Zenefits has exploded since launching in April 2013. The San Francisco-based HR tech company has more than 1,000 employees and another 1,300 will be working out of its Scottsdale, Ariz., office within a couple of years.
To deal with its rapid internal growth, Zenefits created two products to help its managers run their teams better and to provide company leaders with HR analytics reports. We had to build this for us, says co-founder and CEO Parker Conrad.
Now, everyone can share in the technological spoils.
Both products, Zenefits for Managers and Zenefits Business Intelligence, became available to customers Wednesday. Like its flagship product, Zenefits new products are free.
The Managers product allows company managers to initiate HR changes like adding new hires or adjusting salaries. This removes much of that burden from HR administrators, owners and C-suite executives, who are typically the only ones allowed to make such changes. All changes are submitted as requests that have to be approved by the administrator, Conrad says. The admin doesnt give up any control.
The Business Intelligence product provides company leaders with data such as employee headcount, compensation and turnover. Those analytics reports are invaluable, especially as an organization grows, to help give visibility into the company, says Conrad. Its tremendously, tremendously valuable, he says.
These services are essential for attracting clients with 1,000-plus employees, Conrad says. This is the biggest evolution of our product since we launched it two years ago, he says.
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Zenefits, which mainly serves small and mid-sized businesses, has 10,000 clients with more than 100,000 lives in 48 states. Those clients stand to benefit from both products, Conrad says. Ordinarily, they wouldnt have access to this kind of stuff, he says. It makes their life a lot easier.
Spencer Leu can attest to that. In a matter of seconds, he can see that Redapt, Inc. had 77 employees on Dec. 14. In March, the Redmond, Wash.,-based IT company had 84 employees. Today, it has 90. Its really handy, says Leu, the CFO. It has really great built-in analytics.
The newest offerings work well for fast-growing companies like Redapt, which implemented Zenefits along with its new products a month ago, Leu says. With a few clicks, I can see our growth across multiple benchmarks, and it literally takes two seconds to pull a report to get any HR-related data I need, he says. Its been an incredibly useful platform that allows me to focus on growing the company, instead of wasting time searching for the data on an antiquated system.
It also helps with new hires, Leu adds. We can onboard an employee in five minutes.
May has been a big month for Zenefits, which is a licensed broker in all 50 states. On May 6, Zenefits announced it raised $500 million in Series C funding, and it will be hiring more sales, account management and engineering personnel as its client base grows.
Our goal is to free millions of small- and medium-sized U.S. companies from the infuriating experience of juggling multiple systems and outdated technologies and to give these businesses tools to manage their workforces as easily and efficiently as the largest corporations, Conrad says.
