Rob LaHayne, Director of Brokerage Services at Namely, was a recent guest on the TechnologyAdvice Expert Interview Series where he shared his insight on HR software. The series, hosted by TechnologyAdvice’s Clark Buckner, explores a variety of business and technology landscapes through conversations with industry leaders.
LaHayne joined Buckner to discuss trends in benefits, payroll, and other aspects of human resources software.
Here are a few highlights from the conversation:
TECHNOLOGYADVICE: Why does Namely place such an emphasis on streamlining HR processes, including benefits? How does this focus help businesses grow and succeed?
LAHAYNE: There are two reasons. Number one: benefits are one of the most important, if not the most important, financial decisions that an employee makes. If we can help ease some of the pain points that go along with this process, we're providing a lot of value to an employer’s most valuable asset—their employees. This plays into best practices for human capital management.
Number two: we work with a lot of growing companies. That's one of our target markets and these clients see a lot of value in Namely. When we take over a lot of the administrative tasks in HR dealing with benefits, compliance, etc., this definitely helps open up time for HR to focus on helping scale their business or support a rapidly growing team.
TECHNOLOGYADVICE: Namely recently received a new round of investment. How does this additional funding play into your company’s narrative?
LAHAYNE: Namely just raised another $11 million. It was an inside round from our current VC firms. We did this in an effort to do two things:
To help us grow and launch our benefits offering, which is what my team does.
To ramp up the service support that we're able to provide our clients.
We've been hiring furiously here and building out the team. I started at Namely in January, and since then we've doubled in size. The company has hired over 65 employees in the last 90 days or so.
TECHNOLOGYADVICE: You certainly understand firsthand the growing pains of what many of your clients experience, which helps you improve your product in return. What is one trend in the human resources software industry that you've noticed in the past three to six months?
LAHAYNE: One of the biggest trends that we have experienced with our prospects and our clients is what we call “system fatigue.” This means that prior to working with a tool like Namely, many of our clients and prospects were working with a variety of different point solutions on the market to accomplish all of their tasks.
To give you an example, a lot of companies will have a system for performance management. They'll have another system for benefits administration, and an additional system for their payroll. They might also partner with a recruiting company. What we're able to do—and what makes our story really powerful—is that we’re an all-in-one solution.
TECHNOLOGYADVICE: Interoperability and integration are definitely pain points that many companies face when dealing with multiple software solutions. With an industry like HR, where it’s vital to make sure that a lot of sensitive information is seamlessly moved from recruiting, onboarding, benefits, to payroll, it relieves a lot of headaches and questions. What are some other challenges you have noticed?
LAHAYNE: We work with a lot of high-growth companies. For any company, really, especially high-growth or startup companies, we like to help relieve pressure off of at least two of the three top expenses every company faces, which tend to be payroll, benefits, and real estate. We don’t handle real estate, but with payroll and benefits, we're able to help alleviate some of the challenges there.
Most employers are most concerned with human capital management, which is where we really specialize in handling the entire employee lifecycle—from onboarding, to ongoing performance, to benefits enrollment and administration, to payroll—all being managed in one centralized place.
To learn more about Namely, visit www.namely.com or connect with Rob LaHayne on LinkedIn.