October 2023 Summaries

The 2023 State of Employment Tech Report, available for free download, presents insights from a survey conducted by Finch in June 2023, involving 1,004 HR professionals across diverse industries and company sizes. The report aims to reveal emerging trends in employment technology, focusing on the adoption of generative AI in HR, the evolving dynamics of hiring and return-to-office strategies, HR professionals' wishlists, and the top item on that list. Additionally, it explores how companies are addressing data security and regulatory compliance. The report offers a comprehensive look into how HR professionals are managing a challenging year and what they expect from service providers.

The payroll ecosystem in the US is highly fragmented, with over 5,700 providers, while the employment ecosystem is becoming increasingly competitive due to specialized applications targeting diverse employer needs. This competitive landscape necessitates improved customer experiences, particularly through enhanced connectivity with critical systems like payroll systems. A new whitepaper titled "The Emergence of the Unified Employment API" explores the evolution of data synchronization methods, from manual entry to unified APIs, with a focus on specialized unified APIs designed for employment. It highlights the importance of these APIs for employer-facing businesses and provides examples of companies like Mosaic, Trainual, and PerkUp that have benefited from using them.

Finch has been recognized by CB Insights as one of the most promising private fintech companies in 2023, being named to the Fintech 100 list, which highlights innovators in areas such as real-time payments and embedded finance. This accolade underscores Finch's role in the employment ecosystem, where its unified API facilitates secure data sharing across over 200 payroll and HRIS providers, enhancing connectivity and insights for employers. Selected from over 19,000 candidates, the Fintech 100 includes companies that have collectively raised nearly $22 billion across 381 deals since 2019, with 31 reaching unicorn status. The list represents global diversity, with winners from 24 countries, including a significant presence from the U.S., the UK, Singapore, and emerging markets like India, Indonesia, and Egypt. CB Insights, known for its software that aids companies in technology decision-making, used a comprehensive selection process involving equity funding, tech novelty, and market potential to determine the winners.