Factorial has just sold 12% of its capital in its series C for the sum of 120 million dollars. This allows this HR software to reach the famous unicorn status, becoming the 7th in Spain.
How does Factorial save time for HR departments?
Many HR tasks are very repetitive and not optimized. Very often, the time wasted is very important compared to the added value of the tasks.
Factorial's promise is to save 30 hours per month on administrative tasks.
But what is Factorial based on? First of all, it is based on better document management. This includes an accessible record in the software as well as an electronic signature option to facilitate the transmission of documents.
Secondly, the data recording allows for comparison and analysis of the data and thus for decision making through accurate and easily accessible analyses. This makes it possible to see the evolution of many parameters over time and thus rethink the vision in the face of changes in each company.
Finally, at the payroll level, it allows to manage, share and automate all the administrative and repetitive steps related to payroll.
But the software also allows you to better anticipate and organize the lives of your employees. Factorial has a section dedicated to the management of working hours, allowing employees to manage leaves and absences with the possibility of entering them themselves. It also allows you to generate and view all work schedules.
All of these measures come in a context of high employee mobility and therefore a great difficulty in retaining employees in companies. Moreover, this mobility forces companies to carry out numerous recruitments that can be long and tedious. This is why Factorial also offers a service that aims to facilitate the recruitment process by issuing job offers.
But all of the tasks proposed by Factorial are offered with only one goal in mind: to allow HR departments to save their time in monotonous tasks and reinvest it in their real missions, to allow the development of the different parts of the company and to help the company retain these elements, with a privileged employee management.
What does Factorial tell us about the dynamics of unicorns and other companies?
More and more unicorns like Factorial are emerging. These new companies focus on facilitating access to data, whether it be centralization in one place or access to data for a better and more evolving vision.
We can also see that in today's companies, time is an increasingly precious resource and automation appears to be one of the greatest levers for saving time. Time must also be made profitable in companies: the automated tasks were generally not appreciated by the people who were doing them, so it is a question of efficiency as well as quality of work.