Employment Hero, a leading employment lifecycle platform for SMEs, announces significant updates to their technology stack, leveraging AI to enhance key areas of their platform. As the UK grapples with a productivity crisis, these advancements have the potential to transform the economy by empowering small businesses with cutting-edge technology.
Accessibility Challenge for SMEs: Despite the potential benefits of AI, accessibility remains a challenge for UK SMEs. Recent research indicates that while 68% of large companies have integrated AI technology, only 15% of SMEs have done so. Limited budgets and time constraints often make AI adoption seem unattainable for small businesses.
Empowering SMEs with AI: Ben Thompson, founder of Employment Hero, emphasizes the importance of democratizing technology for SMEs. With SMEs comprising 99% of all businesses and contributing significantly to global GDP, it’s crucial to ensure they have access to AI advancements to foster growth and competitiveness.
Key Enhancements by Employment Hero: Employment Hero, serving 300k SMEs and 2m employees globally, identified three key areas for enhancement: payroll, HR advice, and recruitment.
- Payroll:
- Employment Hero’s AI for payroll, developed by experts with over 30 years of experience, promises unparalleled efficiency and accuracy. This AI-driven payroll solution streamlines processes and minimizes errors.
- HR Advice:
- HeroAI, an AI-powered chatbot, revolutionizes HR advice by swiftly addressing common queries and providing instant responses. Analyzing workplace policies, HeroAI empowers employees with accurate information, saving valuable time for HR teams.
- Recruitment:
- SmartMatch, Employment Hero’s AI-driven recruitment tool, disrupts traditional hiring practices by automating talent matching. By intelligently aligning candidates with open positions, SmartMatch eliminates the need for costly job advertisements, optimizing recruitment efforts.
Impact on SMEs: Kevin Fitzgerald, UK MD of Employment Hero, highlights the transformative impact of these enhancements on SMEs. By significantly reducing costs and increasing efficiency, Employment Hero empowers SMEs to allocate resources effectively and compete more effectively in the market.
Employment Hero’s integration of AI across core functions marks a significant milestone in leveling the playing field for SMEs in the UK. By democratizing access to advanced technology, Employment Hero enables small businesses to thrive, driving economic growth and innovation in the SME sector.
