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BambooHR vs Gusto
May 17, 2023 | Author: Adam Levine
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BambooHR collects and organizes all the information you gather throughout the employee life cycle, then helps you use it to achieve great things. Whether you’re hiring, onboarding, preparing compensation, or building culture, BambooHR gives you the time and insights to focus on your most important asset—your people.
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Gusto’s people platform helps businesses like yours onboard, pay, insure, and support your hardworking team. Payroll, benefits, and more.
BambooHR and Gusto are both popular human resources (HR) management platforms, but they have distinct differences in their focus and features. BambooHR is primarily focused on HR management, providing tools for employee onboarding, time-off tracking, performance management, and HR reporting. It offers features to streamline HR processes and centralize employee data, making it an ideal choice for small to mid-sized businesses looking for an HR management solution. On the other hand, Gusto is a comprehensive platform that combines HR, payroll, and benefits management. In addition to HR features, Gusto offers payroll processing, tax filing, benefits administration, and compliance assistance. It caters to businesses of all sizes, with a strong focus on automating payroll processes and simplifying benefits management.
See also: Top 10 Talent Management Systems
See also: Top 10 Talent Management Systems
BambooHR vs Gusto in our news:
2020. Gusto is expanding from payroll into a full suite financial wellness platform
Gusto initially emerged as a payroll startup catering to small businesses. However, in recent years, the company has expanded its range of features beyond payroll, redefining the boundaries between payroll and financial wellness. This has led to a convergence that blurs the traditional lines of the fintech market. Presently, Gusto has unveiled a range of new offerings intended to provide employees with enhanced financial and health options through their employers. Notably, one noteworthy addition is Gusto Wallet, an app and suite of products designed for employees who receive their wages through Gusto. Gusto Wallet functions as a mini bank and financial health monitoring tool. It includes an interest-bearing cash account known as Cash Accounts, which can automatically allocate a portion of each paycheck into the user's savings, similar to offerings from Acorns and Digit.
2015. ZenPayroll rebrands as Gusto and takes on Zenefits
Payroll startup ZenPayroll, which now goes by the name Gusto, has broadened its range of services from solely payroll to include additional benefits like health insurance and workers' compensation. This development has sparked a rivalry with Zenefits, a cloud HR benefits company that previously collaborated with Gusto to offer payroll services to its clients. The partnership between Zenefits and Gusto proved crucial earlier this year when ADP, a major player in the payroll industry, terminated its access for Zenefits' small business customers. Zenefits turned to Gusto (previously ZenPayroll) to handle their payroll processing needs. Interestingly, Zenefits is also planning to introduce its own payroll service, mirroring Gusto's offerings. This turn of events has transformed the partnership between these cloud-based startups into a competition, as both aim to provide comprehensive payroll and benefits services on a unified platform.
2015. Cloud-based payroll service ZenPayroll scores $60 Million
Cloud-based payroll processing startup, ZenPayroll, has successfully concluded a Series B funding round, raising $60 million with Google Capital as the lead investor. ZenPayroll primarily targets the small business market, providing an alternative to manual payment and direct deposit processing. Its user-friendly, cloud-based interface offers convenience and efficiency, enabling ZenPayroll to compete with established industry leaders such as Paychex and ADP. While Paychex and ADP have transitioned to the cloud in recent years, allowing their existing customer bases to manage payroll online and via mobile platforms, ZenPayroll's recent funding round empowers it to target larger businesses currently serviced by Paychex and ADP.
