BambooHR vs Zenefits

2017. Zenefits added performance management tool



HR management service Zenefits launched a new performance tracking tool for employees, which has been built in-house as it looks to pick off niches on its effort to become a one-stop shop for HR in small businesses. That includes reviews, goals, and will eventually also incorporate check-ins and peer reviews. At smaller companies, these may often seem to be oversights or afterthoughts, but Zenefits seems to want to streamline the process and introduce these kinds of sophisticated corporate behaviors into smaller businesses.


2017. Zenefits simplifies human resources management for SMB



Human resources management service Zenefits released a suite of new updates that revolve around trying to simplify the process of managing an employee base, from benefits to payroll, to something as simple as a few taps on an app. Right now, they’ve worked on tools like time-off requests and clocking in and out, but it seems  clear that as it tries to recoup the good will it lost amid a major compliance scandal that effectively halved its valuation Zenefits is trying to methodically make its way back into the small- to medium-sized business mindshare with a simpler product than a complex desktop-based dashboard. Zenefits is also adding reporting and analytics for HR managers so they can construct reports on their businesses’ employee activity. One example use case of such a business intelligence function would be helping HR managers get better snapshots of data simply for presentations to their bosses.


2017. Zenefits adds new tools for employee compliance



HRM service Zenefits adds new tools for HR managers to ensure that employees are getting their documents in and they are compliant with regulations. The first new tool is a way for HR managers and employers to keep ahead of compliance requirements for their employees. For example, that might be flagging when an employee hasn’t submitted their required paperwork after accepting a job. This gives managers an overview of all the employees it needs to get in check in order to ensure that they are compliant with all regulations. The second is a documents-management application that gives HR managers a way to track all the documents that employees have to submit for their employers. The goal there isn’t to just offer file storage like a Box or a Dropbox. Zenefits’ documents app instead focuses on the metadata of those documents and tries to ensure that everything is signed and in a file somewhere. HR managers can upload documents on their own or request (or bug) employees to get their documents in on time.


2016. HR service Zenefits opens up to third-party developers



Online HR service that provides a single place to manage payroll, benefits, compliance, - Zenefits is launching its second version - Z2. The second incarnation of Zenefits isn’t just designed to be a home base for company data, but also a service that other companies can tap into in order to use that data for their own tools. Zenefits today is opening itself up to third-party developers, which can treat Zenefits as a permanent record for employee data — like some services treat Facebook for user data — and build their services around that.


2015. Zenefits launched own payroll platform


Cloud-based HR service Zenefits has launched its own payroll system (after paycheck services giant ADP cut the company off earlier this year). Zenefits also partnered with another service - ZenPayroll, but it switched its moniker to Gusto in September and rolled out a bunch of free HR services that looked very similar to Zenefits. The new Zenefits payroll system runs in two modes. One is free, fully automated service integrating automatic payments with any updates and changes to employee deductions for health, retirement, and other benefits. There’s also a pro mode for those who like to tinker a bit on the backend. Zenefits Payroll Pro starts at $25 per month, plus $4 per employee per month on an annual contract. The new system will also integrate with Quickbooks and Xero.


2015. Zenefits launched free tools for managers and executive


Cloud HR service Zenefits launched two free management tools generally reserved for larger enterprises. First of them - Zenefits for Managers is a tool that will allow managers within an organization to make HR changes on their end rather than waiting for HR or CEO approval. These are things like adding new hires, changing job titles and bumping up salaries. Zenefits will also start providing executives with access to business intelligence reports. Called Zenefits Business Intelligence, those using the platform will have the ability to filter workforce data such as compensation, employee headcount and turnover in real-time. This product aims to help reduce inequalities and give executives in different offices some insight on how their department compares.


2015. Cloud HR management provider Zenefits raised $500 Million



The fastest growing SaaS comany in history, Zenefits has raised $500 million at a $4.5 billion valuation. Zenefits allows small- and medium-sized businesses to manage human resources services in a much simpler fashion. It offers its HR services dashboard to employers for free, and makes money by receiving commissions from insurers. Zenefits also said that it has signed up more than 10,000 companies in the U.S. and that it closed more business in March this year than it had in around the first year of its life. Now manages over $700 million in health insurance premiums, as well.


2015. Cloud HR startup Zenefits is one of the fastest-growing SaaS businesses ever



At the 33rd Annual JPMorganChase Health Care Conference today, Zenefits CEO Parker Conrad revealed that at the close of its fiscal year this month, Zenefits will surpass $20 million in annually recurring revenue after less than two years in business. That’s up from $1 million at the same time last year, which means the company grew 20x over the last 12 months. It took SaaS businesses like Workday and Salesforce about four years to reach $20 million in annual recurring revenue. The most interesting thing about those numbers is that, unlike some other enterprise SaaS companies, Zenefits doesn’t charge for use of its cloud-based HR platform. It’s only if customers choose to designate it as their insurance broker that Zenefits makes any money. Even then, it receives a commission from the insurance provider, so customers continue to enjoy use of its platform for free.


2014. Cloud HR service Zenefits adds grant management



Zenefits, the cloud-based HR management service is building stock options directly into its HR platform and supporting a number of time- and cost-saving features related to their management. With the new feature, clients will be able to keep track of the grants they give out, as well as the vesting schedule for all employees in the company. Meanwhile, their employees will be able to monitor their own vesting schedules and exercise stock options in real-time. With stock options, Zenefits is seeking to solve a problem that a number of startups are faced with. Up until now, tracking option grants and vesting schedules has mostly been a manual process — and one that only gets more difficult as companies scale up over time.


2014. Zenefits - leads the wave of next generation cloud HR services



Zenefits, the cloud HR app, which launched just over a year ago, has seen huge growth in a very short period of time. The new financing brings total amount raised to $84 million since being founded. Zenefits was created on the idea of simplifying the process of HR for companies, by providing a simple, beautiful UI for personnel departments as well as the rank and file, making it significantly easier to keep track of their pay and benefits. The SaaS platform itself is free to use, but Zenefits makes money by acting as an insurance broker.