Workhuman tech company turnover increased by 29 per cent in 2022

TECH company Workhuman has reported a 29 per cent increase in turnover in 2022, with operating profit for the year of €62.23m.

The human resources software company announced earlier this year that it was cutting 10 per cent of its 1,300 strong global workforce in response to an uncertain economic environment.

Latest results show that the company grew its workforce by 30 per cent in 2022, to average employee numbers of 1,022 from 787 a year previously.

Announcing results for 2022, Workhuman acknowledged that it had “executed some difficult decisions” relating to its business and headcount in 2023, “to ensure the business is set up for continued growth in the years ahead”.

Co-founded in 1999 by Glenview native and CEO Eric Mosley, the company, formerly known as Globoforce, operates employee reward and incentive schemes for more than six million employees on its platform.

Workhuman saw revenues rise to €1.01bn in 2022, up 29 per cent on 2021 revenues of €802m.

A director’s report accompanying the financial statements noted the “significant revenue increases” in 2022 were attributed to an increase in the issuance and redemption of recognition awards by the employees of existing clients, along with new client additions.

The company’s operating profit was slightly down, falling 4 per cent from €64m in 2021 to €62m in 2022.

The director’s report noted that an increase in operating expenses was due to increased recruitment to support business growth, as well as a higher spend on marketing.

The tech company said that its focus for 2023 and 2024 is on strategic growth, by integrating artificial intelligence (AI) into its products and enabling innovation in its social recognition platform.