Zimyo is a one-stop solution for all your HR management needs. From hiring to onboarding to managing core HR activities to setting goals and tracking employee performance to facilitating a collaborative team environment, Zimyo is enabling organizations to become 2X more productive, more efficient, and more streamlined.
As Mayank and I were well-versed with the challenges that employees or organizations face in carrying out their day-to-day activities, we knew what we had to bring to the table. We are extremely delighted to share that we have been successful in building a product that is making the lives of hundreds of HR leaders easy and hassle-free. We strive hard to make sure that the solutions we deliver offer some value to our users.
Zimyo is bridging all the gaps that act as barriers to efficient employee management. It kick-started its journey as an HR & Payroll software company but today Zimyo has over 40+ modules, 1,00,000 active users, and 500+ clients. Based on the needs of the modern workforce, we have launched numerous new modules including Engage for employee engagement, OKRs for better performance management, Mood-o-meter for taking the pulse of employee’s moods, Tribe (Team Collaboration Messaging App), and many others within the last one year.
What are the focus areas for you in the next few quarters?
Zimyo is recognized as one of the fastest-growing companies in the HR Tech space. Zimyo provides cloud-based HR solutions to businesses of all sizes. It offers comprehensive smart HR solutions – Payroll and Expense Management, Performance Management System, Employee Engagement, Employee Benefits, Time and Attendance, and Onboarding and Recruitment solutions. The platform charges a monthly fee from employers based on their needs and the number of employees. The basic package starts from INR 60/PM/employee that can be customized as per their employer’s needs.
In the last year, the company witnessed a 4x growth in terms of customers with 4.5x revenue growth. Being a forward-moving company, Zimyo has expanded its presence from serving the Indian market needs to acquiring international clients to help them with workforce management.
Presently, the company has a team of more than 80 employees and is planning to double its headcount by the end of 2021. Apart from enabling HRs or employers to manage their workforce, the platform is also looking for innovative solutions to strengthen its product suite and cater to the financial needs of employees.
From the HR tech space, Zimyo has also entered into the embedded finance segment. It has extended its services to offer employee beneﬁts, tax-saving solutions, retirement plans, and financial assessments. Besides this, the platform has also integrated with other job portals to ensure an efficient hiring process.
What are the new trends guiding HR?
Considering that remote working is here to stay, HR leaders need to make remote work easy and smooth for their employees. To do so, they need to opt for HR tech that helps in the efficient management of remote employees. In these trying times, HR professionals’ major focus should be on frequent communication and improving collaboration. By utilizing employee engagement tools HR leaders can keep their employees engaged and motivated.
Artificial Intelligence in HR
Today, a large number of organizations are leveraging the multi-faceted advantages of AI. AI-backed chatbots empower the HR department to improve employee experiences. Many organizations are leveraging AI technology to automate time-consuming and laborious tasks such as answering FAQs related to company policies. Organizations are also using AI-driven software for screening and assessing candidates for hiring and chatbots for engaging candidates during the recruitment process.
Today’s workforce is different and they have different working preferences. In this hybrid work environment, many people are looking for flexible job opportunities and businesses must be open for this new change as gig workers are the future. Therefore, HR professionals need to rethink their current hiring practices to foster a more inclusive and diverse workforce. The use of HR Tech in hiring can help organizations in developing an agile and dynamic workforce as it helps them hire candidates from a larger talent pool.
Recently, there has been a lot of talk around people analytics. People analytics is the best way to understand your workforce and what is working best in the organization and what isn’t working at all. People analytics can help companies hire new employees, monitor employee performance, drive succession planning, and make informed business decisions.
Focus on Performance
The days of year-end reviews are long gone. Today’s employees demand continuous feedback. This prompts HR leaders to develop new strategies to measure or monitor employee performance continuously. 9-box matrix, normalization, and bell curve analysis make it easy to identify top players in the organizations. Apart from this, 360-degree feedback and regular performance evaluations encourage a fair and transparent performance review process. Apart from the above-mentioned trends, learning and development and benefits administration are other major functions that need HR’s attention.
Zimyo has recently forayed into embedded finance, what are the new plans you are looking at to disrupt the space?
Currently, Zimyo’s ‘Employee Benefits’ module offers salary advance, payday loans/personal loans, health & term life insurance, tax saving investment plans, retirement plans, and much more. The aim of this new offering is to empower organizations to support their employees’ financial wellness. This will provide organizations easy access to financial benefits, thus, helping them attract, engage and retain top talents. Apart from benefits, we are also focusing on learning and developing. Apart from the above-mentioned modules, Zimyo is also planning to provide the following products in the coming months:
As of now, our Benefits module is majorly solving the credit requirements of employees. In the future, we are planning to provide investment options to employees. As most salaried people are not aware of investment options like Mutual Funds, different term deposit interest rates offerings by banks, etc, Zimyo wants to resolve this problem of the salaried class by providing numerous investment options such as:
- MFs (Tax Saving ELSS)
- Fixed Deposits
- Recurring Deposit
- Investment in the Stock market
- Investment option in Foreign Stock Market