PayFit, one of the fastest-growing tech companies in Europe, launches its partnership with leading global HR provider Hibob. Through the integration, Hibob’s customers – including Revolut, Weezy, Hadean, Yulife, and Cambridge Intelligence – will have the ability to integrate employee information with PayFit, improving payroll processes and eliminating common pain points for HR teams and leaders of fast-growing businesses.
As a result of the pandemic, and the subsequent increase in remote working, more employees are looking to relocate, and, as a result, providing employers with the opportunity to tap into the wider talent pool. According to a PwC report released earlier this year, London’s population is expected to decline for the first time in the 21st century. To remain compliant while also addressing the shift in workforce, HR and payroll departments face increased workloads that require time-consuming and often manual actions.
At the same time, investment into UK technology companies reached record levels in 2020, with seven new businesses achieving the £1b ‘unicorn’ status and further 33,860 scale-up companies now on the UK market. These firms are experiencing fast employee growth which means there is increased pressure on HR teams to make onboarding processes more agile. Traditionally, every new hire would lead to a whole host of manual tasks for payroll and HR departments. The new Hibob and PayFit integration helps fast-growth companies become more agile and removes the need for manual data entry, information silos and roadblocks between HR and payroll functions.
Instead of duplicating efforts and making employee changes manual for both HR and payroll, all information including salaries and contract details sync up automatically between Hibob and PayFit. This means that if Hibob customers are using PayFit, their payroll teams don’t need to worry about making manual updates anymore.
“We’re constantly looking at ways to simplify internal processes and remove manual tasks for SMEs. Processing payroll requires aggregating HR information on a monthly basis and I’m very excited to be partnering with Hibob, a leader in its field, to make the transfer of HR data more seamless than ever before,” commented Nick Miller, PayFit UK’s managing director.
“Managing payroll has proven to be a pain point for many companies, and we know the integration of Hibob’s capabilities with PayFit’s functionality will provide major benefits to modern, growing organisations,” said Raz Nimrodi, global head of sales enablement at Hibob. “Agility is critical, and we are glad to be expanding our offerings to improve the experience of today’s business leaders.”
This partnership comes hot off the heels of major fundraising by both PayFit and Hibob and underlines each company’s commitment to revolutionising HR practices for modern businesses. Both PayFit and Hibob have plans to continue building their capabilities and partnerships in the coming months.