Workplace Software Update; Older Workforce Looking for Support

Welcome to the latest edition of the WorkSpace Connect News Wrap, our periodic recap of the news related to the modern workplace, the people that make it happen, and the products and services that enable it. In this edition, we look at: a roundup of HR and workplace software announcements and then concluded with some workplace research on older workers.

 

First, compensation software provider OpenComp unveiled a new set of integrations with human resources information system (HRIS) companies, including but not limited to ADP Workforce Now, Gusto, Bamboo HR, Rippling and Carta. The new integration allows workplaces to automate employee compensation data entry; it also allows workplaces to access quarterly market data on compensation, which can be used to inform talent acquisition decisions – useful in the current competitive talent market -- and manage cash/equity burn. These integrations will roll out to OpenComp customers this week via API hooks.

 

Continuing its partnership, document processing automation company Mindee and HRIS provider Lucca announced a new joint product Cleemy Procurement, which combines Lucca's procurement software with Mindee's document understanding and optical character recognition (OCR) capabilities. The combined offering aims to streamline invoicing and procurement processes.

 

Lastly, workplace management software OfficeSpace Software shared last week that it has received approximately $150 million in strategic investment from Vista Equity Partners, which it'll use to build out its capabilities. OpenSpace Software provides workplace leaders tools to plan office spaces, manage desk bookings, and manage real estate investments. Designed with the hybrid office in mind, the Neighborhoods feature was released last year; it includes capabilities to manage seating changes in an office space, maintain office capacity limits, and more.

 

Performance management platform provider 15Five discovered that older workers are feeling less supported than their younger counterparts. In a survey of 1,000 employed U.S. adults, 68.5% of those between the age of 55-64 and 70.3% of those over 65 said their employer doesn't provide them assessments to determine their talents and strengths. This is in comparison to 34.8% of those between the ages of 25-39 who felt the same.

 

While the Great Resignation has painted those leaving the workforce as Millennials and Gen Zers looking to pursue passions or better job opportunities, the 15Five research shows that it's not the whole picture. "Lack of managerial support and career guidance for the Gen X demographic and above" is driving some out of the workforce, according to Jennie Yang, VP of People at 15Five. In the press release, 15Five cited research from Goldman Sachs that showed of the five million that quit working during the pandemic, half were workers who quit and retired from the job market altogether, typically age 55 or older.

 

“Empowerment and career development are what all employees crave, and also benefit the business,” said Yang. “Employees that feel empowered to pursue their career and professional development are more engaged, more productive, and more likely to remain with the company. It generates the best outcome for both employers and employees.”