In the US, a lot of "HR tech companies" are in fact insurance brokers, selling both health benefits and workers comp. Those two lines are a massive source of re

In the US, a lot of "HR tech companies" are in fact insurance brokers, selling both health benefits and workers comp. Those two lines are a massive source of revenues. In most countries outside the US, healthcare is not privatized. Benefits brokers are virtually nonexistent outside the US. "HR tech companies" provide free HR software and make money on selling benefits insurance and workers comp insurance mostly to other startups who are buying "nothing but the best" gold healthcare coverage (= more commissions). Nothing new, the biggest companies are Paychex and ADP and they have been doing that for a long time. Not a surprise if I tell you that their software is horrible... So if startups start to do layoffs or shut down, or even start to control their expenses (lower benefits, co-pays), I would expect the "tech HR companies" to not do so well.